Bengaluru: Minister of Commerce and Industry Piyush Goyal On Tuesday, a meeting was held to review the ongoing Free Trade Agreement (FTA) talks with various countries.
Taking to Twitter, Goyal said the deliberations were focused on ways to intensify dialogue to achieve mutually beneficial FTAs, paving the way for increased exports, investment and people-to-people ties. This comes at a time when India is negotiating free trade agreements with several countries including the UK, Canada, Israel and the European Union.
India and Canada are set to start the fourth round of talks next month. New Delhi and Ottawa resumed trade talks in March after a gap of nearly 10 years. While India is looking for duty-free access to its textile and apparel products, as well as easier norms for movement of Indian professionals, Canada may be looking for greater market access for its wine, dairy and agricultural products. India and the UK last month concluded the fifth round of talks for a free trade agreement (FTA) and are aiming to conclude the agreement by October. The agreement is projected to double India-UK bilateral trade to $100 billion by 2030.
The India-UAE Comprehensive Economic Partnership Agreement entered into force on May 1, which immediately abolished duties for 90% of India’s exports in value terms to the UAE, covering sectors including gems and jewellery, textiles, leather and engineering goods, among others. .
The treaty, negotiated in a record 88 days, was signed between the two sides on 18 February. This is the first major free trade agreement signed by the Narendra Modi-led government since it came to power in 2014 and is likely to benefit Indian products worth around US$26 billion, which is subject to a 5% import duty imposed by the UAE. are under.
Meanwhile, an interim agreement with Australia called the Economic Cooperation and Trade Agreement (ECTA) was signed on April 2, giving India duty-free access to 95% of the tariff lines it exports to Canberra, including textiles, leather, furniture, jewellery, and machinery. Select medical equipment. India has offered immediate tariff elimination on 40% of its tariff lines, which comprise 85% of Australia’s exports in value terms to India and in its other 30.3% of tariff lines over a period of 3,5,7 and 10 years. There will be a reduction or reduction in tariffs. , However, the agreement is yet to be approved by the Australian Parliament. Negotiations for a full agreement are likely to begin in a few months.
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