Talks with US on bilateral trade agreement going well: Piyush Goyal

India and the US are making smooth progress on their proposed bilateral trade agreement, with ongoing discussions addressing sensitive issues. Both nations have completed five rounds of talks, aiming to conclude the first phase by Fall. This pact is crucial as the US has imposed significant tariffs on Indian goods, impacting trade.

In an exciting turn for international relations, New Zealand and India are currently in negotiations over a new free trade agreement. Prime Minister Christopher Luxon highlighted the importance of enhancing direct connections between their citizens and encouraging the flow of skilled labor.

India consistently safeguards vulnerable sectors like dairy and MSMEs in free trade agreements, Commerce Minister Piyush Goyal stated. Significant progress has been made in negotiations with New Zealand, with both nations agreeing to respect each other’s sensitivities. The trade deal is on the table, with potential for enhanced cooperation across various sectors.

India consistently safeguards vulnerable sectors like dairy and MSMEs in its free trade agreements, Commerce Minister Piyush Goyal stated during his New Zealand visit. He emphasized that trade deal negotiations are tailored to each country’s unique economic scale and sensitivities, not set against benchmarks from larger economies.

India’s GIFT City is considering allowing banks to transact in offshore renminbi. This move follows a suggestion from banks to broaden services. Previously, four other currencies were approved. The government is now reviewing the renminbi proposal due to improving India-China relations. This could boost trade and currency liquidity.

In a significant move to bolster economic ties, India is collaborating with the European Union to establish a Free Trade Agreement. Union Minister Piyush Goyal recently held discussions with EU Commissioner Maros Sefcovic, as EU negotiators actively engage in talks in New Delhi to address critical points.

A new Indo-Danish Business Council (IDBC) has launched in Copenhagen to boost innovation and investment between India and the Nordics. Focusing on life sciences, deep tech, and sustainability, the council aims to foster structured cooperation. Ambassadors highlighted the Green Strategic Partnership’s success, paving the way for deeper entrepreneurial and knowledge exchange.

India’s export diversification strategy is yielding positive outcomes. Exports of cotton readymade garments are increasing to the UAE, France, and Japan. Marine products and certain gems and jewellery are also finding new markets. This shift helps cushion the impact of US tariffs. India’s overall merchandise exports saw growth in September.

India is set to expedite approvals for importing goods from China and other nations, including electronics and steel, signaling a thaw in relations. This move aims to boost local supply and meet surging consumer demand, especially after recent GST cuts. The government is re-evaluating mandatory certifications for overseas plants to ease supply chain disruptions and […]

India and the European Union are holding talks to finalize a free trade agreement. Discussions focus on trade in goods, services, and other key areas. European negotiators are in Delhi for these important discussions. Both sides aim for a balanced and equitable framework. This engagement reaffirms a commitment to a comprehensive trade deal.