FTAs enable participation in global value chain, India Inc looks forward to more such deals: CII President
ITC MD Puri said that after the FTA with the United Kingdom, the industry is also keen to have a trade deal with the United States.
'Industry is very keen to have the FTAs because these are important enablers to participate in global value chains, which are 70 per cent of the global trade. So, the industry is very much looking forward to it,' CII President and ITC MD Sanjiv Puri said.
'We know that both the other FTAs are strong focuses of the government and there's a possibility of (Trade deal with) the US one by autumn and the EU - there was this EU president along with a large number of the cabinet ministers here in India - a commitment was made that by the end of the year they should get signed so we are hoping these within the timelines,' Puri further added.
Puri went on to state that focusing on agriculture is needed to increase the income and consumption of the people employed by the sector.
Industry body CII welcomed the India-UK FTA, adding that it is guided by the 2030 Roadmap. The timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030, the CII had added.
The Commerce and Industry Ministry on May 9 highlighted the importance of FTAs, adding that such trade agreements make India more competitive with markets like the United States of America, China, and Brazil.
According to APEDA, India will gain ground over the USA, China, and Thailand in processed food. We will become more competitive than the USA, China, Thailand, and Vietnam in bakery items, said an official.
The official statement added that the recently concluded FTA with the UK is a 'totally job-orientated deal'.
The trade between India and the UK will double by 2030, creating millions of jobs and increasing our overall exports to the UK.
However, the Global Trade Research Initiative (GTRI) in a report highlights potential risks to the domestic industry, especially Micro, Small and Medium Enterprises (MSMEs), due to increased foreign competition.
GTRI further adds that India should draw lessons from the recently concluded US-UK trade deal and be cautious on a deal with America for its bilateral trade deal. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
19 minutes ago
- NDTV
Honda Amaze, Elevate Introduced With Elite Pack; Here's What It Gets
Honda Cars India has introduced a new "Elite Pack" for the Elevate SUV and the Amaze sedan sold in the Indian market. With this pack, both vehicles' additional features over the standard model on sale. Specifically, it adds a 360-degree camera and seven colour ambient lighting without any additional cost. The brand has brought this offer as part of the 'The Great Honda Fest' campaign. The Japanese manufacturer is also offering a 360-degree camera on certain variants of the Amaze and the Elevate as an accessory. This feature will be available for an extra cost and will be retrofitted at the dealerships. The third-party equipment will come with a two-year warranty from the supplier, from the date of purchase. Furthermore, the brand is also offering attractive schemes and benefits for the entire lineup, including the Amaze, Elevate, and City, under the ongoing The Great Honda Fest. Although the details of the schemes have not been specified. It is to be noted that these special offers will be available at all authorised dealerships of the brand across the nation. However, they are valid for a limited time and will vary depending on the model and variant. Coming back to the Elevate, the SUV competing against models like Hyundai Creta, Maruti Suzuki Grand Vitara, Kia Seltos, and other models in the segment is currently sold at a starting price of Rs 11.91 lakh (ex-showroom). Meanwhile, the Amaze competes against models like Maruti Suzuki Dzire, Hyundai Aura, and Tata Tigor. It is currently sold at a starting price of Rs 8.10 lakh (ex-showroom).
Indian Express
19 minutes ago
- Indian Express
India receives Airbus C-295 military transport aircraft from Spain
India on Saturday received the last of its 16 Airbus C-295 military transport aircraft from Spain, marking an important milestone in strengthening its defence capabilities, the Indian Embassy in Spain said. The C-295, a transport aircraft of 5-10 tonne capacity with contemporary technology, is set to replace the ageing Avro aircraft of the IAF. Indian Ambassador to Spain Dinesh K Patnaik, along with senior Indian Air Force officials, received the last of the 16 Airbus C-295 military transport aircraft at the Airbus Defence and Space assembly line in Seville, the Indian mission posted on social media. 'The delivery, two months ahead of schedule, marks an important milestone in strengthening India's defence capabilities,' it added. The aircraft, with a flight endurance of up to 11 hours, is a versatile and efficient tactical transport aircraft. India signed a contract with Airbus Defence & Space, Spain, for acquisition of 56 C-295MW transport aircraft for IAF in Sep 2021. Under the C-295 programme, a total of 56 aircraft are to be delivered, of which 16 were to be delivered directly by Airbus from Spain, and the remaining 40 will be manufactured in India. Spain fulfilled that commitment on Saturday by handing over the last of the 16 aircraft. Prime Minister Narendra Modi and his Spanish counterpart, Pedro Sanchez, had jointly inaugurated the TATA Aircraft Complex for manufacturing C-295 aircraft at TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat, in October last year. TASL is responsible for making these 40 aircraft in India. This facility becomes the first private sector Final Assembly Line (FAL) for military aircraft in India. It will involve the full development of a complete ecosystem from the manufacture to assembly, test and qualification, to delivery and maintenance of the complete lifecycle of the aircraft. Apart from Tatas, leading defence public sector units such as Bharat Electronics Ltd. and Bharat Dynamics Ltd, as well as private Micro, Small and Medium Enterprises will contribute to this programme.
Mint
19 minutes ago
- Mint
If India were to stop buying Russian oil, global crude prices could jump to 200 dollars a barrel: Report
Global crude prices could jump to 200 US Dollars a barrel if India were to stop buying Russian Oil thus severely harming consumers worldwide, sources told ANI. Russian oil has never been sanctioned and is still not sanctioned by either the United States or the European Union. Providing context for India's energy security policy, sources explained that Russia, the world's second-largest crude oil producer with about 9.5 million barrels per day output – nearly 10% of global demand – is also the second-largest exporter, shipping roughly 4.5 million barrels per day of crude and 2.3 million barrels per day of refined products. Past fears of Russian oil being squeezed out of global markets had driven Brent crude prices to a high of $137 per barrel in March 2022. "In this challenging environment, India, as the world's third-largest energy consumer with 85% import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," sources added. Earlier, United States President Donald Trump on Friday ( EST) claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to pursue an energy policy in its own national interest. News agency Reuters reported on July 31st that Indian state-run refiners suspended purchases of Russian oil amid tariff threats from President Trump and narrowing price discounts. However, Indian sources have now rebutted these reports, clarifying that Indian refiners have continued to buy Russian crude based on commercial viability. Sources further told ANI that Russian oil has never been sanctioned, but rather subjected to a G7/EU price-cap mechanism to limit Russian revenues while keeping global supplies flowing. India oil refiners' purchases have remained fully legitimate under international frameworks. "Had Indian oil refiners not absorbed discounted Russian crude, combined with OPEC production cuts of 5.86 million barrels per day, global oil prices could have surged well beyond the March 2022 peak of 137 dollars per barrel, intensifying inflation globally," sources explained. It was also highlighted that Indian oil marketing companies (OMCs) have refrained from buying Iranian or Venezuelan crude, which is actually sanctioned by the US, and have complied with the $60 per barrel price cap recommended for Russian oil by the US. The European Union has recently recommended a lower price cap of $47.6 per barrel for Russian oil, to take effect in September. Commenting on Europe's continued Russian energy imports, sources noted the EU was the largest importer of Russian-origin liquefied natural gas (LNG), buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. For pipeline gas, the EU remained the top buyer with a 37% share, followed by China at 30% and Turkey at 27%. Backing India oil refiners' decision to continue sourcing Russian oil, sources reiterated that India's energy choices are guided by its national interest, while also contributing to global energy stability. "India's pragmatic approach has kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks," they added.
