Latest news with #India-EFTA
The Print
9 hours ago
- Business
- The Print
Challenging times for global trade; India will certainly cross USD 825 bn exports this fiscal: Goyal
As per estimates of certain multi-lateral bodies, there would be a contraction in global trade, Goyal said. Despite global economic uncertainties due to the Russia-Ukraine conflict, Israel-Hamas war and the Red Sea crisis, the country's overall exports touched an all-time high of USD 825 billion against USD 778 billion in 2023-24. Bern, Jun 11 (PTI) The world trade is facing severe geo-political challenges, but India has consistently emerged as a winner in such times, and the country's exports of goods and services will certainly cross USD 825 billion in 2025-26, Commerce and Industry Minister Piyush Goyal said. 'The world is going through severe geo-political challenges…So these are challenging times, but India has always emerged (as) a winner in challenging times and we did a record USD 825 billion exports in 2024-25. This year, we hope to do much better,' he told PTI. When asked if last fiscal's figures will be crossed, he said: 'We will certainly be able to cross that'. Apex exporters' body FIEO has projected that the country's overall goods and services exports are expected to grow by over 21 per cent year-on-year to USD 1 trillion during 2025-26. Federation of Indian Export Organisations (FIEO) President S C Ralhan has said the healthy growth may come on account of international buyers seeking to diversify their sourcing in the wake of global economic uncertainties. In 2025-26, merchandise exports are expected to grow 12 per cent to USD 525-535 billion from USD 437 billion in 2024-25, while services exports are likely to rise by about 20 per cent year-on-year to USD 465-475 billion from USD 387 billion in the last fiscal, according to FIEO. The major sectors that are expected to show a significant jump in the shipments this fiscal include electronics, engineering, chemicals, textile and clothing, pharma and even the agriculture sector. Free trade agreements with countries such as the UAE, Australia and European Free Trade Association (EFTA) will also help boost exports in the coming months. The India-EFTA trade agreement is expected to come into force from October 1 this year. Goyal also said that FTAs signed during the Congress era were not good and have impacted domestic firms. They signed FTAs with countries like ASEAN, which are India's competitors; besides, they were not balanced, he said, adding that India opened more markets for those countries and 'we did not get' good deals in return. On finished goods, he said, India removed the duties but import taxes on raw materials created inverted duty issues and that hurt 'us a lot', he said. He added that now the Modi government is doing FTAs with developed countries/regions like Australia, the UK, EFTA, the EU, the UAE, Oman, Peru, and Chile. 'Here we collaborate, there is no competition…so we are doing FTAs with well thought out strategies,' Goyal said. India-EFTA signed the Trade and Economic Partnership Agreement (TEPA) 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. When asked if India would have to ease certain regulations to attract this investment, Goyal said it has been a commitment based on today's situation. 'Prime Minister Narendra Modi is continuously focusing on ease of doing business, deregulation, reducing compliance burden, decriminalising the laws, making it attractive to do business in India,' he said, adding that ' I think this USD 100 billion will be exceeded and come faster'. PTI RR SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
19 hours ago
- Business
- The Hindu
Challenging times for global trade; India will certainly cross $825 billion exports this fiscal: Piyush Goyal
'The world trade is facing severe geo-political challenges, but India has consistently emerged as a winner in such times, and the country's exports of goods and services will certainly cross $825 billion in 2025-26,' Commerce and Industry Minister Piyush Goyal said. Despite global economic uncertainties due to the Russia-Ukraine conflict, Israel-Hamas war and the Red Sea crisis, the country's overall exports touched an all-time high of $825 billion against $778 billion in 2023-24. 'As per estimates of certain multi-lateral bodies, there would be a contraction in global trade,' Mr. Goyal said. "The world is going through severe geo-political challenges… So these are challenging times, but India has always emerged [as] a winner in challenging times and we did a record $825 billion exports in 2024-25. This year, we hope to do much better," he told PTI. When asked if last fiscal's figures will be crossed, he said, "We will certainly be able to cross that". Building capacities: On India and Europe trade talks Apex exporters' body Federation of Indian Export Organisations (FIEO) has projected that the country's overall goods and services exports are expected to grow by over 21% year-on-year to $1 trillion during 2025-26. FIEO president S.C. Ralhan has said the healthy growth may come on account of international buyers seeking to diversify their sourcing in the wake of global economic uncertainties. In 2025-26, merchandise exports are expected to grow 12% to $525-535 billion from $437 billion in 2024-25, while services exports are likely to rise by about 20% year-on-year to $465-475 billion from $387 billion in the last fiscal, according to FIEO. The major sectors that are expected to show a significant jump in the shipments this fiscal include electronics, engineering, chemicals, textile and clothing, pharma and even the agriculture sector. Free trade agreements (FTAs) with countries such as the UAE, Australia and European Free Trade Association (EFTA) will also help boost exports in the coming months. The India-EFTA trade agreement is expected to come into force from October 1 this year. Mr. Goyal also said that FTAs signed during the Congress era were not good and have impacted domestic firms. They signed FTAs with countries like ASEAN, which are India's competitors; besides, they were not balanced, he said, adding that India opened more markets for those countries and "we did not get" good deals in return. On finished goods, he said, India removed the duties but import taxes on raw materials created inverted duty issues and that hurt "us a lot", he said. He added that now the Modi government is doing FTAs with developed countries/regions like Australia, the U.K., EFTA, the E.U., the UAE, Oman, Peru, and Chile. "Here we collaborate, there is no we are doing FTAs with well thought out strategies," Mr. Goyal said. India-EFTA signed the Trade and Economic Partnership Agreement (TEPA) 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. When asked if India would have to ease certain regulations to attract this investment, Mr. Goyal said it has been a commitment based on today's situation. "Prime Minister Narendra Modi is continuously focusing on ease of doing business, deregulation, reducing compliance burden, decriminalising the laws, making it attractive to do business in India," he said, adding that " I think this $100 billion will be exceeded and come faster".
India Gazette
a day ago
- Business
- India Gazette
Swiss industry leaders express confidence in India's market size, growing business opportunities
Bern [Switzerland], June 11 (ANI): Swiss industry leaders have expressed confidence in India's market size and expanding business opportunities, adding that India-EFTA trade agreement will play a pivotal role in boosting investment and creating jobs. Under the India-EFTA trade agreement, EFTA countries have committed an investment of USD 100 billion in 15 years. There would be lower to zero import duties on several Swiss and other products such as watches, chocolates, and cut and polished diamonds. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland. Hans Christian Schneider, CEO of Amman Group, a sixth-generation privately-held company known for road construction machinery, said that he is very positive. 'I believe this is absolutely doable. We as a mid-sized company have invested in India over the last few years. When I see what has changed in the meantime in the framework conditions in India, and the attractiveness of the Indian market for FDI, for example, I'm very positive,' Schneider said. Schneider welcomed the growing momentum around the India-EFTA Trade and Economic Partnership Agreement (TEPA), noting that many previously hesitant Swiss companies are now engaging more actively with India through trade shows and investment forums. 'I think the Swiss are generally a bit reserved and risk-averse, but this agreement is pushing many to take India seriously,' he said, calling the government's new 'Invest in India' desk a potential game-changer for bilateral trade. He also highlighted some challenges, including the need for stronger IP protection, equal opportunities for all players, and harmonization of industrial standards. 'These technical hurdles need to be jointly addressed to fully leverage the momentum TEPA has generated,' he added. Thierry Kenel, CFO of Swatch Group AG, echoed similar optimism about India's long-term potential. The luxury watchmaker, which entered the Indian market 25 years ago, currently offers 16 brands in the country and is planning to expand its footprint gradually. 'India is a very big market. We are continuously evaluating how to grow each brand step by step,' Kenel said. On his meeting with Union Minister Piyush Goyal, Kenel, said it was a very good meeting. CEO of Ammann Group also described his meeting with the Union Minister as 'very good'. 'We have a large manufacturing facility in Gujarat and our mission is twofold. We want to supply the highest quality equipment for long-lasting high-quality roads in the future in India. Also, machines for the exports to all surrounding it is for the Indian market and for all the possible export markets as well.' Talking about the investments in India, he said, there are many positive things now coming at a national level. 'So, super positive.' (ANI)
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First Post
a day ago
- Business
- First Post
India, European FTA deal to bring stability, predictability in partnership: Commerce Minister Piyush Goyal
India has secured a commitment of $100 billion in investments over the next 15 years from the European Free Trade Association countries under the deal read more What happened India's Commerce and Industry Minister Piyush Goyal said on Tuesday that the free trade agreement (FTA) between India and the European Free Trade Association (EFTA) will offer stability, predictability, and continuity for businesses. The Trade and Economic Partnership Agreement (TEPA), signed in March 2024, is expected to be operational by October. Tell me more The TEPA was signed on March 10, 2024, between India and the four-member EFTA bloc– Iceland, Liechtenstein, Norway, and Switzerland. India has secured a commitment of $100 billion in investments over the next 15 years from EFTA countries under the deal. The pact allows preferential market access for products like Swiss watches, chocolates, and cut and polished diamonds. Piyush Goyal said the agreement leverages India's large market and skilled workforce alongside Switzerland's advanced manufacturing sector. India has completed its internal ratification process for the agreement. The minister called on businesses from both regions to actively use the opportunities created by the deal. He also recommended a reciprocal certification system to streamline regulatory procedures. The voices 'The agreement will give stability, predictability and continuity in the partnership,' said Piyush Goyal, Commerce and Industry Minister. The context STORY CONTINUES BELOW THIS AD The India-EFTA TEPA is part of New Delhi's broader push to diversify trade ties and attract foreign investment. EFTA nations, though not part of the European Union, hold strong economic profiles, especially Switzerland. This agreement comes as India aggressively pursues FTAs with multiple regions to integrate more deeply into global value chains and position itself as a manufacturing and services hub. With inputs from agencies
India Gazette
a day ago
- Business
- India Gazette
India has significant trade opportunities with Switzerland: Commerce Minister
Bern [Switzerland], June 10 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday said that India has significant trade opportunities with Switzerland. Speaking after a discussion with the business community of Switzerland, Union Minister said, 'We had a good discussion with the business community of Switzerland today. Many prominent business leaders of this country appreciate India's development and progress.' The Union Minister said that the business community discussed business opportunities in the country. 'They also discussed how they see significant opportunities in India. After the Free Trade Agreement with Switzerland and EFTA countries, to further enhance relations with Switzerland, we are working to have a Mutual Recognition Agreement to help boost trade between our two countries,' Union Minister said. The India-EFTA (European Free Trade Association) Trade and Economic Partnership Agreement, which was recently signed, has opened new doors for enhanced cooperation between India and EFTA member countries, including Switzerland. Earlier, Goyal held a meeting with Indian business delegates in Switzerland to discuss new opportunities, partnerships, and avenues for trade and investment between India and Switzerland. The meeting was part of his two-day visit to Switzerland and came during his official tour to Switzerland and Sweden from June 9 to 13, 2025. Goyal's discussions with the business delegates focused on how to best leverage the agreement to boost economic ties, he said in a social media post X earlier in the day. The minister began his Switzerland visit with a lunch interaction with CEOs of select Swiss companies and prospective investors who are exploring investment possibilities in India. The meeting provided a platform for the business leaders to share their plans and learn more about India's investment environment. In addition to these meetings, Goyal also held a series of sectoral interactions with CEOs of several Swiss pharmaceutical and life sciences companies. Goyal also co-chaired a Business Roundtable on the Machinery, Electrical & Metal (MEM) Industry with Swiss Federal Councillor Guy Parmelin in Bern on Tuesday. These companies are considering making investments in India and strengthening their presence in the Indian market. (ANI)
