Trade liberalisation on MFN basis with WTO nations to aid India: ADB’s chief economist Albert Park

Asian Development Bank’s chief economist Albert Park suggests India’s proposed trade liberalization, including tariff reductions with the US, could benefit the nation if implemented on an MFN basis. He emphasizes the need for regulatory reforms and infrastructure upgrades to attract foreign investment and capitalize on supply chain diversification opportunities.

Finance Minister Nirmala Sitharaman expressed optimism about finalizing a free trade agreement with the European Union by the end of the year, emphasizing its high priority for both sides. While aiming for closer trade ties, she criticized the EU’s Carbon Border Adjustment Tax, viewing it as a neocolonial approach to climate policy.

The India-UK FTA is poised to significantly benefit India’s labor-intensive export sectors, including textiles, garments, leather, and gems & jewellery, by eliminating tariffs. Indian textiles and garments exporters, previously facing tariffs up to 12%, will gain zero-duty access, potentially boosting apparel exports. The FTA is expected to enhance market access, encourage technology exchange, and substantially […]

India has proposed eliminating tariffs on steel, auto components, and pharmaceuticals for a specific import quantity in trade negotiations with the US. Beyond that threshold, standard duties would apply. This offer aims to expedite a bilateral trade deal expected by fall, prioritizing certain sectors before the end of the US tariff pause.

Recent data indicates a decline in electronics exports to India and the US from China during January and February, prompting concerns about a potential import surge. A high-level group is monitoring shipments from China and ASEAN, focusing on sectors like electronics and steel.

Negotiations for the India-UK free trade agreement and other pacts face delays due to unresolved issues like the sunset clause in the BIT, UK’s carbon tax, and data localization. Despite recent high-level meetings and 14 rounds of talks, differences persist, preventing the anticipated closure on April 29.

According to Ajay Srivastava, the US has successfully framed India’s trade practices as the cause of the US trade deficit, pressuring India to increase purchases of American goods and ease regulations for US companies. Srivastava argues this perception is misleading, as the overall economic balance favors the US when considering arms sales, profits, and educational […]

Angola’s President Lourenco invited Indian businesses to leverage Angola’s strategic location for export strategies, emphasizing opportunities in agriculture, pharmaceuticals, and renewable energy. Bilateral agreements in health, energy, and finance demonstrate a commitment to a mutually beneficial partnership. India is poised to collaborate in energy infrastructure, education, and critical mineral value chains.