India-UK FTA provides stability, predictability to business: Piyush Goyal in London
During a session at the India Global Forum (IGF) UK-India Week titled 'Agreement to Action in the UK-India FTA' in London, the minister shared his optimism around the 'good marriage' agreed between both countries which will lead to bilateral trade doubling in five years.
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Time of India
2 hours ago
- Time of India
India engages with ASEAN after Piyush Goyal's remark
New Delhi: India and ASEAN engaged in quiet diplomacy on Friday to reaffirm ties, a day after Commerce and Industry Minister Piyush Goyal 's unexpected comments sparked unease across Southeast Asia. Speaking at the India Global Forum in London, Goyal criticised past trade agreements with ASEAN nations, calling them "silly" and claiming several countries had become the "B-team of China" by allowing indirect entry of Chinese goods into India through preferential trade routes. The remarks came as a surprise, especially with 2025 marking 30 years since India became a full dialogue partner of ASEAN. The comment also came months after Indonesia's President was invited as chief guest for India's Republic Day celebrations, and ahead of planned visits by leaders from the Philippines, Singapore, and Vietnam later this year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Dividend Stocks for May 2025 Seeking Alpha Read Now Undo On Friday, India sought to dial down tensions. At a forum in Jakarta, P. Kumaran, Secretary (East) in the Ministry of External Affairs, strongly endorsed the India-ASEAN relationship. "Our ties are based on civilisational links, shared values and common aspirations," he said, adding that both regions are fast-growing and central to shaping the Global South's future. Kumaran highlighted India's growing engagement with ASEAN across more than 40 dialogue mechanisms. He also outlined collaborations in critical minerals, semiconductors, cross-border payments , and digital connectivity . Live Events
The Hindu
5 hours ago
- The Hindu
Anand Sharma slams Piyush Goyal for calling ASEAN the B team of China
Hitting out at Commerce Minister Piyush Goyal for his remarks against the India-ASEAN trade agreements, former Commerce Minister and Congress veteran Anand Sharma on Friday said that labelling the Southeast Asian countries as the 'B team of China is irresponsible and insulting'. Mr. Goyal, speaking at the India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum in London on Thursday, had said that 15 years ago India was more focused on doing Free Trade Agreements (FTAs) with countries 'who were our competitors'. 'So, if I am doing an ASEAN agreement, it really is silly because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So, effectively and indirectly, I have opened up my market for goods that find their way from China into India,' he had said. Watch | Piyush Goyal optimistic about India-US trade pact ahead of July 9 tariff deadline Rebutting the statement, Mr. Sharma said successive Indian governments have consciously pursued this policy and elevated India-ASEAN relations to a strategic partnership. 'Commerce Minister Piyush Goyal's statement belittling India ASEAN Trade Agreements is unwarranted, ill advised and unfortunate. India and ASEAN group of countries are for over three decades engaged in a multi-faceted relationship which is mutually rewarding and important,' he said in a statement. 'Integral part of Look East policy' 'This is an integral part of the Look East policy to deepen and diversify India's relations with a region that is economically vibrant and of enormous Geo-Strategic importance for engagement with the Asia-Pacific region,' Mr. Sharma said.1 The Congress leader said India is also a member of East Asia Summit (EAS) of ASEAN + six (Japan, India, South Korea, China, Australia and New Zealand) and Indonesia, Vietnam and Malaysia are strategic partner countries. 'Piyush Goyal's statement terming the Trade agreement with ASEAN as silly and labelling these countries as B team of China is irresponsible and insulting. He has forgotten that President of Indonesia Prabowo Subianto was the chief guest for 2025 Republic Day Parade,' Mr. Sharma said. He said the CECA (Comprehensive Economic Cooperation Agreement) with ASEAN and trade agreements with Japan and South Korea are aimed at promoting investments and trade in goods and services. 'Suboptimal trade agreement with USA' 'Piyush Goyal needs to be reminded of the fundamental rule of trade: 'No country can export what it does not produce nor imports what it does not need'. It needs mention that ASEAN is India's fourth largest trading partner accounting for over 11% of India's total global trade with bilateral trade at 120 billion USD and accounts for over 11% of India's Exports. FDI inflows from ASEAN to India account for over 18% of total FDI inflows since 2000,' the Congress veteran said. Mr. Sharma argued that the agreements were diligently negotiated considering India's interests with this vibrant region and in-built checks and review mechanisms were put in place. He added that trade in goods with ASEAN countries includes essential imports: iron ore and coal from Indonesia, palm oil from Malaysia and Indonesia, oil - petroleum products from Brunei Dares Salam and Malaysia and pulses from Myanmar. 'In an interconnected and interdependent world, partnerships are the way forward and not exclusion and isolation. The commerce minister should be prioritising strengthening trade relations with partner countries and not insulting them while bending backwards to negotiate a suboptimal trade agreement with USA on its terms,' Mr. Sharma said.
Mint
6 hours ago
- Mint
Tata Motors eyes rare earth magnet sources, has enough stocks: Chandrasekaran
Tata Motors Ltd has enough stock of rare earth magnets, and the company is scouting for new sources amid China's export curbs, Tata Sons chairman Natarajan Chandrasekaran said. 'As of now, we are OK; we are not facing any issues. We are able to source the magnets we need, and are working on securing alternative sources of rare earth magnets,' Chandrasekaran said at the company's 80th annual shareholders' meeting on Friday. 'We are working with the government (on the issue).' Tata Motors, India's largest automaker by revenue, is among numerous businesses affected by China's export curbs on rare earth magnets, which are critical in automotive, aerospace, and electronics industries. Though the curbs were imposed in April as a trade war between the US and China and flared, the two rivals have since reached a deal. However, exports to India remain blocked, and domestic companies are pushing the government to engage Chinese officials to ease supplies. Chandrasekaran's comments on the rare earth magnet issue come a day after R.C. Bhargava, chairperson of Maruti Suzuki India Ltd, India's second-largest automaker and largest carmaker, said his company's stocks of rare earth magnets will last until July. On 11 June, Reuters reported that Maruti Suzuki had cut near-term production targets for its maiden electric vehicle e-Vitara by two-thirds because of rare earth shortages. The e-Vitara was expected to launch before September end. Out of the 54 shareholders who posed questions at Friday's virtual AGM, a fourth referred to rare earth magnets and the situation on the US tariff front. The chairperson also addressed the concerns of shareholders on US tariffs. 'The tariff impact will be primarily on Jaguar-Land Rover. Tariff has gone up from 2.5% to 27.5%, and under the UK-US FTA, the tariff is 10%. The overall impact would have been 1.6 billion pounds. But due to the steps taken by JLR, the impact has gone down to 600 million pounds, which is visible in the margin guidance,' Chandrasekaran told shareholders. JLR, the British subsidiary of Tata Motors, has trimmed its guidance on revenue growth to 5-7% for FY26 from 10% mentioned earlier. The company attributed the reduction to the impact of the tariffs and the slowdown in the Chinese market. In an interview with Mint earlier, Shailesh Chandra, managing director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said that rare earths are required for both internal combustion engine vehicles and electric vehicles. China said on 4 April that companies seeking rare earth magnets must submit applications with end user certificates to the Chinese embassy, which then go to the provinces from where magnets are sourced. After approval from provincial authorities, the Chinese commerce ministry has to approve the applications. So far, no Indian company has received approval to receive shipments of these critical items. As per industry estimates, it takes about 45 days to get approval. Bajaj Auto Ltd's executive director Rakesh Sharma said during the company's earnings call on 29 May that the industry will face production cuts starting July if the situation is not resolved. However, Tata Motors' leadership remains confident that the situation is under control and will likely be resolved. Chandrasekaran said the Tata Group will continue its investments in the electric vehicle business, and will likely achieve the 30% penetration target in its overall portfolio before 2030. This was Chandrasekaran's first appearance at a Tata Group company annual general meeting this year. Earlier, he skipped the AGMs of Tata Consumer Products Ltd (TCPL) and Tata Consultancy Services on 18 and 19 June, as top Tata Group officials attended to the crisis over the Air India crash in Ahmedabad on 12 June. The AGMs of TCPL and TCS were presided over by board members P.B. Balaji and Keki Mistry, respectively. Chandrasekaran also condoled the deaths from the AI accident, and requested the board members and shareholders to observe a minute of silence. 'My thoughts are with family and friends who lost their loved ones and I know, we have the same feeling,' Chandrasekaran said in his opening address. 'This has been a long and unsettling week for all of us as a nation, as a group and at a very human level, navigating a very deep sorrow, grief and uncertainty all at the same time.' The chairperson also spoke of Ratan Tata, the group's chairman-emeritus who died last October. 'I had the opportunity to constantly share updates with Ratan Tata about the business in the last few years. While we all miss him, I want you to know that he would have been very proud of the turnaround of the business as Tata Motors was very close to his heart,' Chandrasekaran told shareholders.
