Karnataka HC quashes criminal proceedings against ex-employees of software company
The petitioners were formerly employed with Silicomp India Private Limited, earlier known as FIME India, a subsidiary of FIME SAS, a French company.
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Business Standard
22 minutes ago
- Business Standard
Good news very soon on India-Oman free trade agreement: Piyush Goyal
Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India Press Trust of India Paris Commerce and Industry Minister Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some "good news" may come "very soon" on that. The negotiations received a much-needed impetus after the visit of Goyal to Muscat in January this year. The talks for the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. "I think you will see some good news very soon on the Oman FTA," the minister told reporters here when asked whether the FTA talks with Oman can be concluded this year. Goyal is here on an official visit to hold talks with French leaders and businesses to boost trade and investments. He will also attend a mini-ministerial meeting of the World Trade Organisation (WTO) on June 3. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022. The bilateral trade was about $10.5 billion (exports $4 billion and imports $6.54 billion) in 2024-25. India's key imports are petroleum products and urea. These account for over 70 per cent of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel. Taking about such agreements, the minister said these FTAs not just promote trade in goods and services, but also strengthen supply chain, bring confidence in businesses of both sides about stable polices, and predictability. "So in a way, it's a big message when you conclude an FTA," he added. When asked if India could see further domestic reforms as a result of these agreements, the minister said FTA stands on their own footing and have no relationship to "our own" domestic efforts to make the country more attractive. "These agreements are more towards opening markets on both sides which lead to greater competitiveness, improved productivity and efficiency in all processes," he said. Goyal said the National Manufacturing Mission, announced in the Budget, may come up soon. It will further bring an "orderly shape" to how states and the Centre work together in the direction of promoting manufacturing in India, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Print
30 minutes ago
- The Print
India-EU free trade agreement could be concluded before year end: Goyal
'We have certain concerns about EU practices and regulations, likewise they have certain areas which they would like to discuss. All issues are on the table and we will negotiate a fair, balanced and equitable FTA,' Goyal told reporters here. He also said that India will raise its concerns over certain EU's regulations such as carbon tax and deforestation rules in the trade talks. Paris, Jun 1 (PTI) Commerce and Industry Minister Piyush Goyal on Sunday said that negotiations for the proposed comprehensive free trade agreement (FTA) between India and the European Union (EU) are progressing at a rapid pace and the deal could be concluded before the year end. He added that all of these issues will come up for discussions, so that both sides can come up with a robust agreement that will support market access and promote easier trade. The minister is here for a two-day visit. He will meet French leaders and business representatives to promote trade and investments between the two countries. When asked about the expected timeline for conclusion of talks on the FTA, he said: 'We never had a deadlines for a FTA, but looking at the rapid progress that we (India and the EU) are making, my sense is that we could do it faster than the year end'. He said that there are not too many issues where both sides have divergence of opinions. 'We have both complimentary economies. In most cases what is of offensive interest to India does not hurt the EU economy, likewise goods and services that Europe would like to provide to India only support our growth story,' he said. However, the minister added that in any trading relationship, there are certain sensitive issues on both sides, 'which is what we have to resolve amicably'. Further, he said that India does not shy away from discussing issues pertaining to gender and sustainability in such trade pacts. 'We will off course have a comprehensive FTA covering all subjects of mutual interest… Subject like gender, India bats on the front foot, and when it comes to subjects like sustainability, India is right at the fore front. India does not shy from any subject for discussions,' Goyal said. Goyal will hold a bilateral meeting with EU Commissioner for Trade and Economic Security Marcos Sefcovic on June 2 on the agreement. There are discussions for an early harvest or an interim trade agreement between the two sides that could include issues like intellectual property rights (IPRs), government procurement, tariffs, and non-tariff barriers. Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in products like wines, spirits, meat, poultry and a strong intellectual property regime. Indian goods exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact is concluded successfully. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight years. The negotiations stalled in 2013 due to differences over the level of opening up of the markets. On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free trade deal by the end of this year. The India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development. India's bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for goods. The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion. PTI RR HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Economic Times
36 minutes ago
- Economic Times
European shares start lower after Trump's fresh tariff threats
European shares opened lower on Monday, after rounding off monthly gains in May, as U.S. President Donald Trump's new tariff plans threatened to rekindle global trade tensions. ADVERTISEMENT The continent-wide STOXX 600 was down 0.2% as of 0708 GMT. Late on Friday, Trump said he planned to increase tariffs on imported steel and aluminum to 50% from 25%, to which the European Union said it was prepared to retaliate. Steel companies in Europe fell, with ArcelorMittal down 1% and conglomerate Thyssenkrupp down 1.1%. The tariffs, which can impact automobiles, weighed on stocks of carmakers, with the sector down 1.2%. Meanwhile, Sanofi agreed to buy U.S.-based Blueprint Medicines Corporation, paying $129 per share, representing an equity value of approximately $9.1 billion. Shares in the French pharma group were slightly lower. ADVERTISEMENT This week, the spotlight will be on the European Central Bank, which will announce its interest rate decision on Thursday. Comments from Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde will be on tap, alongside a slew of economic data out of the trade bloc. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
