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Business Standard
5 days ago
- Business
- Business Standard
Restoration of RoDTEP Scheme for AA, SEZ, and EOU Exports ensures that key contributors to exports are not excluded from critical incentives
Associated Chambers of Commerce and Industry of India (ASSOCHAM) has commended the Government of India for restoring the benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exports from Advance Authorisation (AA) holders, Export-Oriented Units (EOUs) and Special Economic Zones (SEZs), effective June 1, 2025. The restoration ensures that key contributors to Indias exports are not excluded from critical incentives, especially at a time when global competitiveness and domestic industrial resilience are of utmost importance. ASSOCHAM has consistently advocated for the extension of RoDTEP to all exporting entities, including those operating in SEZs and under AA and EOU frameworks. This move will correct the gap that created cost disadvantages for such units and is aligned with Indias WTO commitments, noted Manish Singhal, Secretary General, ASSOCHAM.
Fibre2Fashion
03-05-2025
- Business
- Fibre2Fashion
India, EU reaffirm commitment to finalise FTA by 2025 end
Piyush Goyal, the Minister of Commerce and Industry of India, and Maroš Šefcovic, European Commissioner for Trade and Economic Security, recently engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen during the visit of the EU College of Commissioners to New Delhi in February 2025. India and the EU have reaffirmed their commitment to concluding the free trade agreement (FTA) by end-2025, aiming for a balanced, inclusive, and resilient trade partnership. India's Piyush Goyal and EU's MaroÅ¡ Å efÄoviÄ highlighted progress in negotiations and the importance of addressing non-tariff barriers. The FTA seeks to enhance market access, digital transition, and supply chain resilience. The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth. The meeting highlighted the progress made across multiple negotiating tracks and emphasised the importance of maintaining the ongoing momentum through monthly negotiating rounds and continued virtual engagement. Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from May 12-16, 2025, in New Delhi. India emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade, the Ministry of Commerce and Industry said in a press release. The India-EU FTA aspires to reflect the evolving realities of global commerce by supporting digital transition, promoting diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will serve as a transformative pillar of the broader India-EU strategic partnership, enhancing market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides. Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality. In the spirit of India's emergence as a 'Vishwa Mitra'—a partner to the world—and aligning with its 2047 development goals, the India- EU FTA is seen as an instrument to promote diversified production networks and uphold fair trade principles. As India continues to broaden its footprint through multiple free trade deals, this dialogue reflects its broader vision of shaping a future-ready framework aligned with national priorities and global aspirations. Fibre2Fashion News Desk (RR)
Daily News Egypt
16-03-2025
- Business
- Daily News Egypt
Egypt's Investment Minister visits India to strengthen economic ties, attract investment
Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, has embarked on an official visit to India to bolster economic relations between the two countries across trade, industry, and investment sectors. The visit aims to attract more Indian investments to Egypt by showcasing the country's investment-friendly policies and key opportunities across various sectors. During his visit, El-Khatib is scheduled to hold high-level meetings with several senior Indian officials, industry leaders, and business representatives from nine major companies and organizations. Discussions will focus on Egypt's current economic policies aimed at facilitating investment and foreign trade while highlighting lucrative opportunities for Indian investors in productive and service sectors. The minister is set to meet with S. Jaishankar, India's Minister of External Affairs, and Piyush Goyal, Minister of Commerce and Industry of India, to explore ways to deepen bilateral trade and investment cooperation. Additionally, El-Khatib will participate in an Egypt-India roundtable discussion at the Confederation of Indian Industry (CII) headquarters, where he will engage with CEOs of major Indian companies and industrial sector leaders. As part of his agenda, the minister will also hold discussions with executives from leading Indian firms operating in key sectors of mutual interest, including automotive, chemical industries, and energy. These meetings are expected to facilitate new investments and expand the presence of Indian companies in Egypt. Trade exchange between Egypt and India has reached $7.26bn, with over 50 Indian companies investing approximately $8 billion in agriculture, chemicals, renewable energy, telecommunications, and information technology, according to Egyptian Minister of Communication and Information Technology Amr Talaat. The visit is seen as a significant step toward further strengthening economic ties and unlocking new opportunities for collaboration between the two nations.
Times of Oman
24-02-2025
- Business
- Times of Oman
India and UK resume negotiations on FTA
New Delhi: India and the UK have resumed negotiations towards a Free Trade Agreement (FTA) between the two nations, the Ministry of Commerce and Industry said in a statement on Monday. This announcement has been made by the Union Commerce and Industry Minister Piyush Goyal and his UK counterpart Jonathan Reynolds who is in Delhi, the statement said. The two sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of two complementary economies, it said. Goyal expressed confidence that the two nations will be able to make rapid progress to meet the collective aspirations for trade, investment and mutual prosperity of the people of the two nations. Piyush Goyal said, 'I'm very confident that we will be able to make rapid progress to meet the collective aspirations for trade, investment and the mutual prosperity of the people of the United Kingdom and India. It's also very auspicious that we are restarting discussions today just before we celebrate Mahashivratri, day after tomorrow, which is the sacred union of Shiv and Shakti. 'We showed him a lot of Shiv and a lot of Durga Shakti at the National Crafts Museum today. I think that is a great messaging. I would like to reaffirm our collective commitment to meet the aspirations of the people and businesses. I would like to call this FTA a forward-looking, transparent and ambitious, equitable, balanced and mutually beneficial agreement which will be a win-win for both our countries,' he added. The decision of two nations comes after Prime Minister Narendra Modi and his UK counterpart Keir Starmer met on the sidelines of the G20 Summit in Brazil's Rio de Janeiro in November 2024 to underline the importance of resuming trade negotiations at an early date. 'This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Rt Hon Jonathan Reynolds who is in Delhi. This announcement is an outcome of the above stated discussions held at the level of Prime Ministers of the two countries,' it added. According to the joint statement released by the ministry, the two nations share a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. At the centre of this bilateral relationship is the collective aspiration to deliver economic growth and sustainable development. 'Both sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. The strengthening of the trading relationship between our two countries has the potential to unlock opportunities for business and consumers across both our nations and build further on our already deep ties,' it said. The two leaders directed the negotiators to work together to resolve the outstanding issues in the agreement to ensure a fair and equitable trade deal for shared success. Earlier in the day, Piyush Goyal and Jonathan Reynolds held a meeting in Delhi. The discussions between two leaders focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial. In a post on X, Goyal wrote, 'Delighted to meet & welcome @JReynoldsMP, UK Secretary of State for Business and Trade, to Incredible India! Looking forward to an action-packed day of discussions.' 'During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial. Reaffirmed the commitment to strengthening trade and investment ties while unlocking new opportunities for businesses in both nations,' he added. The FTA was launched under UK's Conservative government in January 2022 and was paused when former Prime Minister Rishi Sunak called the general election. 'Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I'm flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track,' Reynolds said in a statement released by the British High Commission in India prior to meeting with Piyush Goyal. Reynolds emphasised the government's dedication to fostering economic growth through strategic international partnerships, stating, 'We are focused on accelerating economic growth across the UK by working closely with key global partners like India.'
Observer
27-01-2025
- Business
- Observer
Oman, India discuss ways of boosting economic ties Cooperation
Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, received Piyush Goyal, Minister of Commerce and Industry of India, at Invest Oman lounge on Monday. The meeting comes within the framework of the 11th session of the joint Omani-Indian Committee, held in Muscat. During the meeting, they reviewed areas of cooperation in the fields of technology, pharmaceuticals, renewable energy and infrastructure. They also touched on means of attracting Indian investments to Oman. Both sides underscored the importance of the 11th session of the joint Omani-Indian Committee as a strategic platform to enhance bilateral cooperation. Al Jashmi underscored the importance of signing this protocol in a bid to enhance economic relations between Oman and India The two ministers lauded the prosperity of economic relations between Oman and India. Trade exchange between the two countries in 2023 reached RO 2.05 billion. Meanwhile, the value of Indian investments in Oman reached RO 298.8 million. Further, the Indian delegation toured Invest Oman lounge and were introduced to the services offered by the lounge to investors, as well as the prominent investment opportunities that are available in Oman. The meeting was attended by several officials from both sides. Meanwhile, the Sultanate of Oman and the Republic of India on Monday signed in Muscat an amended protocol for the agreement on avoidance of double taxation and prevention of financial evasion. The protocol was signed by Nasser bin Khamis al Jashmi, Chairman of the Tax Authority and Amit Narang, Ambassador of India to Oman. Al Jashmi underscored the importance of signing this protocol in a bid to enhance economic relations between Oman and India. The signing of the protocol, he added, comes as a result of efforts exerted to boost bilateral cooperation in the field of taxation.— ONA
