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Business Standard
26 minutes ago
- Business
- Business Standard
India ratifies trade deal with EFTA, eyes boost in exports, investment
India on Tuesday submitted the ratification document of the free trade agreement with the four-European nation bloc EFTA to Norway. The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), will be implemented from October 1, Commerce and Industry Minister Piyush Goyal has said on Saturday. "India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA," according to a post by the Indian Embassy in Norway on X. The two sides signed the agreement on March 10, 2024. Under the pact, India has received an investment commitment of $100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Time of India
2 hours ago
- Business
- Time of India
India submits ratification document of TEPA with European Free Trade Association
India on Tuesday submitted the ratification document of the free trade agreement with the four-European nation bloc EFTA to Norway. The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), will be implemented from October 1, Commerce and Industry Minister Piyush Goyal has said on Saturday. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Degree Data Analytics Technology MBA others Healthcare Digital Marketing Finance Public Policy MCA Management Project Management Data Science CXO Product Management Data Science healthcare Leadership Design Thinking Others Operations Management Cybersecurity Artificial Intelligence Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details "India deposited the Instrument of Ratification of the TEPA between India and EFTA today at the Ministry of Foreign Affairs of Norway, which is the depository entity of TEPA," according to a post by the Indian Embassy in Norway on X. The two sides signed the agreement on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties. Live Events The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
NDTV
2 hours ago
- Business
- NDTV
Cabinet Okays Free Trade Deal, To Be Signed During PM's UK Visit: Report
New Delhi: The cabinet on Tuesday approved the free trade agreement between India and the UK, which will be signed in London on July 24, sources said. The pact, officially called as Comprehensive Economic and Trade Agreement, will be signed during Prime Minister Narendra Modi's visit to London. PM Modi's four-day visit to the United Kingdom and the Maldives begins on Wednesday. Commerce and Industry Minister Piyush Goyal will accompany the prime minister. The two countries announced the conclusion of the negotiations for the trade agreement on May 6. The trade pact proposes to remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030. The pact has chapters on issues including goods, services, innovation, government procurement, and intellectual property rights. The text of the agreement is generally signed by the commerce ministers from both countries. Once the free trade agreement is signed, it will require approval from the British Parliament before it can take effect. The two countries have also concluded the negotiations for the Double Contribution Convention Agreement, or social security pact. It would help avoid double contribution to social security funds by Indian professionals working for a limited period in Britain. However, the talks for the bilateral investment treaty (BIT) are still going on. The FTA comes into force after signing and ratification by both countries. In such trade agreements, two countries either eliminate or significantly reduce customs duties on the maximum goods traded between them. They also ease norms for promoting trade in services and bilateral investments. India's exports to the UK rose by 12.6 per cent to USD 14.5 billion, while imports grew by 2.3 per cent to USD 8.6 billion in 2024-25. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23.
Mint
2 hours ago
- Business
- Mint
Ahead of PM Modi's visit, Cabinet approves free trade agreement between India and UK: Report
As Prime Minister Narendra Modi prepares for his highly anticipated trip to the UK – his first since Keir Starmer came to power - the Cabinet on Tuesday approved the free trade agreement. The pact, described by PM Modi as a "landmark deal," will be signed during the Prime Minister's visit to London this week. Commerce and Industry Minister Piyush Goyal will accompany Modi. The two countries announced the conclusion of negotiations for the trade agreement on May 6, where Starmer had hailed it as Britain's 'biggest trade deal' since Brexit. These discussions come at a time when the Trump dispensation in the United States is seeking to reshape global trade rules by imposing a wave of tariffs. Once the free trade agreement is signed, it will require approval from the British Parliament before it can take effect. The India-UK free trade agreement (FTA) will come into force after signing and ratification by both countries. This move is likely to boost major industries such as textiles, leather, footwear, sports goods, toys, marine products, gems and jewellery, engineering goods, auto parts and engines, and organic chemicals. Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of ten years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India's exports to the UK facing zero duties. Currently, India-UK trade accounts for approximately 2 per cent of India's total trade, underscoring an underutilised partnership given the size and potential of both economies. Currently, an 8-12 per cent duty is levied by the UK on apparel and home textiles imported from India. With tariffs being eliminated on 99 per cent of Indian goods, including textiles, incremental capacities are likely to be added in the next 4-5 years to execute orders.(With inputs from news agency PTI)
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Business Standard
3 hours ago
- Business
- Business Standard
India-UK FTA nears completion with minimal tariff line exclusions, says MEA
On the eve of Prime Minister Narendra Modi's two-day visit to the United Kingdom (UK), Foreign Secretary Vikram Misri said on Tuesday that the India-UK Free Trade Agreement (FTA) is currently undergoing 'last-minute work,' such as 'legal scrubbing.' He added that the final details on whether the agreement will be signed on Thursday will be made public at an appropriate time. He also suggested that the FTA is a comprehensive one, with few, if any, exclusions of tariff lines. The Prime Minister will leave for a four-day foreign tour to the UK and Maldives on Wednesday afternoon. Commerce and Industry Minister Piyush Goyal will accompany the PM, with anticipation that the two sides will sign the FTA on Thursday. In response to a question about any tariff lines being excluded from the India-UK FTA, Misri said that his understanding is that it is a significant agreement, and the inclusions of tariff lines are likely to be equally significant. 'So, by implication, I think the exclusions may not be that many,' he said. Asked whether issues relating to energy security, in light of the fresh Western sanctions targeting the Russian energy sector, would be discussed during the Modi-Starmer talks, Misri emphasized that India places the 'highest priority' on ensuring energy security for its people and stressed the importance of having a 'clear-eyed' perception of the broader global energy market. Last week, the European Union unveiled new punitive measures targeting the Russian energy sector, which included restrictions on the Vadinar refinery in Gujarat, where Russian oil major Rosneft owns a 49.13 per cent stake. 'We have been very clear that energy security is the highest priority of the Government of India to provide energy security for the people of India,' Misri said. 'We will do what we need to do regarding that (energy security). On energy-related issues, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is with respect to the broader energy market,' he added. Misri also pointed out the need for clarity on where energy providers are located, who needs energy at what time, and where energy is coming from. 'We do understand that Europe faces a serious security issue, but the rest of the world is also dealing with issues that are existential,' he said, urging balance and perspective when discussing these matters. On the topic of extradition, Misri said New Delhi continues to make the case for the return of fugitives such as Nirav Modi, Lalit Modi, and Vijay Mallya. 'Obviously, there is a legal process that such requests go through in the other country, and we continue to follow up closely with our partners in the UK on these matters,' Misri said. During his visit to London, apart from meeting UK Labour leader Sir Keir Starmer, PM Modi will also meet King Charles and engage with business leaders from both India and the UK. Misri noted that the India-UK partnership was upgraded to a Comprehensive Strategic Partnership in 2021 and continues to be a close one. The University of Southampton recently opened a campus in Gurugram, becoming the first foreign university to do so under India's New Education Policy. Several other UK universities are also considering opening campuses in India, Misri said. Bilateral trade between India and the UK crossed $55 billion in 2023-24. The UK is the sixth-largest investor in India, with cumulative investments of $36 billion. India is also a significant source of foreign direct investment (FDI) in the UK, with cumulative investments close to $20 billion. There are nearly 1,000 Indian companies in the UK, providing employment to nearly 100,000 people, with a combined revenue exceeding $91 billion. Misri described the 1.8 million-strong Indian diaspora in the UK as the 'living bridge' connecting the two countries. In the Maldives, PM Modi is set to inaugurate and lay foundation stones for several infrastructure projects. This will be the first state visit by a head of government hosted by President Mohamed Muizzu since he assumed office in November 2023.
