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Economic Times
5 hours ago
- Business
- Economic Times
EU FTA to be comprehensive, not interim: Officials
Synopsis India and the EU are negotiating a comprehensive free trade agreement. It will not include an early harvest deal. Discussions are ongoing regarding Geographical Indications. Investment protection is also being discussed. Both sides are addressing concerns like the EU's carbon border adjustment mechanism. India may impose retaliatory duties if the EU imposes a carbon tax. The India-EU free trade agreement (FTA) is likely to be a comprehensive one without any early harvest deal or a pact on Geographical Indications or an investment protection agreement, officials said. ADVERTISEMENT The two sides are also discussing if any exemptions or carve-outs can be given to India on the EU's carbon border adjustment mechanism (CBAM) and officials said talks on the issue were going on. "The FTA will be a comprehensive one. These are dynamic issues," said an official. India and the EU aim to close the negotiations for the trade pact by the end of December. Commerce and industry minister Piyush Goyal said the talks can be concluded earlier than that but there are certain sensitive issues on both sides that must be negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications since June 2022 are also Delhi has concerns related to certain practices and regulations of the EU such as CBAM and EUDR while the bloc held that India's quality control orders were a challenge. "On CBAM, talks are going on," said another official. ADVERTISEMENT India has already said it will impose retaliatory duties if the EU imposes carbon tax on Indian goods. The EU's CBAM is expected to translate into a 20-35% tax on select imports into the bloc from January 1, 2026, and will impact the cement, iron and steel, aluminium, fertiliser, electricity and hydrogen sectors. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
Time of India
6 hours ago
- Business
- Time of India
EU FTA to be comprehensive, not interim: Officials
India and the EU are negotiating a comprehensive free trade agreement. It will not include an early harvest deal. Discussions are ongoing regarding Geographical Indications. Investment protection is also being discussed. Both sides are addressing concerns like the EU's carbon border adjustment mechanism. India may impose retaliatory duties if the EU imposes a carbon tax. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The India-EU free trade agreement (FTA) is likely to be a comprehensive one without any early harvest deal or a pact on Geographical Indications or an investment protection agreement, officials two sides are also discussing if any exemptions or carve-outs can be given to India on the EU's carbon border adjustment mechanism (CBAM) and officials said talks on the issue were going on."The FTA will be a comprehensive one. These are dynamic issues," said an and the EU aim to close the negotiations for the trade pact by the end of December. Commerce and industry minister Piyush Goyal said the talks can be concluded earlier than that but there are certain sensitive issues on both sides that must be negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications since June 2022 are also Delhi has concerns related to certain practices and regulations of the EU such as CBAM and EUDR while the bloc held that India's quality control orders were a challenge. "On CBAM, talks are going on," said another has already said it will impose retaliatory duties if the EU imposes carbon tax on Indian goods. The EU's CBAM is expected to translate into a 20-35% tax on select imports into the bloc from January 1, 2026, and will impact the cement, iron and steel, aluminium, fertiliser, electricity and hydrogen sectors.
India Gazette
09-05-2025
- Business
- India Gazette
EU teams will be in New Delhi for FTA negotiations next week: Envoy Herve Delphin
New Delhi [India], May 9 (ANI): Ambassador of the Delegation of the European Union to India, Herve Delphin, on Friday said that the negotiating teams from the bloc will be India next week. '...The negotiation of a substantive free trade agreement represents a central plan in our relationship. Our leaders have directed the negotiating teams to conclude the negotiation by the end of the year. Both sides are fully committed to reaching this goal. It is a matter of necessity as much as urgency. Next week, the negotiating teams will meet here in Delhi and it is our sincere hope that it will represent a major milestone towards an agreement,' the EU envoy to India said, speaking at the Europe Day celebrations here in the national capital. 'The strength of EU and India economic and business ties cannot be understated. The EU is the largest trading partner of this FTA it has the potential to grow exponentially,' Delphin added. On 17 June 2022, the European Union relaunched negotiations with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). The EU is India's largest trading partner, accounting for Euro 124 billion worth of trade in goods in 2023 or 12.2 per cent of total Indian trade. India is the EU's 9th largest trading partner, accounting for 2.2 per cent of the EU's total trade in goods in 2023. Trade in services between the EU and India reached Euro 59.7 billion in 2023, up from Euro 30.4 billion in 2020. India and EU are commited to conclude an ambitious FTA by the end of 2025, India's Ministry of Commerce and Industrysaid earlier this month. 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 landmark visit of the EU College of Commissioners to New Delhi in February 2025. 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 12-16 May 2025 in New Delhi, the commerce ministry statement had said. India emphasized 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. (ANI)
Leaders
12-03-2025
- Business
- Leaders
Egypt Approves Investment Protection Agreement with Saudi Arabia
The Egyptian Parliament has approved a bilateral investment protection agreement with Saudi Arabia. The agreement aims to streamline and protect investments of Saudi and Egyptian companies in both countries, and strengthen economic ties between Saudi Arabia and Egypt. It is part of an array of economic and investment deals signed between both countries during the Saudi Crown Prince Mohammed bin Salman's visit to Cairo in October 2024. Investment Protection Agreement The Investment Protection Agreement has received robust support from the leaderships of Saudi Arabia and Egypt, as well as ministers, ambassadors, the Federation of Saudi Chambers, and the Saudi-Egyptian Business Council. The agreement is expected to have positive impacts, including providing a safe and attractive environment for investments; increasing the flow of capitals and investments in both countries; and creating more job opportunities, the Federation of Saudi Chambers said on X. Agreement Objectives According to a report from a joint committee of Egyptian parliamentary bodies, the Investment Protection Agreement aims to promote and protect mutual investments between Saudi Arabia and Egypt, bolster bilateral economic ties, and ensure alignment with both countries' economic priorities. Furthermore, it aims to create favorable conditions and more opportunities to encourage investments, promote investment opportunities in both countries, facilitate technology transfer, create more jobs, and develop human resources through mutual investments, reported Egypt's Parliament News Agency. Saudi-Egyptian Economic Ties The report highlighted the strength of the Saudi-Egyptian economic relations. In recent years, bilateral economic ties have witnessed significant progress, supported by a strategic partnership and joint investment projects. This contributes to bolstering bilateral cooperation across various sectors, underscoring the depth of the historical relations between Saudi Arabia and Egypt. The Investment Protection Agreement is part of a series of bilateral investment and economic agreements signed in October 2024, during the Saudi Crown Prince's visit to Egypt. Supreme Coordination Council The visit also saw the establishment of the Saudi-Egyptian Supreme Coordination Council, chaired by the Saudi Crown Prince and the Egyptian President, Abdel Fattah Al-Sisi. The Supreme Coordination Council is a major stride towards strengthening bilateral relations through concerting efforts across various fields, including economy, trade and investment. Moreover, it aims to enhance political, economic, and developmental ties between Saudi Arabia and Egypt, crystalizing their shared vision for regional stability and growth. Saudi-Egyptian Trade Exchange The joint committee report noted that the value of trade exchange between Saudi Arabia and Egypt has increased in recent years. During the first 8 months of 2024, it increased to $6.5 billion, compared to $4.9 billion during the same period in 2023. This marks a 32.7% growth, according to the Egyptian Central Agency for Public Mobilization and Statistics. Short link : Post Views: 64
