Thursday, December 19

Tag: FTA

India-UK FTA: How OPEC+ saw its hold on global oil markets fray despite extra production cuts
9Dec By adminNo Comments
Business

India-UK FTA: How OPEC+ saw its hold on global oil markets fray despite extra production cuts

The OPEC+ coalition’s grip on global oil markets is looking less secure by the day.Crude traders have shrugged off the Nov. 30 pledge from Saudi Arabia and its allies to slash supplies by a further 900,000 barrels a day, remaining skeptical of its implementation. Despite the group’s multiple attempts to shore up sentiment in the past week, prices have crashed 11% to a five-month low.Some of the most powerful figures in the oil world such as Saudi Arabia’s energy chief and Russia’s deputy prime minister have issued public assurances that the supply curbs could be extended beyond March. President Vladimir Putin made a rare visit to Riyadh and Abu Dhabi in a show of oil producers’ unity. All to no avail. Traders are doubtful that the Organization of Petroleum Exporting Countries and its alli...
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India’S Bilateral FTA: India’s bilateral FTA with Singapore and as part of Asean needs to be studied together: GTRI
26Nov By adminNo Comments
Business

India’S Bilateral FTA: India’s bilateral FTA with Singapore and as part of Asean needs to be studied together: GTRI

NEW DELHI: Think-tank GTRI on Sunday suggested that the government study the bilateral free trade agreement with Singapore and as part of the Asean bloc together while reviewing its trade pact with the 10-nation grouping. Singapore is a member of 10-nation Asean bloc with which India has a free trade agreement in goods since 2010. Separately, India also implemented a comprehensive free trade agreement (FTA) with Singapore in 2005. The Global Trade Research Initiative (GTRI) also suggested a similar exercise with Thailand, another member of Association of Southeast Asian Nations (Asean). India signed a limited free trade pact with Thailand in 2006. These suggestions assume significance as India and Asean have agreed to review their trade pact and are aiming to conclude the exercise by 20...
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India proposes slashing EV import taxes to clinch UK free trade deal
8Nov By adminNo Comments
Business

India proposes slashing EV import taxes to clinch UK free trade deal

By Shruti Srivastava India is proposing reducing import taxes on some electric vehicles from the UK in an effort to clinch a free-trade deal between the two nations by the end of the year, according to two people familiar with the discussions. New Delhi is considering a concessional tariff of 30% on 2,500 electric vehicles imported annually from the UK priced above $80,000, the people said, asking not to be identified as the talks are private. India currently levies taxes between 70% and 100% on cars imported as completely built units, depending on their value. The UK’s demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks. Prime Minister Rishi Sunak and his Indian counterpart Narendra Modi had hoped to ...
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British Delegation to Start Next Round of India-UK FTA Talks on Monday
8Oct By adminNo Comments
Business

British Delegation to Start Next Round of India-UK FTA Talks on Monday

Last Updated: October 08, 2023, 19:22 ISTUnion Minister Piyush Goyal with his British counterpart Business and Trade Secretary Kemi Badenoch (File photo)Both countries have recently concluded the 13th round of negotiations. A team led by Commerce Secretary Sunil Barthwal was in London last week to give an impetus to the talksA 30-member official delegation from the UK will start the next round of negotiations for a free trade agreement with the Indian team in New Delhi from Monday to close remaining issues so that the two countries conclude the talks soon, an official has said.Both countries have recently concluded the 13th round of negotiations. A team led by Commerce Secretary Sunil Barthwal was in London last week to give an impetus to the talks.The UK team dealing with investment-rela...
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Commerce secy, team in London to push deal
5Oct By adminNo Comments
Business

Commerce secy, team in London to push deal

Officials from India and the United Kingdom (UK) are working overtime to address the contentious issues related to the proposed free trade agreement (FTA) between the two nations, in a final push to conclude the deal by the year-end. Commerce Secretary Sunil Barthwal was headed to London on Thursday after completing his four-day visit to Brazil. Other key officials from India’s negotiating team will be joining Barthwal in the UK capital, hoping to make headway in the FTA negotiations, which started in January last year, a person aware of the matter told Business Standard. Thirteen rounds of negotiations have been completed so far. The previous round commenced on September 18. In addition, discussions on some of the issues are also ongoing virtually between both...
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Multi-billion economic ties at risk if rift widens
19Sep By adminNo Comments
Business

Multi-billion economic ties at risk if rift widens

The heightened diplomatic tensions between India and Canada could adversely impact economic relations if the rift widens, although experts believe there may not be an immediate impact.   Negotiations for an early harvest trade deal between the two countries were put on hold earlier this month because of “political” reasons, even as talks were at an advanced stage and both sides hoped to finalise the agreement by the end of this year. Jayant Dasgupta, former World Trade Organisation (WTO) ambassador of India, said putting off free-trade agreement (FTA) talks would affect both sides adversely. “If there had been an FTA (which was on the cards), it could have helped some sectors get enhanced market access. That opportunity would now be delayed. It’s a los...
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