ET Exclusive: UK wants to be India’s premier league partner on FTA ground, says Jonathan Reynolds

The UK aims to be India’s ‘premier league partner,’ according to Secretary of State for Business and Trade Jonathan Reynolds. The proposed UK-India FTA seeks to enhance goods, services, and investment, strengthening the bilateral relationship amid global economic challenges and emphasizing political stability to push the economic agenda.

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.

Commerce and Industry Minister Piyush Goyal urged the Indian electronics and electrical industry to target $100 billion in exports over the next 5-7 years, emphasizing the need to avoid protectionism and focus on consumer interests. He highlighted the significant progress in electronic goods exports, which have risen to second place in the country, compared to […]

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.

Commerce and Industry Minister Piyush Goyal has urged the Indian electronics and electrical industry to target $100 billion in exports over the next 5-7 years. He emphasized the need for resilient supply chains, better quality standards, and competitive pricing to achieve this goal. The industry is encouraged to prioritize consumer interests over protectionism.