The European Union plans to urge India to lower tariffs on cars and wine to boost trade and reduce reliance on China. European Commission President Ursula von der Leyen will discuss this with Indian leaders during her visit, aiming to expedite free trade agreement talks. The EU also seeks deeper economic and security cooperation with […]
EU will ask India to cut tariffs on cars, wine to boost ties, reduce reliance on China
UK trade secretary, investment minister firm up 17 new export, investment deals during India visit
1 year ago
During visits to India, UK Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson announced 17 new export and investment deals. The recent Indian budget increasing FDI in insurance to 100% enhances British firms’ expansion potential. Over 950 Indian companies in the UK and 650 UK firms in India collectively support over 600,000 jobs.
India is working on various free trade agreements (FTAs) to enhance export opportunities and strengthen market access for domestic industries. Recently, India resumed negotiations with the UK for an FTA. The agreement aims to benefit both countries by reducing tariffs and expanding cooperation in several sectors, including technology, healthcare, and education.
External Affairs Minister S Jaishankar emphasized the need to expedite the review of the trade agreement between India and ASEAN countries. He highlighted the progress in India’s relations with these nations and identified areas like AI, semiconductors, and green energy as promising opportunities. He also stressed the importance of completing the India-Myanmar-Thailand Highway despite challenges.
India and the European Union are set to collaborate on AI, electric vehicles, semiconductors, and telecoms, emphasizing secure connectivity. They aim to harmonize EV charging standards and focus on battery recycling research, with a budget of E 60 million. High-level meetings will also address market access commitments.
India and the European Union will review their free trade deal negotiations and finalize a strategic agenda during European Commission President Ursula von der Leyen’s visit. Key topics include addressing tariffs, expanding defense cooperation, and India’s role in the Indo-Pacific while also discussing the Ukraine situation.
Moody’s Ratings reports India has lower exposure to US markets compared to other APAC nations. Sectors like food, textiles, and pharmaceuticals face risks. India and the US plan to negotiate reducing import tariffs, potentially reaching a trade deal by 2025. APAC countries are navigating an environment with US tariffs impacting key sectors.
S&P assessed the weighted average tariffs imposed by Asia-Pacific economies on US products, US tariffs on imports from these economies and the difference between the two. “India and Japan have more domestically oriented economies, which will provide some mitigation from tariffs,” noted S&P in the report titled ‘Asia-Pacific economies likely to be hit by US […]
India and the UK have resumed negotiations for a free trade agreement, aiming to double bilateral trade within a decade. Commerce Minister Piyush Goyal highlights India’s willingness to reduce tariffs and the ongoing discussions for a social security agreement. Goyal emphasizes the need for more liberal visa issuance to boost trade and investment.
India’s gold imports in February are expected to plummet by 85% from a year ago, reaching the lowest level in 20 years due to record-high gold prices. The sharp decline in demand is significant even during the wedding season, typically a peak period for gold purchases.