FTA ‘possible’ before India elections, says UK trade minister Kemi Badenoch

The UK trade deal with India could be concluded before the general election, but no deadline has been set. UK Secretary of State for Business and Trade Kemi Badenoch emphasized the importance of a commercially meaningful pact and discussed the ongoing negotiations and concerns

The agreement has several chapters, including trade in goods, rules of origin, intellectual property rights, trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. New Delhi has sought $100 billion of committed investments from the grouping and is considering giving quota-based duty concessions on gold imports from Switzerland.

​​The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year.

India’s rise in the global economy positions it to become the largest member of the World Trade Centers Association (WTCA) within five years, potentially surpassing China. John E. Drew, WTCA Chairman, discusses the brand’s presence in India, emphasizing a longstanding relationship and robust plans for expansion.

Kazakhstan aims to increase trade with India through the International North South Transport Corridor (INSTC), which connects Russia, Kazakhstan, Turkmenistan, and Iran. Plans for a joint venture and modernization of checkpoints are underway to improve transportation along the corridor.

“(Mobile phones worth) $11 billion were exported last year. In the coming days, you will see exports to the tune of $50-60 billion. 10 lakh people work in electronics manufacturing. In the coming days, 25 lakh people will work in electronics manufacturing,” Vaishnaw said while sharing a presentation on India’s growth story.

Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of India’s total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE.

The Indian government has allowed exports of onions to Bahrain, Mauritius, and Bhutan through National Cooperative Exports Limited, following a ban on onion exports until March 31 last year. The Director General of Foreign Trade has also amended the Import Monitoring System (IMS) registration procedures for yellow pea imports after March 31, 2024, requiring Bill […]

India is considering quota-based duty concessions on gold imports from Switzerland as part of a proposed free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. India seeks a USD 50 billion investment commitment from EFTA members over the first ten years post-agreement and an additional USD 50 billion […]

The Reserve Bank of India has reportedly urged major state-owned oil refiners, including Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp., to persuade Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year. The move aims to boost the Indian currency in international trade and […]