Latest news with #PreferentialTradeAgreement
The Hindu
4 days ago
- Business
- The Hindu
India, Paraguay can expand trade with MERCOSUR, says PM Modi
India and Paraguay can partner in expanding regional commerce in Latin America, said Prime Minister Narendra Modi on Monday (June 2, 2025). Mr. Modi welcomed Paraguay's President Santiago Pena Palacios and presented the MERCOSUR trade bloc in Latin America as an arena where India and Paraguay can work together closely. Mr. Pena who is on his first visit to India described India as a 'key strategic partner' of his country. 'We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space, and overall economic partnership. We have a Preferential Trade Agreement with MERCOSUR. We can work together to further expand it,' said Mr. Modi in his remarks at the bilateral meeting between the two delegations. The visit by Paraguay's President has come in the backdrop of a churn in global commerce after Donald Trump became the U.S. President. India's relations with Paraguay dates back to 1961 when bilateral diplomatic ties were established. India opened its embassy in Paraguay's capital Asuncion in August 2022. MERCOSUR, a trade bloc including Brazil, Argentina, Paraguay and Uruguay was formed in 1991 and a framework agreement was signed between India and MERCOSUR on June 17, 2003. This agreement was followed by the MERCOSUR-India Preferential Trade Agreement (PTA) signed in New Delhi in 2004. 'India with its vast population and global leadership in technology and innovation, represents a key strategic partner for Paraguay. During my official visit, I had a productive meeting with the Prime Minister Narendra Modi, with whom we agreed on the importance of strengthening our bilateral relationship,' said Mr. Pena. An official, speaking off the record, said Paraguay has the potential to be a reliable regional partner to India as it follows a cautious foreign policy without antagonising any of the major regional and global stakeholders. For India, a special attraction is the natural resources and minerals of Paraguay. Officials said Paraguay has always been cautious about its foreign policy in a region dominated by Argentina and Brazil. Brazil, under left-leaning President Luiz Inacio Lula da Silva and Argentina's right-leaning President Javier Milei have been holding pole positions in Latin America and MERCOSUR.
Express Tribune
11-05-2025
- Business
- Express Tribune
Pak-UK trade ties poised for expansion
The role of economic, trade and commercial attaches appointed in the UK and EU would be constructive and transformative. Pakistani-origin politicians and policymakers should also positively contribute in this connection. photo: file Listen to article Increasing business and trade relations with the UK can provide Pakistan and its industries an alternative destination to achieve the desired goals of socio-economic prosperity, qualitative industrialisation and exports, in which the Pakistani businessmen and investors settled in the UK can play an important role. Rising cooperation in health, education, hospitality, culture, IT, human resource development, textiles, fashion, classic textiles and chemical industries can be mutually beneficial for both countries. The mutual cooperation may be further strengthened through series of meaningful reforms, concessions, policies and productive channels mainly building of reciprocal trade houses, Preferential Trade Agreement (PTA)/Free Trade Agreement (FTA), exchange of delegations of chambers, regular holding of expos, festivals of one-country product, exchange of information and formation of Pak-UK Industries Corridor of Knowledge. It augurs well that the British High Commissioner to Pakistan, Jane Marriott, is determined to further strengthen its strategic partnership with Pakistan across several vital sectors, including finance, healthcare, education, engineering, and energy. Centre for South Asia and International Studies, Islamabad Executive Director Dr Mehmoodul Hassan Khan said Pakistan's economy may be further developed and diversified through the investments, expertise, digitalisation, AI, robotics, IT, supply chains and Small and Medium-sized Enterprises (SMEs), micro-financing, banking, disaster management and climate change cooperation. He said close cooperation in non-traditional sectors of the economy, mainly marbles, precious stones, halal foods, organic cooking oils, cultural products and handicrafts may also be a value addition in this direction. The policy makers of Pakistan, businessmen, investors and regional experts and economic strategists should play a collaborative, consultative and coordinated role in the further strengthening of bilateral relations. The role of economic, trade and commercial attaches appointed in the UK and European Union would also be constructive and transformative. Pakistani-origin politicians and policymakers should also positively contribute to this connection. Pakistanis' community, workers, businessmen, investors and even students/youth with entrepreneurship capabilities and capacities would also be value addition for achieving the desired goals of economic modernisation, connectivity, industrial productivity, trade diversification, cluster of industrial development, space and sciences, affordable and innovative housing industries, interior decoration equipment, climate resilient construction materials and moreover integrative and interconnected cooperation, collaboration and coordination in metals and minerals would also be pursued and implements. Moreover, genuine demands of business community in terms of easy and smooth grant of visas, revival of direct aerial/aviation cooperation, and joint ventures in human resource industries, education, health, tourism through constant and continued soft image diplomacy along with multiculturalism caravans and state's guarantee for safety and security of the UK investments would be effective and participatory. UK is one of the sustainable and stable economies of the European Union and extended cooperation in green finance, disaster management, climate change technologies, organic fertilisers, green financial instruments, banking and finance derivatives, community based innovative anti-climate financing tools, green bonds markets, green vaccines, green plantation, renewables (solar, wind), modern green and blue hydrogen power generation energy tools, peaceful nuclear energy cooperation, hybrid agriculture, fisheries, halal food chains and concessional green financing or credit facilities would also further foster economic cooperation and ties between UK and its private companies. UK being champion of humanity, civilisation, modern democracy, corporate and good governance, climate justice global drive and multiculturalism should also play an important role in people's friendly local government setups, decentralisation of financial resources, channelisation of domestic talents, empowerment of women, eradication of poverty and generation of new jobs in the country because after closure of USAIDS, UK has the ability, vision, and resources to jump-in in these sectors of human services. What's more, Federal minister for Finance and Revenue, Senator Muhammad Aurangzeb, Advisor to the Finance Minister on Economic and Financial Reforms Khurram Schehzad and Advisor to the Prime Minister on Privatisation Muhammad Ali recently attended the Jefferies' 'Pakistan Access Day' interactive conference in London, where the finance minister underscored the Pakistan's firm commitment to macroeconomic reform and structural transformation and the government's resolve to stay the course to bring permanence to this macroeconomic stability. When it comes to Pakistan and UK bilateral trade for FY24, exports and imports consist of $2,014,768 and $781,996. Pakistan's major exporting items to the UK include other made-up textile articles; sets; worn clothing and worn textile articles; rags, optical, photographic, cinematographic, measuring, checking, precision, medical or surgical, cotton, articles of apparel and clothing accessories, knitted or crocheted, cereals, articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles, edible fruit and nuts; peel of citrus fruit or melons, plastics and articles, sugars and sugar confectionery. Pakistan's major importing items from the UK encompass iron and steel, electrical machinery and equipment and parts; sound recorders and reproducers, television, nuclear reactors, boilers, machinery and mechanical appliances; vehicles other than railway or tramway rolling stock, and parts and accessories; miscellaneous chemical products; organic chemicals; plastics and articles. The writer is a staff correspondent
Fibre2Fashion
09-05-2025
- Business
- Fibre2Fashion
India & Chile sign terms to launch CEPA talks, first round in May
India and Chile have recently taken a notable step towards deepening their economic ties by signing the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA). The ToR were formally signed by Juan Angulo, Ambassador of Chile to India, and Vimal Anand, joint secretary in the Department of Commerce, Ministry of Commerce & Industry, serving as the chief negotiator for India in the agreement. Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for May 26-30th 2025 in New Delhi. India and Chile have signed the terms of reference (ToR) for CEPA, marking a key step in deepening economic ties. Building on their 2006 Preferential Trade Agreement, the CEPA will cover broader sectors such as digital services, MSMEs, and critical minerals. The decision follows president Boric's April 2025 visit to India and the joint study group report finalised on April 30, 2024. The CEPA aims to build upon the existing Preferential Trade Agreement (PTA) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, micro, small and medium enterprises (MSME), critical minerals etc thereby enhancing economic integration and cooperation, Ministry of Commerce & Industry said in a press release. This shared commitment was reaffirmed during the recent state visit of the President of Chile, Gabriel Boric Font, to India from April 1-5, 2025, at the invitation of Prime Minister Narendra Modi. Both leaders recognised that trade and commerce have been a vital pillar of bilateral ties and stressed the need to strengthen the existing trade framework to explore new avenues for growth. In this context, they acknowledged the signing of the mutually agreed ToR and welcomed the commencement of CEPA negotiations aimed at achieving a balanced, ambitious, comprehensive, and mutually beneficial agreement to deepen economic integration. India and Chile, strategic partners with warm ties, strengthened their economic relationship through a framework agreement in 2005 and a PTA in 2006, later expanded in 2016. From 2019–2021, three negotiation rounds were held to further broaden the PTA. To enhance economic engagement, both sides agreed to pursue a CEPA, guided by the joint study group, whose report was signed on April 30, 2024. Fibre2Fashion News Desk (SG)
The Hindu
09-05-2025
- Business
- The Hindu
India, Chile sign terms of reference for new trade deal
Even as India has finalised negotiations for the FTA with the U.K. and talks are underway on several other similar agreements, the government on Friday (May 9, 2025) announced it has signed the terms of reference with Chile for a Comprehensive Economic Partnership Agreement (CEPA). The mutually agreed terms were signed by Juan Angulo, Ambassador of Chile in India, and Vimal Anand, joint secretary in the Ministry of Commerce and Industry. Mr. Anand is also the chief negotiator for the India-Chile CEPA on behalf of India. 'The CEPA aims to build upon the existing PTA (Preferential Trade Agreement) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME, critical minerals etc. thereby enhancing economic integration and cooperation,' the government said in a release. India's bilateral trade with Chile stood at $3.6 billion in 2024-25 as of February 2025. This is double the $1.8 billion of trade between the two countries in 2016-17, the earliest period for which there is data. However, India maintains a trade deficit with Chile, with the deficit at around $2.5 billion in 2024-25.
Express Tribune
06-05-2025
- Business
- Express Tribune
Kazakhstan offers strong commercial incentives
Listen to article Economic strategists and regional experts say the new Kazakhstan under President Kassym-Jomart Tokayev offers strong guarantees for foreign investments, along with substantial incentives and facilitation — opportunities Pakistani businesses should actively pursue. The active involvement of the respective chambers of commerce, the establishment of a Joint Pakistan-Kazakhstan Chamber of Commerce, and the integrated role of trade attachés are crucial. Regularly hosting expos and festivals for each country, as well as finalising a Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA), will strengthen ties. Additionally, the digitalisation effortsconsidering that Kazakhstan is the leading advocate for AI and IT in Central Asia — along with the development of reciprocal software and trade houses, as well as the production of petrochemicals, would create mutually beneficial opportunities for both parties. These recent Memorandums of Understanding (MoUs) offer a strong platform for Pakistani businessmen and investors, enhancing trans-regional connectivity, fostering socio-economic integration, promoting qualitative industrialisation, and extending access to the Eurasian Middle Corridor and beyond. Evidently these MoUs would foster cooperation and investments in joint ventures and investments in preferential areas. Formation of "joint investment company" and "investment bank" may be a workable idea which must be materialised in the days to come. Railway link and logistics between Kazakhstan, Turkmenistan, and Iran could be extended to Pakistan to promote bilateral trade and enhance people-to-people contacts. Expert in regional economy, Dr Mehmoodul Hassan Khan said the role of Pakistan's National Logistics Corporation (NLC), Trade Development Authority (TDAP), Special Investment Facilitation council (SIFC) will be important for early finalisation and implementation of these projects.
