logo
India, EU may finalise interim FTA by July

India, EU may finalise interim FTA by July

Time of India21-05-2025
NEW DELHI: After the UK, India is now looking to close an "early harvest" trade agreement with the European Union as soon as July with both sides looking to push exports amid the uncertainty caused by Donald Trump's moves on tariffs.
Negotiators from both sides are working overtime to finalise the trade pact - which has been in the pipeline for close to two decades - with a team led by India's chief negotiator Satya Srinivas returning to Brussels this week.
Govt is expected to offer
tariff concessions
similar to the ones it has agreed to with the UK, including reducing the levy on automobiles to as low as 10%, while slashing duties on wines, certain types of meat and poultry.
In return, it would want the trading bloc to offer easier access to Indian garments, pharmaceuticals, steel and oil products.
The interim agreement will not be limited to tariffs and may also include issues such as intellectual property rights (IPRs), govt procurement, and non-tariff barriers, a senior official said. A few years ago, India had entered into an interim pact with Australia, although it had worked out a comprehensive free trade agreement with the UK.
Sources indicated that the proposed pact with Oman, which is stuck mainly on the issue of petrochemicals, may also be finalised soon as govt broadens its trade engagement to push exports, both of goods and services.
India and EU have agreed to conclude the agreement in two phases on account of the uncertain global trade environment, sources said.
In recent months, the talks have received a fillip, thanks to the signals coming from the highest levels. EU too is seen to be more accommodative of India's position on several counts, something it was unwilling to do earlier.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Zelenskyy faces backlash as Ukrainians protest new anti-corruption law
Zelenskyy faces backlash as Ukrainians protest new anti-corruption law

New Indian Express

time18 minutes ago

  • New Indian Express

Zelenskyy faces backlash as Ukrainians protest new anti-corruption law

KYIV: Ukrainian activists called for more protests against a law they say weakens the country's anti-corruption bodies. The legislation has also drawn rebukes from European Union officials and international rights groups. Thousands of people gathered in the capital and other cities across Ukraine on Tuesday evening to urge President Volodymyr Zelenskyy to veto the controversial bill passed by Ukraine's Parliament earlier that day, which tightens government oversight of two key anti-corruption agencies. After Zelenskyy approved it, activists called on social media for another demonstration in the center of Kyiv at 8 pm on Wednesday. Critics say the step could significantly weaken the independence of those agencies and grant Zelenskyy's circle greater influence over investigations. Fighting entrenched corruption is crucial for Ukraine's aspirations to join the EU and maintain access to billions of dollars in Western aid in its fight against Russia's three-year invasion. Instead of vetoing the bill as protestors demanded, Zelenskyy signed it into law and argued for it, in a move that risked his public support after more than three years of war with Russia. Zelenskyy said the measure clears out 'Russian influence' from the fight against corruption and ensures punishment for those found guilty of it, after what he said were yearslong delays in criminal proceedings involving huge amounts of money. 'This is what Ukraine really needs,' Zelenskyy said in a Telegram post after midnight Wednesday. 'The cases that have been lying dormant must be investigated.' 'For years, officials who have fled Ukraine have been casually living abroad for some reason – in very nice countries and without legal consequences – and this is not normal,' he said. He didn't provide examples of what he said was Russian interference.

India to resume tourist visas for Chinese citizens after five years
India to resume tourist visas for Chinese citizens after five years

Scroll.in

time18 minutes ago

  • Scroll.in

India to resume tourist visas for Chinese citizens after five years

India will resume issuing tourist visas to Chinese nationals after a five-year gap, starting July 24, Reuters quoted the Indian embassy in Beijing as saying on Wednesday. Chinese state-run news outlet Global Times shared a post made by the Indian Embassy in China on Weibo that outlines guidelines for Chinese nationals seeking to apply for a tourist visa. The Embassy of India in China announced via its Sina Weibo account on Wednesday that, starting from July 24, 2025, Chinese citizens can apply for a tourist visa to visit India after completing an online application, scheduling an appointment, and personally submitting their… — Global Times (@globaltimesnews) July 23, 2025 In February 2020, India had suspended all tourist visas in view of the coronavirus pandemic. China had also suspended visas to Indian citizens and other foreigners during the pandemic, but these restrictions were lifted in 2022 for students and business travellers. In June 2020, border tensions between India and China escalated when a violent face-off between Indian and Chinese soldiers took place in Ladakh's Galwan Valley along the Line of Actual Control. It led to the death of 20 Indian soldiers. Beijing said that the clash left four of its soldiers dead. In response, India imposed several restrictions on China including banning hundreds of popular Chinese apps and suspending passenger routes, Reuters reported. While China allowed students and business travellers in 2022, Indians were not allowed to apply for tourist visas until March this year, when both countries announced that they would resume direct air services, Reuters reported. Since the Galwan clashes, China and India have held several rounds of military and diplomatic talks to resolve their border standoff. In October, the two countries announced that they had reached a patrolling arrangement along the Line of Actual Control, 'leading to the disengagement' of the two militaries in eastern Ladakh. The agreement came two days before Prime Minister Narendra Modi and Chinese President Xi Jinping held a bilateral meeting on the sidelines of the BRICS summit in Kazan. This was the first formal meeting of the two leaders since the military standoff began in mid-2020. In January, the two countries agreed to resume the Kailash Mansarovar Yatra this summer, restore direct flights and ease visa restrictions after Foreign Secretary Vikram Misri met Chinese Vice Foreign Minister Sun Weidong in Beijing. In July, External Affairs Minister S Jaishankart said during a meeting with Chinese Vice President Han Zheng that relations between both countries were ' steadily improving ' and called for the continued normalisation of the bilateral ties.

Sensex settles 539 pts, Nifty tops 25,200 after U.S.-Japan deal lifts sentiment
Sensex settles 539 pts, Nifty tops 25,200 after U.S.-Japan deal lifts sentiment

Time of India

time18 minutes ago

  • Time of India

Sensex settles 539 pts, Nifty tops 25,200 after U.S.-Japan deal lifts sentiment

Indian stock markets witnessed a positive close on Wednesday. Sensex and Nifty both surged, reflecting gains in Asian markets. This surge follows a trade agreement between the United States and Japan. Investors are optimistic about potential progress in India-US trade discussions. Market capitalization on the Bombay Stock Exchange also saw a significant increase. This positive trend indicates growing investor confidence. Tired of too many ads? Remove Ads Indian benchmark indices Sensex and Nifty closed higher on Wednesday, mirroring broad-based gains across Asian markets after a high-stakes trade pact between the United States and Japan stoked hopes of progress in India-US trade Sensex advanced 539.83 points, or 0.66%, to settle at 82,726.64, while the Nifty gained 159 points, or 0.63%, to close at 25, market capitalization of all listed companies on the BSE increased by Rs 82,186 crore to Rs 460.37 lakh TO COME...

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store