India-EFTA Trade Deal to Come into Force from October 1: Piyush Goyal
India, on March 10, 2024, signed a trade pact with the four-nation bloc – the European Free Trade Association (EFTA) – which not only gives access to India's goods and services to that market but also opens possibilities of $100 billion in investments in the country over 15 years.
"India-EFTA TEPA to come into effect from 1st October," Goyal said in a post on X.
The EFTA trade pact, the negotiations for which began in 2008, includes 100% market access to Indian non-agricultural products and concessions on processed agricultural products (PAP), while keeping primary agricultural products out of the ambit of the pact.
EFTA will eliminate or reduce import tariffs on 99.6% of India's exports. India will eliminate or reduce import tariffs on 95.3% of the exports from EFTA nations. However, the effective duty on gold, which forms 80% of exports from EFTA countries, remains untouched at 15%.
The trade pact also has provisions for mutual recognition agreements in professional services like nursing, chartered accountants, and architects, among others. This should allow these professionals from India to have more opportunities in the four EFTA bloc countries.
On intellectual property rights, the two sides agreed to follow the high standards of the Trade-Related Intellectual Property Rights (TRIPS) agreement. India's interests in generic medicines and concerns related to the evergreening of patents have been fully addressed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
17 minutes ago
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 23 after Nikkei, Hang Seng rally
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking a rally in global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,158 level, a premium of nearly 65 points from the Nifty futures' previous close. On Tuesday, the domestic equity market ended flat with negative bias amid high volatility, with the benchmark Nifty 50 holding above 25,000 level. The Sensex eased 13.53 points, or 0.02%, to close at 82,186.81, while the Nifty 50 settled 29.80 points, or 0.12%, lower at 25,060.90. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex is still holding a lower top formation on daily charts and has also formed a bearish candle, which indicates temporary weakness. 'We believe that the current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders. For traders, the 82,200 mark or the 50-day SMA (Simple Moving Average) would be the key support zone. As long as Sensex trades above this level, a pullback formation is likely to continue. On the higher side, 82,800 and the 20-day SMA or 83,100 would be the key resistance areas for the bulls,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. On the flip side, a breach of 82,200 could push Sensex towards 81,900, and further downside may also continue, which could drag the index down to 81,500. On the derivatives front, the highest Call Open Interest (OI) for Nifty is seen at the 25,100 strike, followed by 25,200, indicating potential resistance at these levels. On the Put side, the highest OI is placed at 25,000, followed by 24,900, highlighting strong support zones. This OI setup indicates that the 25,000 – 25,200 range will be crucial for Nifty's near-term directional move, with traders closely watching for a breakout or breakdown from this zone, said Hardik Matalia, Derivative Analyst - Research at Choice Equity Broking. Nifty 50 formed a bearish candle on the daily chart, with a large body and minor wicks on the higher and lower sides, reflecting a lack of follow-through strength. 'A reasonable negative candle was formed on the daily chart at the highs which indicates lack of strength in the market to sustain the highs. Nifty 50 reversing down after one day of bounce back is not a good sign. Smaller degree bearish pattern like lower highs and lows continued on the daily chart and the Nifty 50 seems to have reversed down after a small lower high at 25,182 on Tuesday,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 continues to be weak amidst choppy movement. 'Having rejected the hurdle of 25,200, the chances of Nifty 50 sliding below 24,900 is likely in the coming session. On such an event, the downside target could open around 24,500 for the coming weeks. Immediate resistance is placed at 25,200,' said Shetti. Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities noted that in the last six trading sessions, the Nifty 50 has failed to sustain above its 20-day EMA on four occasions, highlighting strong overhead supply at crucial moving average. 'For any meaningful upside to unfold, a decisive and sustained move above the 20-day EMA will be crucial. The momentum indicators and oscillators are suggesting sideways action. Going ahead, the 20-day EMA zone of 25,170 - 25,200 will act as an immediate hurdle for the index. Any sustainable move above the level of 25,200 will lead to a sharp upside rally upto the 25,350 level. While on the downside, the zone of 24,980 - 24,950 will act as crucial support for the index,' Shah said. VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 index formed a bearish marubozu candlestick pattern on the daily time frame, suggesting strong selling pressure and a potential downward trend. 'We can expect Nifty 50 to find support between 24,950 and 24,800, and meet resistance near 25,150 and 25,270 in today's trading session,' Ambala said. Bank Nifty index declined 196.75 points, or 0.35%, to close at 56,756.00 on Tuesday, forming a dark cloud cover pattern on the daily chart. 'Bank Nifty index closed below the 20-day EMA, signalling short-term weakness, however still holding above the 50-day SMA, which offers interim support near 56,200. The RSI stands at 51.48 and has started to diverge negatively from recent highs, indicating that strength is fading. The MACD skewed on the lower side, suggesting the slowing momentum. The daily Super trend support is placed around 55,800, and any breakdown below this zone could add further weakness to the ongoing consolidation,' said Om Mehra, Technical Research Analyst, SAMCO Securities. According to him, until Bank Nifty reclaims 57,300 on a closing basis, upside moves may remain limited. The bullish momentum seems to be waning; a cautious stance would be preferred in the short term. Going ahead, Sudeep Shah believes the zone of 57,200 - 57,300 will act as an important hurdle for the Bank Nifty index, while on the downside, the zone of 56,400 - 56,300 will act as crucial support. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
17 minutes ago
- Mint
Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US-Japan Trade Deal to Nikkei's rally
Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following upbeat global market cues. Asian markets traded higher after the US-Japan trade deal, while the US stock market ended mixed overnight, with the S&P 500 posting record-high close. On Tuesday, the Indian stock market indices ended the volatile session on a flat note with negative bias. The Sensex fell 13.53 points, or 0.02%, to close at 82,186.81, while the Nifty 50 settled 29.80 points, or 0.12%, lower at 25,060.90. 'The market continues to lack clear direction amid mixed earnings announcements and muted global cues. Traders should adopt a hedged approach and focus on fundamentally strong counters, with an emphasis on earnings performance,' said Ajit Mishra – SVP, Research, Religare Broking Ltd. Here are key global market cues for Sensex today: Asian markets traded higher after US President Donald Trump announced a 'massive' trade deal with Japan. Japan's Nikkei 225 jumped 2%, while the Topix rallied 1.87%. Toyota, Nissan, Honda and other Japanese auto stocks surged after the US-Japan trade deal. South Korea's Kospi gained 0.89% and the small-cap Kosdaq was 0.22% higher. Hong Kong's Hang Seng index futures indicated a stronger opening. Gift Nifty was trading around 25,162 level, a premium of nearly 68 points from the Nifty futures' previous close, indicating a positive start for the Indian stock market indices. US stock market ended mixed on Tuesday, with the S&P 500 eking out a record-high close. The Dow Jones Industrial Average rose 0.40% to 44,502.44, while the S&P 500 added 0.06% to end at 6,309.62. The Nasdaq closed 0.39% lower at 20,892.69, Tesla share price gained 1.1%, Nvidia share price declined 2.54%, Meta Platforms and Microsoft shares lost about 1% and Alphabet stock price rose 0.65%. RTX stock price declined 1.6%, GM Motors shares tumbled 8.1%, while Ford Motor stock price fell about 1%. Lockheed Martin shares tumbled almost 11% President Donald Trump said the US and Japan had struck a trade deal that includes a lower 15% tariff that will be levied on US imports from the country, including autos, Reuters reported. In a post on Truth Social, Trump said the deal would include $550 billion of Japanese investments in the United States. Reports said that US auto tariffs were lowered to 15% from the current 25%. The Union Cabinet approved the free trade agreement with the United Kingdom, news agency PTI reported. The pact, described by Prime Minister Narendra Modi as a 'landmark deal,' will be signed during his visit to London this week. Commerce and Industry Minister Piyush Goyal will accompany Modi. Gold prices rose to a more than five-week peak, supported by a softer US dollar and lower Treasury yields. Spot gold price was steady at $3,430.19 per ounce, after hitting its highest since June 16 earlier in the session. US gold futures were flat at $3,443.30. Crude oil prices steadied after the US-Japan trade deal and a poll that showed US crude stockpiles fell last week. Brent crude futures rose 0.48% to $68.92 a barrel, while US West Texas Intermediate crude futures rose 0.51% to $65.64 per barrel. The dollar was on a shaky footing against the yen. The dollar was largely flat at 146.61 yen, having slid 0.5% in the previous session. The euro stood at $1.1739, down 0.1%. Sterling was little changed at $1.35235, off 0.1%. The dollar index, which tracks the greenback against major peers, was little changed at 97.430 after a three-day decline. (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
17 minutes ago
- Mint
Dassault Reiterates Goal to Lead Franco-German Warplane Project
(Bloomberg) -- France's Dassault Aviation SA reiterated it wants to lead the Franco-German next-generation Future Combat Air System fighter jet, giving it sweeping oversight over the project that's caused friction with partner Airbus SE. Chief Executive Officer Eric Trappier said his company would like to pilot the program with the ability to choose subcontractors and drop any of those that don't perform. Trappier, speaking in a press conference in Paris on Tuesday, denied reports that Dassault was seeking an 80% share in the FCAS project. French President Emmanuel Macron and German Chancellor Friedrich Merz will seek to quell growing friction over the fighter jet program when they meet for high-profile consultations in Berlin on Wednesday. Dassault is jointly developing the FCAS warplane with Airbus SE and Spain's Indra Sistemas SA. Berlin has opposed attempts by Dassault to take a larger share of the project, and Germany's aviation lobby, BDLI, said it risks dooming the joint European fighter jet plan. In stark contrast, British defense company BAE Systems Plc is speeding ahead with the development of its next-generation Tempest fighter jet, with test aircraft on track to fly within three years. The program includes Italy's Leonardo SpA, Japanese partners, Rolls-Royce Holdings Plc and missile company MBDA. Also, Sweden's Saab AB program to build the Gripen D fighter jet is gaining momentum after struggling to win sales from other countries. Earlier this year, Trappier said he backed a leading role on FCAS, pointing to Dassault's experience when it pulled from a venture project in the 1980s and went solo to build the Rafale fighter jet. Russia's 2022 invasion of Ukraine has heightened Europe's focus on territorial security, while President Donald Trump has prodded NATO allies to boost military spending, even as he raises doubts about the US commitment to the region's defense. As European governments supersize defense budgets, some are considering alternatives to American-made weapons such as Lockheed Martin Corp.'s F-35. The US, China and Russia are also developing sixth-generation aircraft, which are likely to include enhanced stealth, sensor and autonomous capabilities as well as the improved ability to coordinate with other aircraft and drones. More stories like this are available on
