Latest news with #TradeConclave
The Print
6 hours ago
- Business
- The Print
Trade agreements with US, EU to be concluded soon: Sitharaman
India has already signed free trade agreements with the UAE, Australia, and 4-nation EFTA (European Free Trade Association) bloc and negotiations have been completed with the UK, she said adding 'with the US and the European Union, negotiations are really intensely going on and should come to conclusion sooner.' The emphasis now is on concluding more free trade agreements, she said while inaugurating Trade Conclave by India Exim Bank here. All efforts are being made to boost exports to achieve the ambitious target of USD 2 trillion by 2030. New Delhi, Jun 24 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon. She also mentioned Budget announcements of Export Promotion Mission and Bharat Trade Net, a digital public infrastructure which provides a unified platform for trade documentation and financing solutions. The Budget also proposed a National Framework for Global Capability Centres (GCC) to further support services-led growth in emerging tier 2 cities and Trade Facilitation Measures. Referring to the country's exports, the finance minister said total exports of goods and services reached a record high of USD 825 billion in FY25, achieving 6 per cent growth over previous year. This is a significant leap from USD 466 billion in 2013–14. While global exports grew by only 4 per cent, India's exporters managed to fast-track and cross growth of 6.3 per cent despite global uncertainties on trade front, she said. Observing that exporters are 'swimming against tides' , she assured all support to them and urged them to focus on innovation and finding newer markets for their products. Quoting United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025, she said, India's position has improved though the global FDI flows dropped 11 per cent. FDI inflows of nearly USD 668 billion from 2014-24 account for nearly 67 per cent of the total FDI reported in the last 24 years which was USD 991 billion, she said. India has deepened its participation in global value chains, she said, adding, Apple India's iPhone contract manufacturers have crossed the 20 per cent domestic value addition (DVA) threshold across variants. Speaking at the event, Financial Services Secretary M Nagaraju said India's growth prospects remain bright even as the world economy is troubled by geopolitical uncertainties and significant headwinds emanating from it. 'Even amidst all the global headwinds, India continues to be a beacon of hope,' he said. Nagaraju said that India's exports, which the commerce ministry is 'trying very hard' to integrate into the global value chain, are doing well irrespective of the challenges. Exports from the pharmaceuticals and gems and jewellery sectors are showing resilience, he said adding in this endeavour, the finance ministry is committed to extending support through policy, schemes and financial aid. 'Our financial systems are strong with adequate capital and low non-performing assets,' he said, adding, this gives strong support to India's financial needs. PTI DP DP ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
6 hours ago
- Business
- The Print
India not tariff king, effective rate far lower, says Sitharaman
US President Donald Trump has repeatedly accused India of being a very high tariff nation. Trump had called India a 'tariff king' and a 'big abuser'. 'For those who still believe in the commentary which was made in the US that India may be the tariff king…I want two things to be remembered. Given our system of things, we seek parliamentary approval for deciding on the tariff rate…the permission to go up to a certain level but effectively you are at a far lower level,' she said. New Delhi, Jun 24 (PTI) Finance Minister Nirmala Sitharaman on Tuesday rejected the allegation that India is a 'tariff king' saying that her latest Budget brought down the number of tariff rates to eight and the effective rate is 'far lower'. She said that the number of tariff rates was brought down to eight in the 2025-26 Budget with a view to boosting domestic manufacturing and promoting exports. The finance minister made the remarks while inaugurating Trade Conclave by India Exim Bank here. She further said, 'our procedures have given us the not-so-desirable picture of being very very restrictive and regressive about tariff. Many of them are already far lower than the rate at which the gazette notification came after the approval of Parliament.' In the February Budget, Sitharaman had removed seven tariff rates. This was over and above the seven tariff rates removed in 2023-24 budget. 'So for those of us who still think there is still a tariff story in India, I want this to be clear, there are only just eight (tariff rates) including the zero rate. So we have done a lot of reforms in reducing the burden on trade by cutting down tariffs to support manufacturing and value addition, promote exports and to facilitate trade,' she said. With the significant reduction, India's average customs duty rate came down to 10.66 per cent from 11.65 per cent. It has moved closer to the same levels as prevalent in the Southeast Asian countries. The 10-nation bloc ASEAN (Association of Southeast Asian Nations) countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. PTI DP DP ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
14 hours ago
- Business
- Mint
Trade agreements with US, EU to be concluded soon: Sitharaman
New Delhi, Jun 24 (PTI) Finance Minister Nirmala Sitharaman on Tuesday said negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon. All efforts are being made to boost exports to achieve the ambitious target of USD 2 trillion by 2030. India has already signed free trade agreements with the UAE, Australia, and 4-nation EFTA (European Free Trade Association) bloc and negotiations have been completed with the UK, she said adding "with the US and the European Union, negotiations are really intensely going on and should come to conclusion sooner." The emphasis now is on concluding more free trade agreements, she said while inaugurating Trade Conclave by India Exim Bank here. Referring to the country's exports, the finance minister said total exports of goods and services reached a record high of USD 825 billion in FY25, achieving 6 per cent growth over previous year. While global exports grew by only 4 per cent, India's exporters managed to fast-track and cross growth of 6.3 per cent despite global uncertainties on trade front, she said. Observing that exporters are "swimming against tides" , she assured all support to them and urged them to focus on innovation and finding newer markets for their products. Speaking at the event, Financial Services Secretary M Nagaraju said India's growth prospects remain bright even as the world economy is troubled by geopolitical uncertainties and significant headwinds emanating from it. "Even amidst all the global headwinds, India continues to be a beacon of hope," he said. Nagaraju said that India's exports, which the commerce ministry is "trying very hard" to integrate into the global value chain, are doing well irrespective of the challenges. Exports from the pharmaceuticals and gems and jewellery sectors are showing resilience, he said adding in this endeavour, the finance ministry is committed to extending support through policy, schemes and financial aid. "Our financial systems are strong with adequate capital and low non-performing assets," he said, adding, this gives strong support to India's financial needs.
