Latest news with #EFTA
Time of India
9 hours ago
- Business
- Time of India
EFTA investments under trade pact with India may come in sectors like infra, manufacturing
New Delhi: The four European nations group EFTA has committed to investing USD 100 billion under a trade pact with India and these investments are expected to flow into sectors such as infrastructure, manufacturing, and pharma, Parliament was informed on Tuesday. India and the European Free Trade Association (EFTA) signed the trade deal on March 10, 2024. It will come into effect from October 1. Explore courses from Top Institutes in Please select course: Select a Course Category others Others Artificial Intelligence Finance Public Policy Degree CXO healthcare Data Science MBA Management Design Thinking Operations Management Leadership Technology Healthcare Product Management PGDM Data Analytics Project Management Data Science Digital Marketing Cybersecurity MCA Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT - ISB Cybersecurity for Leaders Program India Starts on undefined Get Details 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. "The investments are anticipated to flow into key sectors such as infrastructure and connectivity, manufacturing, machinery, pharmaceuticals, chemicals, food processing, transport and logistics, banking and financial services, insurance, and renewable energy," Commerce and Industry Minister Piyush Goyal said in a written reply to the Lok Sabha. The government has established robust facilitation mechanisms to streamline the inflow of EFTA-linked investments. Live Events The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. Replying to a separate question, Minister of State for Commerce and Industry Jitin Prasada said while the US had announced reciprocal tariff of 26 per cent on certain Indian exports, including seafood, to the US, the same has not been implemented. Currently, the US has imposed an additional 10 per cent duty on seafood imports irrespective of country of origin, including on imports from India and Ecuador. The US has also imposed 25 per cent tariff on imports of automobiles and certain automobile parts from all countries including from India. While the tariffs on automobiles have been in effect since April 3, 2025, the tariffs on automobile parts have been in effect since May 3, 2025.
Euractiv
18 hours ago
- Business
- Euractiv
Europe loses patience with Israel
Eddy Wax Jul 29, 2025 07:10 10 min. read News Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources. Welcome to the Capitals by Eddy Wax, with Nicoletta Ionta. Feedback is welcome. Were you forwarded this newsletter by a friend? Sign up here. In today's edition: - EU edges toward Israel sanctions - A rough landing for the US-EU deal - China rips MEPs over Taiwan - Steel safeguards to hit EFTA states - Last day to claim defence money In the capital For more than two years, most EU countries stood by Israel's side as it waged war on Hamas in Gaza – even as civilian casualties soared. Now, with harrowing images of starvation and devastation circulating globally, Benjamin Netanyahu's far-right government is rapidly losing friends. In what could become the EU's first formal sanctions against Israel since 7 October, commissioners yesterday backed a proposal to exclude Israeli companies from a portion of the bloc's Horizon Europe research programme, specifically the part that funds defence and dual-use technologies, including military startups. The measure reflects a loss of patience among EU capitals over the deepening humanitarian crisis in Gaza. This afternoon, ambassadors in Brussels will discuss the proposal, which still requires approval by a qualified majority, meaning 55% of member states representing two-thirds of the bloc's population. While Israel's foreign ministry has vowed to fight the move, claiming it 'only serves to strengthen Hamas,' even some of its closest allies are shifting. Dutch PM Dick Schoof said the Netherlands would back the proposal if Israel is found to be in breach of the programme's rules. The turnaround in Brussels has been swift. Just two weeks ago, the Commission was promoting a new aid deal with Israel, and member states had not coalesced around any of the sanction options floated by EU foreign policy chief Kaja Kallas. But on Monday, Commissioner Dubravka Šuica conceded that the agreement had only been 'partially implemented,' blaming the failure on unsafe conditions for distribution. The EU now expects that "Israel will cooperate to ensure humanitarian aid delivery," she added. Germany will start airlifting aid into the Gaza Strip to help improve the dire humanitarian situation, Chancellor Friedrich Merz announced on Monday, while also refusing to rule out the introduction of sanctions against Israel. Even Germany, Israel's staunchest ally in Europe, is hardening its position. This week, Chancellor Friedrich Merz pointedly did not rule out suspending the EU-Israel trade agreement after a Gaza-focused security cabinet meeting. He confirmed that France, the UK, and Germany are weighing a joint foreign ministers' trip to Israel. Diplomatic heat is also rising outside Europe. France and Saudi Arabia are co-hosting a United Nations conference in New York, aimed at driving political momentum behind the "two-state solution" that Israel firmly opposes. Ten EU countries already recognise Palestinian statehood – with Spain, Ireland and Slovenia doing so during the ongoing war. France recently said it will follow in September, issuing a stinging rebuke to Israel, even if it carries little practical weight. The US State Department dismissed the conference as a 'stunt that will further embolden Hamas.' Israel is also not participating. Ahead of the gathering, Palestinian President Mahmoud Abbas announced that the first elections since 2006 will be held in the coming year, and called on Hamas to disarm – declaring that a future Palestinian state would be demilitarised. In the European Parliament, attention is shifting to the West Bank. After Israel's Knesset passed a non-binding resolution supporting annexation, 58 MEPs sent a letter to EU leadership urging 'meaningful actions' in response. Read more about Europe's shifting stance on Gaza from our Berlin correspondent Nick Alipour. A rough landing for the EU-US trade deal No one is celebrating the framework agreement between the EU and US. French PM François Bayrou called it "submission," Spain's Pedro Sánchez offered only faint praise, and Merz warned the deal would cause considerable damage to Germany's economy. Trade Commissioner Maroš Šefčovič, who flew to Washington 10 times to negotiate the agreement, hinted that keeping the US aligned on Ukraine was part of the calculus. And right on cue, Donald Trump stood beside UK Prime Minister Keir Starmer on Monday and declared that Russia had just "10 or 12 days" to end the war. In an interview with The Capitals, former EU Trade Commissioner Cecilia Malmström said the bloc had made a 'mistake' by failing to strike back in earlier trade talks – particularly when Trump imposed tariffs on EU steel and aluminium. 'It should not have withdrawn the retaliatory tariffs from the fifth of April," she said. Malmström argued the EU had failed to absorb key lessons from Trump's first term, when she and former Commission chief Jean-Claude Juncker struck a mini-deal to ease tensions. 'We should have learned from the personality of President Trump: he respects strength, he despises weakness, and we should have been tougher from the beginning.' Still, she acknowledged the Commission was under heavy pressure from key industries in Germany and Italy to avoid a full-blown trade war. Asymmetry locked in Bernd Lange, the European Parliament's top trade MEP, didn't mince words. He called the deal 'asymmetry set in stone' and insisted the legislature must get a say before it proceeds through the system. For now, no one is quite sure what form the agreement will even take. Details continued to trickle out on Monday. Pharmaceuticals will remain tariff-free for now, though a US probe into dependency on EU drug imports could upend that. Brussels has agreed to ease access for some US agricultural products like nuts, soybeans and bison meat, and to extend the 'lobster deal' from 2020. But EU agri-food exports are still subject to Trump's 15% tariff wall, Sofia Sanchez Manzanaro reports. Catch up on what the deal means for energy, defence and tech in Euractiv's full breakdown. Also read former EU trade negotiator John Clark's brutal takedown of the deal. China rips MEPs over Taiwan trip Beijing has condemned last week's visit to Taiwan by a group of MEPs as a 'serious violation of the one-China principle' and 'blatant interference in China's internal affairs.' The trip, led by French centrist Nathalie Loiseau, included meetings with Taiwanese officials and civil society leaders – and coincided with the EU's China summit. 'China firmly opposes any form of official interaction between the European Parliament and the Taiwan authorities,' a spokesperson for China's EU mission said. 'We urge the European Parliament, as a core institution of the EU, to honour the EU's political commitments to China and immediately correct its wrongdoings.' Beijing has long dissuaded other countries from recognising Taiwan as an independent state, by way of threats and coercion. While it considers the island a rebellious province, Taiwan operates as a self-governing democracy. Keep your friends close... The Commission has notified four European Free Trade Association countries – Norway, Iceland, Switzerland and Liechtenstein – that it plans to impose tariffs on ferroalloys from 19 August to protect the EU steel industry, the organisation confirmed to Euractiv, following reports in Norway. It's a diplomatic slap for the nations, especially Norway, that have scrambled to stay out of the EU-US trade crossfire. 'Norway is inside our single market and Norway will stay and remain inside our single market. This is crystal clear," von der Leyen had said in April, during a Brussels visit by Norwegian PM Jonas Gahr Støre. Last day to claim defence money Today is the deadline for countries to signal their interest in tapping into the €150 billion SAFE programme – the largest EU-backed loan facility ever offered for arms purchases. Governments are also expected to submit ballpark figures for how much they want. About 20 countries have already expressed interest in €100 billion of the fund, EU defence chief Andrius Kubilius told Euractiv last week. Poland alone is seeking as much as €25 billion and wants to work on joint projects with Ukraine. Read more. The Capitals BERLIN | Germany faces a projected €172 billion budget shortfall for the 2027-2029 period, local media reported, citing government sources. The gap has widened by about €28 billion in recent weeks, driven by rising interest payments, economic stagnation, and internal compromises over costly tax relief plans. The Cabinet is expected to pass the government's draft budget for 2026 on Wednesday. PARIS | Prime Minister François Bayrou slammed the new EU-US trade deal as a 'dark day' for Europe, accusing Brussels of bowing to US pressure. Read more. ROME | The city council here has taken down a series of AI-generated billboards from Matteo Salvini's League party that promoted a controversial security bill, citing ethnic stereotypes and breaches of advertising standards. The posters depicted migrants, Roma people, and youth with dreadlocks. Salvini's party denounced the removal as 'communist censorship.' MADRID | Spain will send thousands of kilos of food to Gaza by air, PM Pedro Sánchez announced Monday, in response to the urgent humanitarian crisis. Foreign Minister José Manuel Albares added that 12 tons of aid will depart on 1 August, with trucks also awaiting approval to cross into the territory through Israel. WARSAW | A new CBOS poll shows that 68% of Poles knew that the country held the EU Council presidency in the first half of 2025, but just 28% believed it delivered results. While views varied along party lines, support for EU membership remained strong, with 81% backing Poland's place in the bloc despite doubts about its influence while at the helm. PRAGUE | Moldova has deported Czech MEP Ondřej Dostál over security concerns linked to a pro-Russian opposition conference. Dostál has criticised the move as politically motivated. Authorities also blocked other far-right figures from entering, citing ties to the criminal network of fugitive oligarch Ilan Shor and alleged Russian destabilisation efforts. Read more. BUDAPEST | Hungarian PM Viktor Orbán mocked the EU-US trade deal as 'Trump eating von der Leyen for breakfast,' slamming the 15% levy. He also said the EU's $750 billion energy pledge and $600 billion in investments showed a weak hand at the negotiating table. Read more. BRATISLAVA | Slovakia plans to build a €15 billion nuclear power plant with US firm Westinghouse without a public tender, citing efficiency concerns and regional precedent. The EU Commission is reviewing the move, which has drawn domestic criticism. Read more.
Indian Express
a day ago
- Business
- Indian Express
EU trade talks: India to offer regulatory certainty in manufacturing to woo FDI
In the first such offer made during trade deal negotiations, India is working on a 'new chapter' aimed at extending long-term regulatory certainty in the domestic manufacturing sector to attract investment from the European Union (EU), The Indian Express has learnt. This comes in the backdrop of shared concerns between India and the EU over Chinese overcapacity, which is viewed as a threat to domestic manufacturing of critical products such as pharmaceuticals, electronics and defence requirements, among others. 'In the EU deal, one of the new chapters that has come in is about investment in non-services, which is a new element where they (EU) are looking at certainty on the commitments for FDI in non-services sectors — basically the manufacturing sector,' a senior government official said. 'There are two parts to it. One is deciding on sectors where India will allow 100 per cent FDI. Second, there are a number of conditions on things such as 'local employment', 'local value addition', 'use of local raw materials' and conditions around whether there will be local partners and joint ventures or not,' the official said. Another person aware of the development told The Indian Express that the government had undertaken extensive stakeholder consultations to work on the investment chapter that was offered to the EU during the last round of negotiations. This comes as India has begun seeking to attract investments from Western countries in exchange for lowering tariffs on key sectors. For instance, India has allowed 100 per cent FDI in telecom for the UK under the trade deal. In the insurance sector, the FDI ceiling has been kept at 74 per cent, providing investment certainty for UK insurers. A similar strategy was followed in the European Free Trade Association (EFTA) deal. India and the four-nation EFTA — an intergovernmental grouping comprising Iceland, Liechtenstein, Norway and Switzerland — signed a trade pact in March 2024, under which EFTA countries have committed to investing $100 billion in India over a 15-year period. However, officials indicated that the investment chapter in the EU deal would be far more extensive and legally robust. Shared challenge of China India and the EU have both been facing several challenges, particularly in the renewable energy sector. Another government official told The Indian Express that the Indian industry has been encountering pricing challenges, especially while trying to scale up the solar energy sector, and that India will have to work with 'Western countries' to achieve competitiveness and tackle the China challenge. According to a parliamentary report released last year, the EU is concerned about China's dominance in critical technologies, as China holds a leading global manufacturing position in several areas, exposing the EU to potential risks. The EU has said these sectors include raw or processed materials for robotics, as well as clean technologies including solar PV wafers, EV batteries and wind turbine blades. 'Despite a general decline in Chinese FDI into the EU since 2016 and a shift towards greenfield investments, China still holds stakes (full or partial ownership) in critical EU activities and infrastructure. These include automotive, fintech, advanced manufacturing, ports and shipyards, and electronics,' the parliamentary report said. India–EU negotiations making progress An EU trade deal status report earlier this month stated that India and the EU had made substantial progress on the text dealing with 'services and investment', marking a significant step forward towards concluding the Free Trade Agreement (FTA) that both sides aim to sign by the end of the year. The EU report also noted that negotiators had made substantial progress on the investment text, and that they had also made very good progress on rules for state-to-state mediation. Progress on dispute settlement is significant, as it suggests a breakthrough on long-standing EU concerns regarding investment protection in India. A European Parliament report had earlier expressed regret that 'uncertainties remain for EU investors, notably as a result of India's decision to unilaterally terminate all its bilateral investment treaties (BITs) in 2016'. However, India has since begun addressing the issue by negotiating new investment treaties under a revised framework. New chapter With Brussels looking at certainty on the commitments for FDI in India's manufacturing sector, investment in non-services opens a new chapter in the deal with the EU. The government had undertaken extensive stakeholder consultations on the investment chapter. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Economic Times
a day ago
- Business
- Economic Times
India, UK trade pact does not mandate patent term extensions or data exclusivity
Representative image The India-UK free trade agreement (FTA) does not mandate patent term extensions or data exclusivity, which are two common tools of evergreening of patents, according to a commerce ministry document. The move would protect the interests of the domestic generic drugs industry. The UK was demanding for inclusion of "data exclusivity" provision in the agreement. "The FTA does not mandate patent term extensions or data exclusivity -- two common tools of evergreening. India's patent law provisions on patentability criteria under Section 3(d) (of Indian Patent Act) remain fully protected," the ministry said. Section 3(d) of the Indian Patents Act, 1970, restricts patents for already-known drugs unless the new claims are superior in terms of efficacy, while Section 3(b) bars patents for products that are against public interest and do not demonstrate enhanced efficacy over existing products. Certain multinational firms have asked India to amend these laws, which were strongly opposed. The agreement, signed on July 24, may take about a year to come into force. Data exclusivity provides protection to the technical data generated by innovator companies to prove the usefulness of their products. In the pharmaceutical sector, drug companies generate data through expensive global clinical trials to prove the efficacy and safety of their new medicine. By gaining exclusive rights over this data, innovator companies can prevent their competitors from obtaining a marketing licence for low-cost versions during the tenure of this exclusivity. Earlier, India had also rejected a similar demand from the four-nation EFTA bloc in their free trade agreement negotiations. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The pact was signed in March 2023 and will be implemented later this year. The UK (AstraZeneca and GSK) and Switzerland (Novartis and Roche) have some of the major pharma firms of the world. India's generic drug industry is estimated about USD 25 billion, and the country exports 50 per cent of its produce. An expert said data exclusivity is beyond the provisions of the Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement under the World Trade Organization (WTO). Evergreening of patent rights is a strategy allegedly adopted by the innovators having patent rights over products to renew them by bringing in some minor changes, such as adding new mixtures or formulations. It is done when their patent is about to expire. A patent on the new form gives the innovator company a 20-year monopoly on the drug. "The FTA does not require India to provide patent term extensions for regulatory delays and data exclusivity for pharmaceuticals or agrochemicals," it said, adding that this ensures that generic manufacturers can enter the market without unnecessary delay, once the patent has expired or is challenged. The agreement, it said, does not alter or dilute India's ability to refuse patents for minor modifications of known substances; and prevent frivolous or repetitive patent filings that block generics. "There is no obligation for patent linkage or automatic injunctions either-key tools used to delay generics in other jurisdictions," the ministry said.
Zawya
a day ago
- Business
- Zawya
India-Oman FTA almost finalised: Minister
Muscat – India's Minister of Commerce and Industry, Piyush Goyal, announced on Saturday that a Free Trade Agreement (FTA) between India and Oman is 'almost finalised'. He added that negotiations with several other key global economies – including the European Union, the United States, Peru, and Chile – are also progressing rapidly. 'We are in negotiations at an advanced stage with Oman. It is almost finalised,' Goyal said at a press conference in New Delhi, as reported by ANI. Earlier in June, Goyal had stated that India and Oman were close to concluding a Free Trade Agreement, with some 'good news' expected soon regarding its signing. The negotiations for the agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. Goyal also mentioned that India's FTAs with the European Union, the US, Peru, and Chile are making 'fast progress'. At the press conference, he highlighted a series of successful FTAs concluded by India in recent years with developed nations, including Mauritius, Australia, and the four-nation European Free Trade Association (EFTA) bloc – comprising Switzerland, Norway, Liechtenstein, and Iceland. 'The Free Trade Agreement between India and the UK, the Comprehensive Economic Trade Agreement, clearly reflects the growing relevance and importance of India on the world stage,' Goyal said. 'The goods and services that India provides to the world are of high quality and cost-competitive.' Oman is India's third-largest export destination among the GCC countries. India already has a similar agreement in place with another GCC member, the United Arab Emirates, which came into effect in May 2022. India's key imports from Oman include petroleum products and urea, which together account for over 70% of total imports. Other significant imports include polymers of propylene and ethylene, petroleum coke, gypsum, chemicals, and iron and steel. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
