Free Trade Pact

Cases under probe for fraud not to be covered under FTP's amnesty scheme

Cases under investigation for fraud, and misdeclaration of capital goods will be excluded from the coverage of the amnesty scheme announced under the new foreign trade policy (FTP), according to the commerce ministry. The government announced the new FTP on March 31. It included an amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations. Under the scheme, all pending cases of the default in meeting export obligation (EO) of certain authorizations can be regularised by the authorisation holder on payment of all customs duties that were exempted in proportion to unfulfilled EO and interest at the rate of 100 per cent of such duties exempted. However, no interest is payable on the portion of additional customs duty and special additional customs duty. All those authorization holders who are interested to avail of the scheme will have to register themselves with the DGFT

FTP talks with UK continuing, trade stands on its own legs: Goyal

Amid a diplomatic row following protests by secessionist groups near the Indian mission in London, Union commerce minister Piyush Goyal on Thursday said talks on a Free Trade Agreement with the UK are continuing. Talks are "going on very well" with the UK, Goyal said, adding, "trade stands on its own legs". The Union minister, however, made it clear that India will take into consideration a respect for her sovereignty and territorial integrity, and will not tolerate any interference in her Indian affairs. India's Ministry of External Affairs summoned the senior-most British diplomat in New Delhi on a Sunday evening recently, over reports of some Khalistani elements pulling down the Indian flag at the Indian high commission in London during a protest. India has also responded by proposing or undertaking several actions, like reducing security at the British mission and constructing a public toilet there. When asked about the impact of the ongoing events on the trade agreement, Goyal

UK-India trade has potential to double by 2030: UK's Dy High Commissioner

Notwithstanding the impact of Russia's war with Ukraine, the UK and India are heading towards an era of positive engagement in trade and business relations, with steps underway to promote mutual investments in both the nations, British Deputy High Commissioner in charge of Kerala and Karnataka Chandru Iyer said. Iyer who is also UK's Deputy Trade Commissioner for South Asia spoke in detail to PTI on Friday about the trade and investments between the UK and India and said there was potential to double the business by 2030. He was in the state to take part in various official engagements, including a meeting with Kerala Chief Minister Pinarayi Vijayan, and also in connection with the port of call made by the British Royal Navy's frigate ship, HMS Lancaster, at Kochi. Calling war a global phenomenon that affects all countries in more ways than one, the British Deputy High Commissioner hailed entrepreneurs for being enterprising and resilient in the face of adversity. "If you look at t

India, Oz for early conclusion of trade pact talks; eye $100 bn in 5 years

India and Australia on Saturday expressed their commitment for concluding the negotiations for expanding the scope of existing free trade agreement by the end of this year with an aim to push the bilateral trade to USD 100 billion. The issue came up for discussions during the meeting of joint ministerial commission between commerce and industry minister Piyush Goyal and his Australian counterpart Don Farrell. Farrell is accompanying Australian Prime Minister Anthony Albanese who is here on an official visit. On December 29, last year India and Australia implemented an economic cooperation and trade agreement (ECTA) and are now negotiating to expand its scope for a comprehensive economic cooperation agreement (CECA). "ECTA was the first stage of our economic engagement. We are now entering into phase-2 of our discussions where we are looking at much wider ambit of subjects and taking this into a CECA," Goyal told reporters here. After the first India-Australia summit talks here on

India's push for free trade negotiations: A status check of ongoing deals

Take a look at the status of the ongoing FTA negotiations by India

India-EU trade pact: Negotiators begin third round of talks, says official

Senior officials of India and the European Union (EU) on Monday commenced the third round of talks on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, an official said. India's bilateral trade with the EU rose by 43.5 per cent to USD 116.36 billion in 2021-22. At present, the EU is India's second largest trading partner after the US, and the second largest destination for Indian exports. India and the EU on June 17 this year formally resumed negotiations on the proposed India-EU Trade and Investment Agreement, including the Geographical Indications (GI). The EU delegation is here for the third round of talks and the talks will continue till December 9, the official said. The second round of negotiations were held in Brussels. According to the commerce ministry, the trade agreement with the EU would help India in further expanding and diversifying its exports of goods and services, including securing the value chains. A GI is .

What can India gain from the trade pact with Australia?

The Australian Parliament gave its assent to a free trade agreement with India, and amended the Double Taxation Avoidance Agreement. Let's understand how it will benefit India's foreign trade

India, GCC group to launch free trade pact negotiations on Nov 24

India and the Gulf Cooperation Council (GCC) are expected to launch negotiations for a free trade agreement on November 24 with an aim to boost economic ties between the two regions, an official said. GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The FTA will be launched on November 24. GCC officials will be here to launch the talks," the official said. India has already implemented a free trade pact with the UAE in May this year. Commerce and industry minister Piyush Goyal had, on November 16, said that India will be launching a new free trade agreement (FTA) next week. This would be a kind of resumption of FTA talks as earlier two rounds of negotiations held in 2006 and 2008 between India and GCC. Third round did not happen as GCC deferred its negotiations with all countries and economic groups. India imports predominately crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar, and exports pearls,

E-certificate of origin valid for claiming duty concessions: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that electronically generated certificate of origin (CoO) issued by the UAE authority is a valid document for claiming customs duty benefits under India-UAE free trade agreement. However, it said that the certificate has to be issued in a prescribed format bearing electronically printed seal and signatures of the authorised signatory of the issuing authority. The trade agreement between India and the UAE came into force from May 1 this year. Under this, domestic exporters of over 6,000 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery get duty-free access to the UAE market. On the other hand, India gives duty-free access to 7,694 goods coming from the UAE. A trader has to submit a 'certificate of origin' at the landing port of the importing country to claim duty concessions under free-trade agreements. This certificate is essential to prove where their goods come from. In a ...

Intensive negotiations ongoing for Diwali trade pact with India, says UK

Intensive negotiations are ongoing to meet the target to conclude the majority of the India-UK free trade agreement (FTA) talks by Diwali, UK government sources said on Thursday. Officials said that both countries continue to negotiate a high-ambition free trade agreement that could boost the UK economy by more than GBP 3 billion by 2035. The UK and India set a target to conclude most of the talks by Diwali (24th October) and intensive negotiations are ongoing, sources said. Officials familiar with the negotiations also sought to realign the issue of mobility by drawing a distinction between temporary business visas and long-term migration, saying business mobility is not the same as immigration because business mobility covers the temporary entry for talent to work for a specific time period in a trade partner country. Any commitments we seek on temporary entry will aim to encourage the best and brightest talent in India to temporarily work in the UK, official sources said. It ..

G20 trade ministerial: WTO reforms, supply chains may dominate agenda

Minister Goyal is expected to hold bilateral meetings with counterparts from member countries

Diwali an auspicious date to sign India-UK FTA: British High Commissioner

Currently, both countries are at the last leg of negotiations towards a trade deal that kick-started in January

'Signing India-UK free trade pact will be best way to celebrate Diwali'

The best way to celebrate Diwali will be to have a good free trade agreement between India and the United Kingdom, British High Commissioner to India Alex Ellis said on Tuesday. He observed that the free trade agreement (FTA) will lead to creation of more jobs, growth and opportunities for both India and the UK. Speaking on the sidelines of an event, he asserted that there was "high ambition" to complete the India-UK FTA by Diwali -- a deadline set earlier by both nations -- and added "that would be an auspicious date". Asked if one could expect a 'Diwali Dhamaka' for India in relation to the FTA, the British High Commissioner quipped, "I hope so." Earlier addressing an Assocham conference, Ellis said: "We have the aim to finish the FTA by Diwali." Speaking at the conference, Joint Secretary in the Commerce and Industry Ministry Rajendra Ratnoo said leaders from the countries "are very very committed towards this FTA and have set a very, very ambitious goal of gifting to the peopl

India would be happy to discuss trade pact with US, says Piyush Goyal

India would be "happy and willing" to negotiate a trade pact with the US, provided America decides to look for a new free trade partner, Commerce and Industry Minister Piyush Goyal has said here. He said the US administration, as a policy, is not looking at a free trade agreement (FTA) with any new partner. "Should they change their mind, India would be happy and willing to discuss. Without that also, we are engaged in attracting investment, technology, trade between the two countries," the minister told reporters here. During the Trump administration, India and the US had discussed a mini-trade deal to boost economic ties. Meanwhile, addressing the US India Strategic Partnership Forum (USISPF), Goyal said talks for a trade deal are progressing with Canada. "Canada (Minister of International Trade Mary Ng) and I are very confident that we would be done with our early progress trade agreement by December," he said. On the proposed India-Israel agreement, the minister said: "I stil

India-UK free trade agreement to help boost services exports: SEPC

Implementation of the proposed India-UK free trade agreement will help to boost the country's services exports, particularly from legal, accounting and auditing sectors, Services Export Promotion Council (SEPC) said on Friday. SEPC Chairman Sunil H Talati said that the British market holds huge potential for domestic services sectors like medical transcription, legal, accounting and auditing. Negotiations for the trade pact between the countries are at advanced stages and expected to conclude by the end of this month. After the conclusion of the talks, it would take some time to implement the agreement. Under this agreement, both countries may significantly cut or eliminate customs duties on the maximum number of goods traded between them. Besides, norms would be relaxed to promote trade in services. "Britain holds a lot of potential for our services exports. The agreement will help in boosting services exports," Talati told PTI. He also said that the council is hopeful of achievi

Indian trade pacts must lower tariff on alcoholic drinks: Think tank

Such beverages will be 'key issue' in discussions as country seeks access to large markets, says ICRIER report.

Trade pacts with UAE, Australia will fuel economic growth: FM Sitharaman

Finance Minister Nirmala Sitharaman said on Tuesday the country's trade pacts with the UAE and Australia will chart the way for economic growth.

Do strategic interests rule over economic gains in India's new trade pacts?

While the commerce ministry expects the utilisation rate of the current round of trade deals to be higher, the choice of partners shows a close fit with India's geopolitical ambitions

Ind, Aus trade pact to ensure full capacity utilisation of Indian apparel

Apparel Export Promotion Council said duty-free access for the sector to Australia under the trade pact will bring domestic exporters at par with global competitors and make local products competitive

Can opening of procurement market to UAE firms lead to a tricky situation?

India has finally inked free-trade agreement with UAE. Delhi has extended 'national treatment' status to UAE firms in bidding for central govt tenders. Why has it raised concerns in several quarters?