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Indian Express
6 days ago
- Business
- Indian Express
India-UK trade pact — a template for deals with America and Europ
On Thursday, India and the UK signed the Comprehensive Economic and Trade Agreement that has been many years in the making. Leaders of both countries exuded confidence that the agreement would open up markets and bring enormous benefits to their countries. The goal is to double bilateral trade between the nations from roughly $56 billion now. The signing of the deal was accompanied by the unveiling of the UK-India Vision 2035 — which envisages greater engagement in areas such as defence, tech and education, indicating a desire to deepen the relationship between the two countries. Through this trade agreement, said to be one of the most comprehensive deals that Delhi has entered into, India has indicated its willingness to bring down its tariffs substantially as it seeks to integrate more closely with developed countries and encourage more investment into the country. Delhi's high tariff walls have been criticised by others, including the US. The Office of the United States Trade Representative had recently noted that India's average applied tariff rate was 17 per cent, while that on agricultural products was even higher at 39 per cent. As per reports, under this new deal, the average tariffs on British products will fall from 15 per cent to 3 per cent, which could potentially lead to a large increase in UK exports. On the other hand, the agreement paves the way for 'unprecedented duty free access for 99 per cent of India's exports to the UK', covering almost the entire trade basket. This includes labour intensive segments such as textiles, leather, footwear and gems and jewellery, as well as sectors like engineering goods and auto components. Alongside, India has secured significant commitments on services and labour mobility. The agreement increases market access in critical areas such as IT and IT-enabled services as well as financial, legal, professional and educational services. The double contribution convention agreement will help Indian professionals and their employers avoid making social security payments in the UK, thereby bringing down the costs of doing business. The India-UK deal comes at a time when the global trading architecture has been upended by US President Donald Trump's tariff policies. Trump has over the past few days announced new deals with countries such as Japan, the Philippines and Indonesia, after similar agreements with Britain and Vietnam, with the tariffs ranging between 10 and 20 per cent. In the case of India, even as talks continue, a deal remains elusive. India is also negotiating a deal with the EU — as this paper has reported, the two sides have agreed to seven out of 23 chapters in the agreement. The deal with the UK could serve as a template for some of the issues, especially the more contentious ones. Delhi must press ahead with these trade agreements as it seeks to integrate with global supply chains more closely.
Bangkok Post
18-07-2025
- Business
- Bangkok Post
Thais will not slash all tariffs on US goods
Thailand will not agree to reduce tariffs to zero on all US goods in ongoing trade talks, as such a move could significantly impact domestic producers and strategic industries, Deputy Finance Minister Paopoom Rojanasakul said. Speaking ahead of a scheduled meeting between the "Team Thailand" delegation led by Finance Minister Pichai Chunhavajira and the Office of the United States Trade Representative (USTR) on Thursday, Mr Paopoom emphasised the need to strike a balance between protecting exporters and safeguarding local producers, including farmers and small businesses. "The winner in negotiations is not the one who gets the lowest tariff, but the one who can maintain the most balanced outcome," said Mr Paopoom. He revealed that current reciprocal tariff rates on Thai exports to the US average around 36%, and discussions are ongoing to secure more favourable terms. However, he warned that any concessions made to reduce US tariffs would inevitably come with expectations for increased market access in return -- something that could pose risks to Thailand's local industries. "It's not just about securing a lower tariff rate," he said. "We must consider the impact on domestic sectors. Nothing comes without a cost. If we want the US to lower tariffs, we must offer access to our markets in exchange." Mr Paopoom stressed that Thailand could not adopt a blanket zero-tariff approach similar to Vietnam's, as this would require full market access for US goods. "We must weigh the benefits against the potential harm. He noted that while the export sector plays a significant role in the country's GDP, the government must also consider the well-being of farmers, SMEs, and domestic livestock producers. "Thailand is not made up of exporters alone. We have to look after all segments of society." The deputy finance minister clarified that strategic products -- those critical to national interests -- would need to be excluded from zero-tariff commitments. Overexposing local markets to foreign goods could disrupt domestic supply chains and damage the competitiveness of Thai producers. In addressing comparisons with Vietnam, Mr Paopoom explained that Vietnam receives two distinct tariff rates under US trade policy: 20% for goods made with domestic or regional inputs that meet Regional Value Content (RVC) requirements, and 40% for those that do not. Given that Vietnam's supply chain is less developed than Thailand's, he noted that a larger proportion of Vietnamese exports are likely subject to the higher 40% tariff. Commerce Minister Jatuporn Buruspat has confirmed that Thailand has offered to reduce import tariffs on tens of thousands of products from the US to zero. Additional proposals have also been submitted. As trade talks continue, the Commerce Minister has instructed relevant agencies to draft contingency plans to mitigate the potential impact of any retaliatory tariffs that may be imposed by the US. Mr Jatuporn said the government is preparing for two scenarios -- one in which Thai goods are subject to a 36% tariff rate and another in which they receive a 20% tariff rate, equivalent to that offered to Vietnam, a regional competitor. Chanintr Chalisarapong, vice chairman of the Thai Chamber of Commerce, told Bloomberg News that Thailand plans to scrap tariffs on 90% of US goods, up from the previous 60%. The proposal, covering 10,000 US products, will be presented to Washington and could reduce Thailand's $46 billion trade surplus by 70% within three years. Final tariffs are expected to fall to 18–20%, he said, adding the plan is more ambitious than previous offers and exceeds commitments by Indonesia and Vietnam, reflecting Thailand's capacity to process and re-export US goods.
Bangkok Post
17-07-2025
- Business
- Bangkok Post
Thais will not slash all tariffs
Thailand will not agree to reduce tariffs to zero on all US goods in ongoing trade talks, as such a move could significantly impact domestic producers and strategic industries, Deputy Finance Minister Paopoom Rojanasakul said. Speaking ahead of a scheduled meeting between the "Team Thailand" delegation led by Finance Minister Pichai Chunhavajira and the Office of the United States Trade Representative (USTR) on Thursday, Mr Paopoom emphasised the need to strike a balance between protecting exporters and safeguarding local producers, including farmers and small businesses. "The winner in negotiations is not the one who gets the lowest tariff, but the one who can maintain the most balanced outcome," said Mr Paopoom. He revealed that current reciprocal tariff rates on Thai exports to the US average around 36%, and discussions are ongoing to secure more favourable terms. However, he warned that any concessions made to reduce US tariffs would inevitably come with expectations for increased market access in return -- something that could pose risks to Thailand's local industries. "It's not just about securing a lower tariff rate," he said. "We must consider the impact on domestic sectors. Nothing comes without a cost. If we want the US to lower tariffs, we must offer access to our markets in exchange." Mr Paopoom stressed that Thailand could not adopt a blanket zero-tariff approach similar to Vietnam's, as this would require full market access for US goods. "We must weigh the benefits against the potential harm. He noted that while the export sector plays a significant role in the country's GDP, the government must also consider the well-being of farmers, SMEs, and domestic livestock producers. "Thailand is not made up of exporters alone. We have to look after all segments of society." The deputy finance minister clarified that strategic products -- those critical to national interests -- would need to be excluded from zero-tariff commitments. Overexposing local markets to foreign goods could disrupt domestic supply chains and damage the competitiveness of Thai producers. In addressing comparisons with Vietnam, Mr Paopoom explained that Vietnam receives two distinct tariff rates under US trade policy: 20% for goods made with domestic or regional inputs that meet Regional Value Content (RVC) requirements, and 40% for those that do not. Given that Vietnam's supply chain is less developed than Thailand's, he noted that a larger proportion of Vietnamese exports are likely subject to the higher 40% tariff. Commerce Minister Jatuporn Buruspat has confirmed that Thailand has offered to reduce import tariffs on tens of thousands of products from the US to zero. Additional proposals have also been submitted. As trade talks continue, the Commerce Minister has instructed relevant agencies to draft contingency plans to mitigate the potential impact of any retaliatory tariffs that may be imposed by the US. Mr Jatuporn said the government is preparing for two scenarios -- one in which Thai goods are subject to a 36% tariff rate and another in which they receive a 20% tariff rate, equivalent to that offered to Vietnam, a regional competitor. Chanintr Chalisarapong, vice chairman of the Thai Chamber of Commerce, told Bloomberg News that Thailand plans to scrap tariffs on 90% of US goods, up from the previous 60%. The proposal, covering 10,000 US products, will be presented to Washington and could reduce Thailand's $46 billion trade surplus by 70% within three years. Final tariffs are expected to fall to 18–20%, he said, adding the plan is more ambitious than previous offers and exceeds commitments by Indonesia and Vietnam, reflecting Thailand's capacity to process and re-export US goods.
The Star
16-07-2025
- Business
- The Star
Thailand to propose zero tariffs in crucial US trade talks Wednesday (July 16)
BANGKOK: Thailand is set to make a significant offer to the United States tonight, proposing 0% import duties on tens of thousands of products in a pivotal video conference with the Office of the United States Trade Representative (USTR). The move comes as Bangkok simultaneously prepares contingency plans for potential US tariffs. Commerce Minister Jatuporn Buruspat confirmed the breakthrough in trade negotiations Wednesday (July 16). Deputy Prime Minister and Finance Minister, Pichai Chunhavajira, will spearhead "Team Thailand" in discussions with the USTR, presenting Thailand's newly revised and expanded proposals. Beyond the substantial offer of duty-free access for a vast array of goods, the Thai delegation will put forward additional proposals designed to strengthen trade ties. Crucially, the Ministry of Commerce has already tasked relevant agencies with developing detailed relief plans. These measures are being formulated based on two key hypothetical scenarios regarding potential US tariff impositions: Scenario 1: A 36% tariff being levied. Scenario 2: A 20% tariff being levied, mirroring the rate applied to competitor Vietnam. "We've instructed our teams to identify precisely which product categories would be affected under a 36% tariff, and the extent of that impact, including on workers in various industries," Jatuporn explained. "Similarly, we're assessing which product groups would be hit by a 20% tariff and the resulting consequences." These contingency plans are reportedly complete and are now awaiting the outcome of tonight's crucial negotiations. - The Nation/ANN
Irish Independent
16-07-2025
- Health
- Irish Independent
Introduction of alcohol warning labels pushed back due to cost fears
The labels, warning about the link with diseases such as cancer, were to come into force from May 22, 2026, whenever alcohol was offered for sale in a shop or restaurant. While the Department of Health had been sticking to the deadline, senior ministers began to express concern about the labels last April in the context of the trade tensions with the US. Alcohol labelling was cited as a significant barrier to American exports in a report published earlier this year by the Office of the United States Trade Representative. The drinks industry exports €450m of product each year, and the US is a major market, particularly for whiskey. Currently, 90pc of distilling in Ireland has been halted, following the imposition of a 10pc tariff on whiskey imports into the US. Finance Minister Paschal Donohoe was the first to signal there might be a delay, saying the labels would have to be looked at again in the context of tariffs. Tánaiste Simon Harris then said the timeline for introduction was 'under consideration', while Enterprise Minister Peter Burke said the requirement was being examined as the Government considered how to protect the competitiveness of Irish businesses. Last month, as revealed by the Irish Independent, Mr Burke formally asked Health Minister Jennifer Carroll MacNeill to consider pausing the introduction of warning labels. Our domestic production sector is going through a period of very significant disruption In a letter to his cabinet colleague, Mr Burke expressed concern that the labels would mean increased costs for Irish producers and importers, and potentially add to the price payable by consumers. 'At the same time, our domestic production sector is going through a period of very significant disruption to supply chains and access to markets,' the minister also told the Dáil. Agriculture Minister Martin Heydon also formally requested a delay, citing concerns about jobs and investment. ADVERTISEMENT Mr Harris said that he believed the labels needed to be delayed, but still expected them to be brought in during this Government's term. The plan to postpone the requirement has now been indicated in a letter sent to members of the Government's trade forum by the Tánaiste. Pushing the deadline back to 2029 would still, in theory, keep the change within the lifetime of this Government. Having taken office in January 2025, it has a natural lifespan of five years. The drinks industry has been lobbying against the labels, with Ibec among those calling for a postponement on the basis that it would increase prices by up to 30pc. Alcohol Action Ireland has criticised the planned delay, saying that given the costs of alcohol-related harms, the Government should stand by law that was passed with cross-party support in 2018.
