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Mint
22 minutes ago
- Mint
India, New Zealand conclude second round of FTA talks in Delhi; third round set for September in Auckland
New Delhi: India and New Zealand have completed the second round of negotiations for a free trade agreement (FTA), with both sides registering progress across key sectors, the commerce ministry said in a statement on Friday. The discussions, which concluded on 25 July in New Delhi, focused on deepening trade and investment ties and reflected growing alignment on a range of commercial and regulatory issues. The third round is slated for September in New Zealand, the ministry said. The development comes a day after India and the United Kingdom signed a landmark free trade agreement, adding to India's growing portfolio of bilateral trade agreements, including those with Australia and the UAE. The latest talks between India and New Zealand were held from 14-25 July and saw advancement in several negotiating pillars, including trade in goods and services, investment, rules of origin, customs procedures, technical barriers to trade, sanitary and phytosanitary measures, and economic cooperation. Negotiators from both sides indicated that early convergence had been achieved on multiple texts, and virtual intersessional meetings will be held to sustain momentum until the next in-person round. The FTA discussions were formally launched during New Zealand Prime Minister Christopher Luxon's visit to India in March, when he met with Prime Minister Narendra Modi. Both sides announced the launch of negotiations for a free trade agreement as part of efforts to deepen economic cooperation amid growing concerns over a potential global tariff war triggered by US President Donald Trump's aggressive trade stance. Mint was the first to report on India exploring renewed FTA negotiations with New Zealand, in a report dated 26 June 2024. The first round of negotiations between the two countries began in May 2025 in New Delhi. The latest round of talks signals steady movement towards what officials described as a 'balanced, comprehensive, and forward-looking agreement'. India's merchandise trade with New Zealand reached $1.3 billion in 2024-25, up nearly 49% from FY24, albeit from a relatively modest base. Trade analysts said an agreement with New Zealand, while smaller in scale compared with India's deals with the UK and the EU, would help New Delhi stitch a more strategic Indo-Pacific trade network. 'New Zealand is a gateway to the Pacific and has a relatively high per capita import appetite,' said Abhash Kumar, a trade economist. 'A well-negotiated deal will give Indian firms a secure and rules-based market while opening possibilities for trilateral arrangements with Australia or ASEAN (Association of Southeast Asian Nations).' India is focusing on improving access for sectors such as pharmaceuticals, textiles, information technology services, and agri-products, while New Zealand is expected to push for gains in dairy, meat, wine, and education services.
News18
31 minutes ago
- News18
Zelensky Downplays Anti-Corruption Protests, Seeks Putin Meeting, "Funding for 10 Patriot Systems"
Ukraine's President Zelensky confirmed that Ukrainian and Russian delegations discussed a potential leader-level meeting during Istanbul talks, with Kyiv proposing it by late August. He urged Donald Trump to join, aligning with Trump's 50-day peace deal deadline. While Putin expressed interest in a meeting at the war's final phase, the Kremlin remained skeptical. Meanwhile, Ukraine seeks funds for 10 Patriot missile systems and faces domestic protests over anti-graft reforms, drawing EU criticism amid Kyiv's push to maintain war focus and secure Western support. 00:00 - INTRODUCTION02:19 - UKRAINE SEEKS FUNDING FOR 10 PATRIOT MISSILE SYSTEMS03:30 - ZELENSKY: CORRUPTION NOT NUMBER ONE ISSUEn18oc_world n18oc_crux
India Today
an hour ago
- India Today
The India-UK Free Trade Agreement: A gamechanger for bilateral prosperity
In a world grappling with economic uncertainties, supply chain disruptions, and shifting geopolitical alignments, the India-UK Free Trade Agreement (FTA), finalised on May 6 and executed on July 24, emerges as a beacon of strategic landmark deal between the world's fourth and sixth-largest economies is more than a trade pact - it's a transformative step toward mutual prosperity, resilience, and global influence. Against a volatile global backdrop, the FTA not only strengthens the economic and strategic partnership between India and the United Kingdom but also sets a precedent for future trade agreements, including the much-anticipated India-US trade leveraging the pragmatic leadership of Prime Minister Narendra Modi and his British counterpart, this agreement promises to reshape trade dynamics, create jobs, and foster innovation. Here's why the India-UK FTA is a gamechanger for both Global Backdrop: Why the FTA Matters NowThe global economy in 2025 is navigating turbulent waters. Trade wars, particularly the looming challenge of US tariffs under a protectionist administration, have disrupted global supply chains. The UK, post-Brexit, faces the challenge of replacing lost EU market access, while India, having opted out of the Regional Comprehensive Economic Partnership (RCEP) in 2019, seeks to diversify its trade partnerships beyond traditional tensions, including strained US-China relations and regional conflicts, underscore the need for resilient trade networks. Against this backdrop, the India-UK FTA is a strategic move to insulate both economies from global volatility, deepen bilateral ties, and position them as key players in a multipolar the UK, the FTA is its most significant post-Brexit trade deal, unlocking access to India's rapidly growing market of 1.4 billion consumers and a projected $5 trillion economy by 2028. For India, it's a step toward its 'Viksit Bharat' vision of becoming a developed nation by 2047, diversifying trade partners and reducing reliance on any single agreement aligns with the 2030 roadmap for India-UK strategic cooperation, fostering collaboration in trade, technology, energy, and security. In a world where economic security is paramount, this FTA is a bold statement of intent to build a robust, future-ready Gains: A Win-Win for India and the UKThe India-UK FTA is poised to deliver substantial economic benefits, doubling bilateral trade from $60 billion (42.6 billion) in 2024 to $120 billion by 2030, with an annual trade boost of 25.5 billion ($34 billion) by 2040. This ambitious target is underpinned by sweeping tariff reductions, enhanced market access, and innovative provisions that cater to modern trade both nations, the FTA eliminates or reduces tariffs on a vast majority of goods, making exports more competitive. The UK will remove tariffs on 99% of Indian tariff lines, covering nearly 100% of India's trade value, while India will reduce tariffs on 90% of UK tariff lines, with 85% becoming fully tariff-free within a translates to lower prices for consumers - UK shoppers will enjoy cheaper Indian apparel, footwear, and marine products like frozen prawns, while Indian consumers will access affordable UK goods like whisky, cosmetics, medical devices, and salmon. The agreement also fosters job creation in labour-intensive and high-tech sectors. In India, industries like textiles, leather, and engineering goods will see significant employment growth, while the UK will benefit in manufacturing, clean energy, and FTA's pioneering chapters on anti-corruption, labour rights, gender equality, and environmental standards mark a progressive approach, aligning trade with global ethical norms—a first for India in any FTA. Professional mobility is another cornerstone of the deal. The agreement facilitates easier movement for professionals, such as Indian IT workers, yoga instructors, and chefs, and UK financial service providers and engineers.A Double Contributions Convention (DCC) exempts workers temporarily posted in either country from dual social security contributions for up to three years, saving employers and employees significant costs—approximately Rs 40 billion ($463 million) annually for India provision not only boosts remittances but also strengthens people-to-people ties. Innovation and investment are further catalysts. The FTA promotes digital trade by recognising electronic contracts and protecting businesses from forced source code transfers, fostering collaboration in IT, financial services, and clean UK, already India's sixth-largest foreign investor with $36 billion committed, is expected to ramp up investments in infrastructure, electric mobility, and renewables. A parallel Bilateral Investment Treaty (BIT) under negotiation will further enhance investor confidence by addressing dispute resolution and the FTA shields both nations from global trade disruptions. For the UK, it compensates for lost EU market access, while for India, it reduces dependence on specific trade blocs, offering a buffer against US tariffs and Chinese economic influence. This deal is a testament to the power of bilateral cooperation in an era of global Gains: A Catalyst for Economic AmbitionFor India, the FTA is a catalyst for economic growth, job creation, and global integration. The elimination of UK tariffs on 99% of Indian exports—previously facing duties of 4% to 16%—unlocks immense potential for key sectors. Textiles and apparel, a cornerstone of India's labour-intensive economy, are set to see exports grow by $5 billion, benefiting companies like Welspun India, Arvind Ltd., and giants like Bata India and Relaxo will gain from duty-free access, as will marine products (for example: frozen prawns), leather goods, gems and jewellery, engineering goods, and auto exports like grapes and mangoes will also become more competitive, boosting rural incomes. The automotive sector, particularly electric vehicles (EVs), is a standout beneficiary. Indian manufacturers like Tata Motors and Mahindra Electric will gain preferential access to the UK market under a quota system, with tariffs on auto components aligns with India's push for green mobility and strengthens its position in the global EV market. The services sector, a powerhouse of India's economy, stands to gain significantly. The FTA's provisions for professional mobility open doors for Indian IT professionals, healthcare workers, and creative professionals like yoga instructors and DCC's social security exemption will save Indian employers and workers substantial costs, boosting remittances, which reached $130 billion in 2024, with the UK as a key source. These gains strengthen India's service exports, a critical driver of its has also safeguarded its sensitive sectors, exempting agricultural products like dairy, apples, and poultry, as well as industrial goods like diamonds and cell phones from tariff cuts. This pragmatic approach protects rural livelihoods and domestic industries while maximising export FTA's focus on investment will attract UK capital to India's infrastructure, manufacturing, and renewable energy sectors, supporting the country's $5 trillion economy goal by 2028. Strategically, the FTA diversifies India's trade portfolio, reducing reliance on any single market and enhancing economic also positions India as a formidable player in global trade, setting a precedent for future FTAs with the EU and the US. By aligning with a major Western economy, India strengthens its geopolitical leverage in a multipolar Leadership: Modi's Vision Meets UK ResolveThe finalisation of the India-UK FTA after 14 rounds of negotiations since January 2022 is a testament to the pragmatic leadership of Prime Minister Narendra Modi and his UK counterpart. Modi's government has prioritized economic diplomacy to drive India's global integration, balancing domestic interests with international safeguarding sensitive sectors like agriculture and securing concessions on professional mobility—a long-standing Indian demand—Modi's team has crafted a deal that aligns with the 'Make in India' and 'Viksit Bharat' visions. The UK, under its new Labour government, has shown equal resolve in prioritising this deal to bolster its post-Brexit trade mutual commitment to overcoming sticking points, such as the UK's Carbon Border Adjustment Mechanism (CBAM) and India's concerns over legal services, reflects a shared understanding of the deal's strategic ongoing negotiation of a BIT further underscores both leaders' forward-thinking approach to deepening economic ties. Modi's pragmatic diplomacy has also ensured that the FTA serves as a blueprint for future agreements. By securing favorable terms with the UK, India has demonstrated its ability to negotiate complex trade deals that balance export growth with domestic Effects: Paving the Way for an India-US Trade DealThe India-UK FTA's success has far-reaching implications for India's trade ambitions, particularly with the United States. As the world's largest economy, the US is a critical partner for India, with bilateral trade reaching $120 billion in negotiations for a comprehensive India-US trade deal have been slowed by issues like market access, intellectual property rights, and US tariff policies. The India-UK FTA serves as a model for navigating these securing concessions on services, professional mobility, and investment while protecting sensitive sectors, India has demonstrated its negotiating prowess. The FTA's progressive chapters on labour, gender, and environmental standards align with US priorities, potentially easing concerns in Washington about India's trade DCC's social security exemption could also serve as a template for addressing similar issues in US negotiations, where Indian IT professionals and temporary workers face significant visa and tax the FTA strengthens India's position as a reliable trade partner, countering US concerns about supply-chain dependencies on China. By showcasing its ability to deliver a high-impact trade deal with the UK, India bolsters its case for deeper economic engagement with the challenges like the US's protectionist stance and India's reluctance to liberalise certain sectors remain, the India-UK FTA provides momentum and a framework for progress.A Partnership for the FutureThe India-UK Free Trade Agreement is a gamechanger that transcends traditional trade pacts. It is a strategic alliance that harnesses the economic strengths of two dynamic nations, fostering growth, innovation, and resilience in an uncertain India, the FTA unlocks vast export opportunities, creates jobs, and attracts investment, propelling it toward its $5 trillion economy goal. For the UK, it compensates for Brexit-related challenges, opening a high-growth market and reinforcing its global trade the pragmatic leadership of Narendra Modi and the UK's resolve, this deal reflects a shared vision for prosperity and partnership. Its success not only strengthens India-UK ties but also paves the way for India's ambitions on the global stage, particularly in negotiations with the US. As both nations navigate the complexities of global trade, the India-UK FTA stands as a testament to the power of collaboration, setting the stage for a brighter, more connected economic future.(Tuhin A Sinha is a national spokesperson of the BJP, and an author)- Ends(Views expressed in this opinion piece are those of the author)Tune InMust Watch
