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India requests UK to fast-track process to operationalise trade pact: Commerce Secretary
Economic Times
·
9d ago
Medial
India has urged the UK to accelerate the approval process for their comprehensive economic and trade agreement, aiming for implementation within six months. This agreement, signed on July 24, will allow 99% of Indian exports to enter the UK duty-free while reducing tariffs on British products in India. The deal also benefits Indian companies like TCS and Infosys, eliminating social security contributions for employees transferred from India to the UK for up to three years.
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Would like to conclude early tranche of trade pact with US before July 9: Commerce Secretary
Economic Times
·
2m ago
Medial
India and the US are progressing well in negotiations for a trade agreement, aiming to conclude an early tranche before July 9, according to Commerce Secretary Sunil Barthwal. Both sides have conducted multiple visits to each other's countries for discussions. The US had imposed an additional 26% reciprocal tariff on Indian goods, temporarily suspended until July 9, while a 10% baseline tariff remains. The talks are on track to meet the set deadlines.
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FTA with India brings 'genuine' competitive advantage, UK Parliament told
Economic Times
·
2m ago
Medial
The Free Trade Agreement (FTA) between India and the UK grants the UK a competitive edge in the manufacturing sector, according to UK Business and Trade Secretary Jonathan Reynolds. The pact, expected to enhance bilateral trade by GBP 25.5 billion annually, is hailed as the best deal India has offered. The agreement significantly reduces tariffs, promoting economic growth and investment. The upcoming UK-India Week will further spotlight these developments as part of the India Global Forum summit.
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India will not allow evergreening of patents: Piyush Goyal
Economic Times
·
28d ago
Medial
Commerce and Industry Minister Piyush Goyal stated that India will not permit the evergreening of patents, a practice where patent holders make minor modifications to extend their patent life. Indian patent laws require significant efficacy improvements for new patents on existing drugs. Despite requests from multinational firms to amend these laws, India upholds its robust intellectual property rights framework in trade agreements with countries like the UK and Switzerland. Additionally, Goyal emphasized collaboration with the UK in critical minerals.
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India, US may agree on interim trade pact by June 25, says report
Business Today
·
2m ago
Medial
India and the US aim to finalize an interim trade pact by June 25, to further strengthen their bilateral relationship. In 2024-25, the US remained India's largest trading partner, with trade totaling $131.84 billion. India seeks duty concessions on textiles, gems, jewelry, and several agricultural products, while the US requests concessions on industrial goods, automobiles, wines, and agricultural items. They aim to conclude the first phase of the agreement by September-October 2025, enhancing economic ties further.
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Union minister Piyush Goyal meets UK leaders, calls it a 'fruitful exchange' to boost economic ties
Economic Times
·
3m ago
Medial
Commerce and Industry Minister Piyush Goyal met with UK leaders to boost economic ties, discussing deepening cooperation. Earlier, Prime Ministers Modi and Starmer discussed trade at the G-20 Summit. India and the UK resumed trade negotiations, focusing on security, technology, climate, and more. From April to September 2024, India's exports to the UK grew by 12.38%, highlighting strong trade relationships. The UK is crucial for India's USD 1 trillion export target by 2030.
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Piyush Goyal likely to meet exporters on April 9 when reciprocal tariffs take effect
Business Today
·
4m ago
Medial
Commerce and Industry Minister Piyush Goyal plans to meet exporters on April 9 to address reciprocal tariffs, notably the 26% US tariff on Indian goods. The meeting will explore strategies to mitigate tariff impacts, aiming to negotiate a bilateral trade agreement with the US and fast-track deals with other countries. Exporters seek government support through reinstating export incentive schemes. This follows Goyal's discussions with export councils on US trade issues in March.
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'You can’t walk in there': Trump calls full access to India 'unthinkable' amid trade talks
Economic Times
·
1m ago
Medial
U.S. President Donald Trump expressed uncertainty about achieving full trade access to India amid ongoing trade discussions. While hinting at a potential agreement, Trump noted that existing market access restrictions make it challenging to envision unrestricted trade. U.S. Commerce Secretary Howard Lutnick expressed optimism about a deal in the near future, and India's Commerce Minister Piyush Goyal confirmed ongoing negotiations to create a balanced trade agreement. The discussions aim to address tariff and market access issues.
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India-US trade pact talks gain momentum, says Goyal
Economic Times
·
28d ago
Medial
Commerce and Industry Minister Piyush Goyal announced that trade agreement negotiations with the US are progressing rapidly. The US delegation will visit India for further discussions, following the recent completion of the fifth negotiation round in Washington. Both nations aim to finalize the initial phase of the agreement by September-October, targeting to increase bilateral trade from USD 191 billion to USD 500 billion. Additionally, a free trade agreement with Oman is nearing completion.
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US team to visit India on August 25 for next round of talks for trade pact
Economic Times
·
25d ago
Medial
A U.S. delegation is scheduled to visit India on August 25 for a new round of negotiations on a proposed bilateral trade agreement. Both countries aim to finalize an interim trade deal before the August 1 tariff deadline. Key discussion points include U.S. demands for duty concessions on agricultural and industrial goods and India's requests for tariff relief in sectors like textiles and electronics. Talks are expected to conclude a first phase by September-October.
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US trade pact set for early finish: Piyush Goyal
Economic Times
·
2m ago
Medial
India and the US aim to finalize a bilateral trade agreement by fall 2025, as discussed by Commerce Minister Piyush Goyal. India is pursuing multiple free trade agreements (FTAs) with various advanced economies and focusing on ease of doing business, deregulation, and economic stability. The government is also addressing supply chain challenges and encouraging investment. India's IT services exports remain crucial, with ongoing strategies to adapt and thrive amid AI advancements and global market changes.
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