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Indian Express
6 minutes ago
- Indian Express
UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Saturday said the India-UK trade deal can serve as a gold standard for India's trade negotiations with other partners, as it opens India's doors for business while protecting sensitive sectors. He added that India will retaliate if the UK's carbon tax, set to come into effect on January 1, 2027, harms India's interests. 'Our effort is that the Indian industry gets preferential access over our competition, and I think this [UK FTA] can become a gold standard to ensure that India protects its sensitive sectors and opens the doors, particularly in highly labour-intensive sectors, and allows high-quality goods, technology and other products to come to India,' the minister said at a press briefing here. Goyal said most of India's free trade agreements (FTAs) are with countries that do not compete with India on anything, and that under the deal, the UK will be sending products which are in short supply in India. 'In every respect, this is an agreement which opens far greater opportunities for India than any other agreement,' the minister said. On concerns that the UK's Carbon Border Adjustment Mechanism (CBAM) could negate the tariff concessions India has received under the trade deal, Goyal said: 'Currently there is no CBAM in effect. So it cannot be addressed in the FTA. But India is a sovereign country, and if our export interests are hurt, we will react and retaliate, or 'rebalance'. I can assure everyone that no unilateral measure will go away without a proportionate response,' he said. 'There is a lot of opposition to CBAM in the EU as well, as the EU's cost of manufacturing and housing will become costlier, and so the sufferer will be the industry in the EU,' Goyal reiterated. A government official had said that India and the UK have arrived at a diplomatic understanding on CBAM, and that India will 'rebalance' the negative effect of CBAM by taking countermeasures. It has communicated its concern over CBAM in a 'note verbale'. However, the rebalancing measure is not part of the legal text, which has raised concerns over India's ability to address the CBAM issue legally. The Indian Express had reported on May 6 that CBAM was a major point of contention between the two countries and had been holding up the agreement. India had proposed a 'rebalancing mechanism' provision within the deal which would require the UK to compensate Indian industry for losses incurred due to the regulation. The paper reported that the 'rebalancing mechanism' article had been inserted into the 'general exceptions' chapter of the negotiating text between the two countries. This would have enabled India to claim compensation for its losses and ensure the UK does not raise a dispute against India at the World Trade Organisation (WTO). However, the UK likely did not agree to the same. Goyal said India and the UK plan to address the issue of critical minerals together, stating that 'concentration of certain supply chains in certain geographies' is a common problem, and both countries plan to work jointly on this. The India-UK Vision 2035, a document outlining the broader collaborative goals of the free trade agreement between the two, stated that both countries will work together to develop cutting-edge technology and research, building on the Technology Security Initiative. This will focus on future telecoms, artificial intelligence and critical minerals, laying the ground for future collaboration on semiconductors, quantum, biotechnology and advanced materials. To further cooperation in critical minerals, the two countries will also establish a UK-India Critical Minerals Guild to 'transform financing standards and innovation', according to a joint statement by the two. India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday. The pact will help boost exports of labour-intensive products like footwear, textiles, and gems and jewellery, he added. 'We have protected all the sensitive sectors of India… we have not opened those areas for the UK… Zero compromise and extensive benefits make it a phenomenal free trade agreement (FTA),' Goyal said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
New Indian Express
6 minutes ago
- New Indian Express
PM Modi wraps up Maldives visit with diplomatic outreach, attends Independence Day celebrations
Muizzu, who came to power in 2023 amid calls to reduce India's footprint, struck a very positive tone throughout the visit. 'India has long stood as the Maldives' closest and most trusted partner,' he said. 'Our collaboration spans a wide range of areas, from security and trade to healthcare, education, and beyond touching the everyday lives of our citizens… In pursuing our national goals, India's partnership remains invaluable.' In a significant move, Modi held a 'meaningful' interaction with leaders from various Maldivian political parties. 'The participation of leaders across the political spectrum underscores the bipartisan support for the strong and time-tested India-Maldives friendship,' he said. The Prime Minister also met former President Mohamed Nasheed and engaged with the Indian community, saying, 'The Indian diaspora continues to be one of the strongest bridges between India and the world. We are very proud of our diaspora.' The visit also saw Modi meet with Vice President Uz Hussain Mohamed Latheef, who said it was 'an honour' to call on the Indian Prime Minister. 'As this year marks 60 years of formal diplomatic relations with India, the Prime Minister and I reflected on the journey of friendship and reciprocal support our countries have undertaken. I hope that the strong cooperation with India continues to grow and strengthen,' Latheef said. Modi also met Speaker of the People's Majlis Abdul Raheem Abdulla and welcomed the formation of the India-Maldives Parliamentary Friendship Group. 'India remains committed to supporting capacity building in the Maldives,' he said.
The Hindu
6 minutes ago
- The Hindu
Closely monitoring situation: India on Thailand-Cambodia clashes
As military clashes between Thailand and Cambodia continued, India on Saturday (July 26, 2025) said it is closely monitoring the unfolding situation and hoped for cessation of hostilities. At least 32 people have been killed and nearly 1,50,000 displaced in the border clashes between the two Southeast Asian countries that erupted on Thursday (July 24, 2025). In its reaction to the conflict, the Ministry of External Affairs (MEA) advised Indian travellers in the region to contact the respective embassies in the two countries for any assistance. Our response to media queries regarding the developments between Thailand and Cambodia ⬇️ 🔗 — Randhir Jaiswal (@MEAIndia) July 26, 2025 "We are closely monitoring the situation along the border between Cambodia and Thailand," MEA spokesperson Randhir Jaiswal said. "India has close and friendly relations with both countries and hopes that both sides will take measures for a cessation of hostilities and prevention of further escalation," he said. The Indian embassies in Thailand and Cambodia have already issued separate advisories for Indian travellers. The Indian mission in the Thai capital urged all Indian travellers to check updates from authorities in the country before visiting tourist attractions in troubled areas. It called on Indians to avoid travelling to seven provinces as suggested by the Tourism Authority of Thailand. Thailand is a popular destination for Indian tourists. In 2024, around 2.1 million Indian tourists visited the country. The Indian embassy in Phnom Penh also advised Indian citizens in Cambodia to avoid travelling to border areas. "In view of the ongoing clashes at the Cambodia-Thailand border, Indian nationals are advised to avoid travelling to the border areas," it said in a post on social media.
