India, Dominican Republic ink trade protocol

India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers to them.

The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.

Both leaders reaffirmed their commitment towards strengthening the bilateral comprehensive strategic partnership, a statement in New Delhi said. A Downing Street readout of the call noted that Sunak and Modi agreed on the importance of securing a “historic and comprehensive deal”.

“We reaffirmed our commitment to further strengthen the bilateral comprehensive strategic partnership and work for early conclusion of a mutually beneficial free trade agreement,” PM Modi said in a post on X on Tuesday.

India can suspend customs duty concessions on EFTA country goods if the European nation bloc fails to meet its USD 100 billion investment obligations. The agreement includes an investment promotion and cooperation chapter with a three-stage consultation procedure and an investment sub-committee. India will ensure a favourable investment climate.

China is expanding its presence in the technology, mining, and energy sectors in West Asian nations with ties to India. It is partnering with telecom operators, investing in the mining sector, and offering assistance in space and transportation development.

Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said.

The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has […]

A trade deal between the European Free Trade Association (EFTA) and India is expected to boost Swiss businesses’ access to the Indian market. The agreement, after 16 years of negotiations, includes provisions for significant investment in India by the EFTA countries. It will also provide Indian exporters access to European and global markets. The deal […]

India signed a significant trade agreement with the European Free Trade Association (EFTA) comprising Switzerland, Norway, Liechtenstein, and Iceland, committing to a $100 billion investment over 15 years. The Trade and Economic Partnership Agreement (TEPA) aims to increase foreign direct investment (FDI) in India and generate one million direct jobs. The deal, India’s first FTA […]