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Time of India
25 minutes ago
- Business
- Time of India
India and UK sign historic Free Trade Agreement, set to boost annual trade by $34 bn
India and the UK signed their long-awaited Free Trade Agreement on Thursday, which will boost bilateral trade by around $34 billion annually. The agreement will add fuel to Starmer's efforts to boost the flagging British economy, marking the biggest trade agreement secured by a British government since Brexit five years ago. For India, it's the most significant trade deal the country has ever signed, and shows the South Asian nation's willingness to lower barriers as it seeks to lure investments. Explore courses from Top Institutes in Please select course: Select a Course Category Operations Management Product Management healthcare Data Analytics Data Science Design Thinking Project Management others Healthcare Degree Others MBA Finance Data Science CXO Public Policy Cybersecurity Leadership MCA Artificial Intelligence PGDM Technology Digital Marketing Management Skills you'll gain: Quality Management & Lean Six Sigma Analytical Tools Supply Chain Management & Strategies Service Operations Management Duration: 10 Months IIM Lucknow IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics Starts on Jan 27, 2024 Get Details The deal comes at a time when New Delhi is negotiating with major trade partners including European Union and the US, which is pushing for greater market access to the world's most-populous nation through tariff threats. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mountain Gear for Extreme Conditions Trek Kit India Learn More Undo As part of the deal, India will reduce 90% of its tariff lines, and its average levy on UK products will drop to 3% from 15%. The country will immediately cut its tariff on Scotch whisky in half to 75%, with that level falling to 40% in a decade. It will also agree to a quota-based tariff reduction on electric vehicles, with the headline level falling to 10% from 110%. Meanwhile, 99% of Indian exports to the UK would see duties eliminated to zero including for textiles, generic drugs and medical devices, leather goods and agricultural and chemical products, according to documents provided to reporters by Indian officials. Live Events Indian farm products will get tariff parity with major European exporters like Germany, while zero duties on textiles and leather are expected to boost India's competitiveness among regional peers such as Bangladesh and Cambodia, the documents said. India's leather sector is projected to gain an additional market share of 5% in the UK within the next two years, they said. Similarly, projections show that electronics and engineering exports are likely to double by 2030; chemicals exports may increase 30%-40% in the next fiscal year; while gems and jewelery exports are expected to double — from the current $941 million — in the next three years, the documents said. Meanwhile, software services exports are estimated to increase around 20% annually once the trade pact is in effect. British officials said the deal could help to bring prices down for consumers. 'Our landmark trade deal with India is a major win for Britain,' Starmer said in the statement. 'It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country.' Starmer on Thursday will also welcome almost £6 billion of 'new investment and export wins' for Britain, according to the statement. That will create more than 2,200 UK jobs nationwide as Indian firms expand their UK operations, the premier's office said. UK officials estimate the deal will increase UK exports to India by almost 60% over the long term. It will also include a procurement section, allowing British firms to bid for federal-level contracts in India, which will be welcomed by the UK's dominant services sector. In recognition of the importance of financial services to the UK economy, it will also include a chapter on that sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers. There will also be a chapter on intellectual property. Concerns had previously been raised that the UK would insist on India tightening its intellectual property standards which could impact its provision of cheap pharmaceuticals, but officials who did not wish to be named discussing unpublished documents told Bloomberg that the deal would not hinder India's provision of generic drugs. After the deal is signed, it will need cabinet approval in India and will have to be ratified by the UK Parliament. A separate bilateral investment treaty between the two countries is still under negotiation.
Time of India
31 minutes ago
- Business
- Time of India
India-UK FTA: Businesses operating in India-UK space enthused by FTA boost
Business leaders and industry experts operating within the India-UK corridor on Thursday expressed enthusiasm around the FTA to be signed between Prime Minister Narendra Modi and his UK counterpart, Keir Starmer , significantly cutting tariff lines and regulatory processes across sectors. While Starmer dubbed the deal as a "major win" for British companies , many expressed excitement at the prospects of a greater flow of goods and services that it would facilitate and present consumers with a greater choice of cheaper offers. Explore courses from Top Institutes in Please select course: Select a Course Category Others Design Thinking Technology Degree Healthcare CXO Management PGDM others Digital Marketing Product Management Data Science MBA Public Policy Artificial Intelligence Project Management Finance Data Analytics MCA Operations Management healthcare Cybersecurity Leadership Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details The UK's Department for Business and Trade (DBT) analysis of the Free Trade Agreement (FTA) indicates that India has cut over 90 per cent of its tariff lines, which combined with regulatory barriers being reduced, is expected to boost exports to India by nearly 60 per cent. "As one of the leading producers of South Asian foods in the UK and Europe, we import a variety of agri food products from India such as pulses and lentils, spices, nuts, flours and rice," said Rahul Kale, International Director of Vibrant Foods . "We are excited about this landmark Free Trade Agreement between (the) UK and India as it will make trade between the two countries easier, boost job creation and encourage innovation. Live Events "We are particularly looking forward to the sanitary and phytosanitary (SPS) alignment of food safety standards between the two countries, which will lead to reduction of export health certificates and reduce border checks and rejections on agri food products from India," he said. Shivalkar Paramanandam, UK-based Director of QDT Analytics, is involved in the area of export-import of products such as alcohol and food products. "We are very excited because after the UK-India trade deal , business dealing will become even easier for us. Before there was a 150 per cent tax (on alcohol imports to India), which will now be reduced and also a lot of documentation will be cut to a very straightforward process for us to do the exports and imports between the UK and India," he said. The deal, which is projected to double bilateral trade between both nations to USD 120 billion by 2030, has been dubbed the "biggest and most significant Free Trade Agreement" that the United Kingdom has signed since Brexit. "I believe this historic agreement will act as a catalyst, turbocharging trade, investment and business partnerships between our two great nations. I am confident that we will see bilateral trade double to over GBP 80 billion within the next five years," said Lord Karan Bilimoria, founder of Cobra Beer and co-chair of the India All Party Parliamentary Group (APPG). "Prime Minister Modi's visit to the UK this week underscores the strength and strategic importance of this partnership. His presence for the signing of this deal is a powerful symbol of the deep trust and mutual respect between our countries. The UK and India are the best of friends, and we have the best of potential. This agreement is not just a milestone - it is a launchpad," he said. Manoj Ladwa, chair of India Global Forum (IGF) and founder of the UK India Future Forum, highlighted the sector-wide sweep of the FTA, heralding it as a chance to forge a "substantive partnership grounded in mutual ambition, global problem-solving, and future-facing sectors like AI, life sciences, green tech, and digital transformation". "Since Brexit, successive UK governments have struggled to articulate a clear, compelling vision for Britain's role on the world stage. 'Global Britain' remains more slogan than strategy. Modi's visit, and the FTA it underlines, provides a rare opportunity to change that," he said. The FTA, which was agreed on May 6, completes the formal legal scrubbing of text to be tabled in the British Parliament this week. A ratification process will now be initiated by the UK government before it can be enforced in the coming months.
Time of India
an hour ago
- Business
- Time of India
India-UK FTA to open new job and skill avenues for Indian youths across sectors
The India-UK Free Trade Agreement (FTA), set to be formalised on Thursday evening (IST), is expected to open new avenues of growth , skill development , and employment opportunities for Indian youths across multiple sectors. The FTA will bring significant benefits to India's services sector by creating opportunities in Information Technology and IT-enabled Services (IT/ITeS), Financial Services , Professional Services such as management consultancy, architectural and engineering, Other Business Services, and Education Services. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Finance Data Science Data Science Leadership CXO Technology Management Public Policy Product Management Design Thinking PGDM MBA Others Operations Management Degree Cybersecurity Artificial Intelligence Digital Marketing MCA Project Management Healthcare Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Public Speaking Course for Children Planet Spark Book Now Undo These areas are especially beneficial for the youth aspiring to build their careers in these growing sectors. Additionally, the FTA offers duty-free access to the UK market in labour-intensive sectors, such as leather and footwear, textiles and clothing, gems and jewellery, and furniture and sports goods. Live Events MORE STORIES FOR YOU ✕ « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT The UK currently imports over USD 23 billion worth of these products, indicating a strong potential for increased production and employment in India--particularly for young workers. One of the crucial advantages for Indian professionals temporarily working in the UK (for up to three years) and their employers is the exemption from paying social security contributions in the UK, which currently amount to nearly 20 per cent of the salary. This change will result in significant financial gains for Indian service providers and improve their competitiveness. It also makes international assignments more attractive for Indian youth, offering them valuable global exposure. The FTA also promotes ease of doing business by encouraging good regulatory practices, internal coordination, and public consultation. This fosters a transparent and predictable business environment, which will support young entrepreneurs looking to establish or expand businesses. For tech-savvy youth, the Digital Trade Chapter under the FTA focuses on electronic trade at the central government level and emphasizes trust and security, through measures for online consumer protection, cybersecurity, and open internet access. This will help create a safer digital environment and open new career paths in the digital economy . Furthermore, the FTA includes cooperation provisions and an institutional mechanism for discussing issues like skill development, capacity building, and sharing information on skill gaps. It showed a strong commitment to aligning skills with market demands, thereby increasing the employability of Indian youth both in India and abroad. The mutual recognition of qualifications will also make it easier for Indian graduates to pursue careers in the UK.
Time of India
an hour ago
- Politics
- Time of India
What is the USS Fitzgerald, which entered Iran's territorial waters? Here's a look at the US destroyer
Iran on Wednesday said it warned the USS Fitzgerald , a US Navy guided-missile destroyer, to change course as it moved through waters close to Iranian territory. Iranian state TV released footage showing a helicopter in visual range of the vessel, with a voice issuing a radio warning to alter course. Iranian state TV described the destroyer's presence as a "provocative move" and said the ship left the area following repeated warnings. The warning referenced the vessel's advanced capabilities, highlighting its multi-mission roles including Anti-Air Warfare , Anti-Submarine Warfare, and Anti-Surface Warfare. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare MBA Design Thinking Project Management others Data Science Degree Operations Management Others Artificial Intelligence Cybersecurity Technology MCA Data Analytics Management Data Science Leadership Digital Marketing PGDM CXO Product Management Finance Healthcare Public Policy Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details The USS Fitzgerald is equipped with the MK-41 Vertical Launching System (VLS), allowing it to deploy Standard Missiles for air defence, Tomahawk cruise missiles for strike missions, and ASROC anti-submarine rockets. The destroyer also carries two MH-60R helicopters, enhancing its anti-submarine and surface warfare reach. As part of the Arleigh Burke-class, it features the Aegis Combat System and Ballistic Missile Defence capabilities, making it a highly capable warship in multiple domains. In contrast, a US defence official, speaking anonymously to Reuters, said the interaction occurred entirely in international waters and had "no impact to USS Fitzgerald's mission," calling reports to the contrary misinformation from Iran's Revolutionary Guard Corps , IRGC. The official identified the aircraft involved as an Iranian SH-3 Sea King helicopter. The encounter follows recent US strikes on Iranian nuclear facilities, which Washington claims were part of a weapons programme—an assertion Iran denies, maintaining its nuclear efforts are civilian. Live Events USS Fitzgerald features Guided-missile destroyers like the USS Fitzgerald are multi-mission combatants capable of Anti-Air Warfare (AAW), Anti-Submarine Warfare (ASW), and Anti-Surface Warfare (ASuW). Their strike role is enhanced by the MK-41 Vertical Launching System (VLS). Ships equipped with Aegis Baseline 9 also offer Ballistic Missile Defence (BMD) capabilities. Builder: General Dynamics, Bath Iron Works, Huntington Ingalls Industries Combat system: Lockheed Martin Propulsion: Four GE LM2500-30 gas turbines, 100,000 shp Length: 505 to 509.5 ft Beam: 59 ft Displacement: 8,230 to 9,700 long tons Speed: 30 plus knots Armament: VLS for Standard Missiles, ASROC, Tomahawk, MK-46 torpedoes, MK 45 5-inch gun, ESSM, CIWS Aircraft (Flights IIA and III): Two LAMPS MK III MH-60R helicopters To date, 74 Arleigh Burke-class destroyers have been delivered to the US Navy, with 25 more under contract and 12 in construction.
Time of India
5 hours ago
- Business
- Time of India
Copper-laden ships race to reach US ahead of Trump's 50% tariffs
At least four ships carrying copper are trying to reach US ports before August to get ahead of planned import tariffs on the metal. The shipments represent the final scramble by merchants to cash in on a lucrative arbitrage trade that has upended the global copper market since US President Donald Trump first floated the idea of copper tariffs . The urgency to secure imports increased in the past two weeks after Trump announced the levy would be 50% starting Aug. 1. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare MCA Healthcare Others Leadership Project Management Data Science Public Policy others Degree Data Science Management Finance PGDM Design Thinking Operations Management Data Analytics Product Management Digital Marketing Technology CXO Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Bulk carrier Kiating left Australia's Townsville port last Wednesday carrying 8,000 metric tons of refined cargo and is destined to reach Hawaii by July 30, according to shipping data provider Kpler . The firm can't identify who owns the cargo, but it said two other recent US-bound shipments from the port contained copper from Glencore Plc's Mount Isa Mines. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Port data show that the Kiating was originally scheduled to land in New Orleans, but changed its destination to Hawaii after Trump's announcement — cutting its likely voyage time by almost 20 days. Even so, the cargo owner will be in a race against time to register the metal with the local customs office once the vessel arrives. 'It's hard to say how efficient clearance will be in Hawaii, given that it's such an atypical destination for this cargo,' said Ben Ayre, lead dry-bulk shipping analyst at Kpler. Live Events Bloomberg In Latin America, three vessels brimming with Chilean copper are also rushing to get to US ports. Cargo ship Louise Auerbach is near Colombia's Buenaventura port and en route for a July 28 arrival at Tampa, Florida, according to data compiled by Bloomberg and people with knowledge of the voyage. The BBC Norway is in Panama and the BBC Campana is anchored off northern Chile's coast, according to the latest shipping data. The vessels are among the last batch of copper cargoes whose owners are betting they can clear US customs just before the tariff bites. For reference, the difference between arriving ahead of the levy and having to pay it would be more than $70 million on a typical bulk carrier cargo of 15,000 tons. The voyage from northern Chile to southern US takes 10 to 15 days. To boost the chances of landing before the tariffs, shippers can attempt to clear customs for the entire cargo at their first US port of call. They can also pay for preferential spots in the lineups, turning what can be days of waiting into just hours. Bloomberg With copper prices surging in the US, traders including Glencore, Mercuria Energy Group, Trafigura Group, Hartree Partners LP and IXM SA have shipped huge volumes to US ports since Trump ordered the Commerce Secretary in February to consider tariffs as part of an probe into the impact of foreign copper on the US. The tariff trade allowed those firms to capture profits that industry veterans say are the biggest they've ever seen. A 50% copper tariff is double what many analysts and traders expected, and prices in New York surged even more after Trump's July 8 tariff announcement, creating even bigger potential profits for traders who can get vessels to America in time. With copper trading at close to $9,900 a ton on the London Metal Exchange, a 50% levy would mean US buyers need to pay a further $4,950 to customs authorities to import copper into the country. Nominally, traders stand to make nearly as much in profit if they can import the metal before the tariffs land in less than two weeks. Traders are still awaiting key details about the tariffs, particularly whether there will be a grace period for cargoes that are already on the water — as there have been when similar levies were imposed on aluminium and steel. US front-month copper futures are now trading at a record premium over LME prices, with gap reaching about $2,750 a ton on Wednesday. That's about 28% above the price in London. The metal fell 0.4% on the LME to $9,853 a ton as of 10:15 a.m. in Shanghai.
