Tag: FTA

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Piyush Goyal to visit UK with focus on FTA

During the visit, the minister will engage in high-level meetings with his UK counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries…reports Asian Lite News

India’s Commerce and Industry Minister Piyush Goyal is set to embark on a visit to the United Kingdom from July 10-11, with the aim of assessing the progress of negotiations for a free trade agreement (FTA) between the two nations. The primary focus of the Minister’s visit will be on the ongoing FTA discussions between India and the UK.

Goyal will also engage in talks with ministers representing the member countries of the European Free Trade Association (EFTA) to review the advancement of a trade pact.

This visit assumes significance as both India and the UK are committed to strengthening their economic ties and exploring opportunities for enhanced bilateral trade.

The discussions during the visit are expected to contribute towards fostering a favorable environment for increased economic cooperation between the two countries.

“With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two nations,” PTI quoted the official statement as reading.

During the visit, the minister will engage in high-level meetings with his UK counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries.

“These meetings will provide an opportunity to discuss the key priorities and objectives of the FTA negotiations, with a focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights,” it said.

In addition to his visit to Switzerland, Commerce and Industry Minister Piyush Goyal will hold meetings with ministers and officials from the European Free Trade Association (EFTA) member countries, namely Switzerland, Norway, Iceland and Liechtenstein.

The objective of these meetings is to evaluate the advancements achieved thus far in the ongoing negotiations of the Trade and Economic Partnership Agreement (TEPA).

The TEPA seeks to bolster trade and economic collaboration between India and the EFTA member nations. The agreement aims to create a favorable environment that promotes higher investments, diminishes trade obstacles, and facilitates increased market access for all parties involved.

Negotiations for a trade agreement between India and the UK were launched on January 13, 2021.

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New Zealand to sign NZ-EU Free Trade Agreement

New Zealand will also sign the Horizon Europe Association Agreement…reports Asian Lite News

New Zealand Prime Minister Chris Hipkins will travel to Brussels on Friday to witness the signing of an Free Trade Agreement (FTA) with the European Union (EU).

The FTA will deliver immediate tariff savings on New Zealand exports to the EU of about NZ$100 million ($61 million) a year when it enters into force, Hipkins said on Tuesday.

Modelling suggests exports to the EU will increase by up to NZ$1.8 billion per annum and add up to NZ$1.4 billion to New Zealand’s GDP per year once fully implemented.

“This is an important milestone towards entry into force of this high-quality and historic free trade agreement,” Hipkins said.

New Zealand will also sign the Horizon Europe Association Agreement.

Horizon Europe is the EU’s main research and innovation framework and funding platform, Hipkins said, adding that it is also the largest multilateral research program in the world.

Associating with Horizon Europe will provide new opportunities for New Zealand scientists to collaborate with European partners on research to address major global challenges such as climate change, energy and health, he said.

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‘Joint commitment from India, UK for an ambitious FTA’

New Delhi, Apr 11 (ANI): British High Commissioner to India Christina Scott speaks to media over negotiations on Free Trade Agreement between India and the United Kingdom, in New Delhi on Tuesday. (ANI Photo)

India and the UK have been negotiating an FTA since January last year, aiming towards a comprehensive pact that is expected to enhance the bilateral trade relationship significantly…reports Asian Lite News

British Acting High Commissioner to India, Christina Scott on Tuesday said that while the tenth round of Free Trade Agreement (FTA) negotiations is ongoing, there is a ‘joint commitment’ from both the United Kingdom and India to double the amount of trade between the two countries by 2030. “This weekend in Delhi, we are having the 10th round of negotiations. What is clear is that there is a joint commitment from both governments to double the amount of trade between our two counties by 2030. I really hope that the negotiating teams are cracking on with that this week so that we can agree on a modern, forward-looking and ambitious FTA that will benefit both the countries,” said the Acting High Commissioner.

India and the UK have been negotiating an FTA since January last year, aiming towards a comprehensive pact that is expected to enhance the bilateral trade relationship significantly.

While the 10th round of the negotiations is underway in New Delhi, both countries held their ninth round of talks during April 24-28 this year. They were conducted in a hybrid fashion for which a number of officials from India travelled to London and others attended virtually. During the round, detailed discussions took place across a range of policy areas.

Earlier, during the visit of Prime Minister Narendra Modi to Hiroshima, Japan, both leaders had a discussion on India-UK FTA.

“The two leaders reviewed their Comprehensive Strategic Partnership, including taking stock of progress in India-UK FTA negotiations. Leaders agreed to deepen cooperation across a wide range of areas, such as trade & investment, science & technology, higher education, and people-to-people relationships,” read a statement released by the Ministry of External Affairs.

Speaking about the meeting, Scott said that during the meeting, both reasserted their commitment to work together on the FTA.

“When the two Prime Ministers last met in Hiroshima in the margins of the G7 summit, they re-asserted the commitment to working together on an ambitious free trade agreement between our two countries”, she said. (ANI)

ALSO READ-New Zealand-Britain FTA takes effect

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New Zealand-Britain FTA takes effect

New Zealand Prime Minister Chris Hipkins and the UK's Rishi Sunak.(Pic credit:Instagram)

Minister for Trade and Export Growth Damien O’Connor said the wine industry is New Zealand’s biggest export to Britain and will see at least NZ$25 million in tariffs disappear overnight…reports Asian Lite News

New Zealand Prime Minister Chris Hipkins on Wednesday announced that Free Trade Agreement (FTA) between his country and the UK has come into force.

In a statement, Hipkins said that the benefits which will begin flowing from the FTA will provide a further big boost to New Zealand’s economy and will bring an up to NZ$1 billion ($600 million) increase to the country’s annual GDP.

“The economy is through the worst, with inflation having peaked and returning to the target range next year, good growth, and more workers coming in to help with skill shortages,” Hipkins said.

New Zealand businesses will immediately save around NZ$37 million from Wednesday, with the instant elimination of tariffs and new duty-free quotas covering 99.5 percent of current exports, he said.

Minister for Trade and Export Growth Damien O’Connor said the wine industry is New Zealand’s biggest export to Britain and will see at least NZ$25 million in tariffs disappear overnight.

Honey producers will no longer face a 16-per cent duty, and the dairy and red meat sectors will transition to duty- and quota-free access for the first time in 50 years.

The proportion of New Zealand export goods covered by an FTA has expanded from 52.5 per cent to 73.5 per cent since 2017 and shows the importance of these agreements to growing exports, O’Connor said.

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Jaishankar, Lord Ahmad discuss FTA, Indo-Pacific

UK government said strengthening the relationship with India is a key pillar of the UK’s long-term foreign policy…reports Asian Lite News

External Affairs Minister S Jaishankar on Monday held a meeting with Minister of State for Foreign, Commonwealth & Development Affairs Lord Tariq Ahmad and discussed a range of issues including Free Trade Agreement, Indo-Pacific and G20.

“Met with UK MOS Lord @tariqahmadbt today in New Delhi. Discussed a broad range of issues, from FTA and South Asia to Indo-Pacific and G20. Underlined the obligation to ensure security of our diplomatic missions and prevent misuse of democratic freedoms,” Jaishankar said in a tweet. UK and India are working towards a mutually beneficial Free Trade Agreement (FTA). The ninth round of negotiations for a free trade agreement between India and the UK was held from April 24 to 28.

Lord Tariq Ahmad, who is Minister of State for Foreign Commonwealth & Development Affairs (South Asia, MEastNAfrica, UN, Human Rights) PM’s Special Envoy for Preventing Sexual Violence, landed in India on May 27. After his arrival in India, he travelled to Jodhpur.

“…I arrived in Jodhpur, my maternal ancestral home. 76 years after my mother bid farewell to the Blue City I say ‘Salaam Jodhpur- Namaste Rajasthan’,” he said in a tweet.

“Jodhpur’s Mehrangarh Fort is steeped in a rich and diverse history. Pleasure touring the fort today to learn more about its architecture, restoration and conservation work,” he added.

The UK government had said that focus of Lord Tariq Ahmad’s visit on science, technology and innovation emphasises the UK’s commitment to deepening partnerships in these areas across the globe – evidenced by the recent announcement of a new Tech Envoy to the Indo-Pacific.

“Strengthening the UK-India relationship is a key pillar of the UK’s long-term foreign policy, as part of its enduring engagement in the Indo-Pacific set out in the Integrated Review Refresh,” it said.

UK and India are working towards a mutually beneficial Free Trade Agreement (FTA). The ninth round of negotiations for a free trade agreement between India and the UK was held from April 24 to 28.

The British High Commission in India in a statement said, “An ambitious, balanced FTA would boost our current trading relationship, worth £36 billion in 2022. ” Round nine of negotiations for a free trade agreement between the United Kingdom and the Republic of India

“A trade deal with India supports the government’s growth strategy to take advantage of the UK’s status as an independent trading nation, creating new trade and investment opportunities and championing free trade,” the British High Commission in India said in a statement.

In the statement, Lord Ahmad called India and UK “trusted partners.” He said that India and UK are deepening collaboration on science and technology.

“The UK and India are trusted partners united by the unique living bridge that closely connects our countries and people,” Lord Ahmad said in a statement.

“Building on the 2030 Roadmap for India-UK future relations, we are deepening our collaboration on science and technology, bringing new innovations to both our nations,” he added.

Lord Ahmad meets Shringla

Lord Ahmad, who is on a 5-day visit to India, met the former foreign secretary Harsh Vardhan Shringla in Delhi on Monday.

Apart from the UK Minister, the former Foreign Secretary also had a brief interaction with British deputy high commissioner Christina Scott. “A great pleasure to meet Lord @tariqahmadbt, UK Minister in FCO and @CScottFCDO, UK Deputy High Commissioner @UKinIndia,” Shringla said, taking to Twitter.

During his visit, Lord Ahmad will travel to Hyderabad. He will highlight science and tech innovations with trips to T-Hub and T-Works, the technology start-up incubator and prototyping facility which are part of the world’s largest innovation campus, and space launch vehicle company Skyroot.

Lord Ahmad will visit the National Institute of Animal Biotechnology and hold discussions on the further potential for science and technology collaboration with Indian alumni of Chevening, the UK’s flagship international scholarship programme.

Christina Scott, Acting British High Commissioner to India in the statement said, “The UK and India enjoy an invaluable partnership. As we deliver the UK-India Roadmap 2030, we are deepening and accelerating our collaboration on health, climate, trade, education, science and technology, and defence. “

Scott further said, “With India’s Presidency of the G20, we have an opportunity also for the UK and India to work together to shape and deliver solutions to global problems.” Notably, India assumed the G20 Presidency on December 1. (ANI)

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Tenth round of FTA talks with UK next month in India

UK demands encompass free cross-border data flows and a ban on data localisation requirements; preventing the mandatory transfer of source codes, algorithms and encryption keys…reports Asian Lite News

Trade officials of India and UK are set to sit across the negotiating table for the tenth round of talks next month in India between 5 to 9th June, Directorate General of Foreign TTrade (DGFT) Santosh Sarangi said at a press briefing on Monday.

India-UK began trade talks in January 2021 but missed the Diwali deadline amid political uncertainty in the UK. However, both sides have refrained from giving out a deadline to complete talks.

The commerce ministry informed that investment is being negotiated as a separate agreement – (Bilateral Investment Treaty) and would be concluded simultaneously with India-UK FTA.

“About 13 chapters have been substantially closed for negotiators and significant progress in other chapters have been made,” the ministry said.

The UK and India continue to differ on the issue of cross-border data flows as India’s requirement for data localisation is a major potential stumbling block, a report tabled in UK’s House of Commons on India-UK trade negotiations said.

UK demands encompass free cross-border data flows and a ban on data localisation requirements; preventing the mandatory transfer of source codes, algorithms and encryption keys.

“However, the UK and India appear to be very far apart on these issues. A major potential stumbling block in this regard has been the Indian government’s pursuit of legislation that could have the effect of requiring data localisation,” International Trade Committee report said.

The committee further said that it remains to be seen how far the latest iteration of draft Indian data legislation, the Digital Data Protection Bill, will prove an obstacle to fulfilling the UK’s offensive interests in this regard

As per a joint statement released by India and UK, UK and India held the ninth round of talks during 24-28 April for a UK-India FTA in London.

“As with previous rounds, these were conducted in a hybrid fashion – a number of officials from India traveled to London and others attended virtually.During the round, detailed discussions took place across a range of policy areas,” the statement read.

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FTA talks with India going well, says Baroness Verma

Baroness Verma also talked about India’s G20 presidency which she believes New Delhi is going to demonstrate that they have got a very clear vision of what is expected out of their presidency…reports Asian Lite News

United Kingdom House of Lords Member Baroness Verma on Saturday said the UK and India will have a great Free Trade Agreement (FTA) deal and that the negotiations between the two countries are going well.

Baroness Verma told ANI, “I think first of all my expectations are we’re going to have a great FTA and I think it’s a very complicated, complex agreement. And we can’t expect things that are so complicated and so complex to be done overnight. But I know from all the conversations we’ve had, that everybody is working incredibly hard on all of the negotiations, and it’s going well.” Expressing her views on the next FTA meeting, she said, “I think every meeting is critical. I think every meeting we have is a positive meeting and of course, if you’re negotiating at that level, there will be times when it does take a little longer than what people want. But that doesn’t mean that the FTA stalled. It just means that we’re working through it and I’m very optimistic.”

Talking about the target for trade between India and UK in terms of numbers, she mentioned both countries should look at maximising the relationship and outcome.

“I think we should go for the maximum that we can in each other’s relationship of building on what we can as a country work with India and how India can work with us,” she added.

Verma further said, both countries working closely on climate change issues, sustainability and solutions as the green sector is going to grow from strength to strength.

Baroness Verma also talked about India’s G20 presidency which she believes New Delhi is going to demonstrate that they have got a very clear vision of what is expected out of their presidency.

Notably, Union Finance Minister Nirmala Sitharaman on Monday (local time) while speaking at the Peterson Institute for International Economics (PIIE) on Free Trade Agreements in Washington said that FTAs were being signed in a much faster way nowadays and also informed that the India-UK Free Trade Agreement (FTA) negotiations were going on as she spoke.

This confirmation came at a time when a recent report suggested that the FTA talks between the two countries are suspended over the UK’s failure to denounce vandalism by Khalistani supporters outside the Indian High Commission in London in March.

“Free Trade Agreements are being signed in a much faster way nowadays. We’ve just concluded one with Australia. Earlier we concluded with UAE, Mauritius and with ASEAN. We have extended quota-free and tariff-free regime to Least Developed Countries,” the Finance Minister said.

Earlier in the month, India had dismissed as “baseless” reports in British media stating that it had halted talks for a free trade agreement with the United Kingdom over the attack on the Indian high commission in London in March, government sources said.

London-based newspaper The Times in its April 10 edition, citing senior British government sources, reported that the Indian government has “disengaged” from trade talks and made it clear that there would be no progress “without a public condemnation of the Khalistan movement.”

Notably, the India-UK Free Trade Agreement talks were launched on June 17, 2022. (ANI)

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Goyal: Permanent immigration visas not part of any FTAs

Goyal said that the negotiations with the UK, EU and Canada are progressing fast….reports Asian Lite News

India is not seeking permanent immigration visas from any country under a Free Trade Agreement (FTA) and is only looking to engage with trading partners on mobility like temporary visas for students, Commerce and Industry Minister Piyush Goyal said on Thursday.

He said that some people mix up mobility and immigration but they are two separate subjects. Mobility is about expanding trade, business, and providing temporary visas for people who visit a country either for work or for studies, he said.

“India is not seeking permanent immigration visas from any country… We are only looking to engage with countries on mobility. We are concerned only about our ability to give services for business and investments through temporary visas, for students who take training in the post-study period… (and) for which we have found a lot of acceptance in all the countries with which we are talking,” Union Commerce Minister told reporters here.

He added that post-Covid, the world is realising that remote working is a great success and in fact, this will open up huge opportunities for “our” young boys and girls from smaller towns and tier 2 and 3 cities.

It would also improve the competitiveness of India’s services and help the country support the global effort towards the international exchange of goods and services, he added.

He was replying to a question about apprehensions raised by some countries on the services side that India’s demand could result in a large inflow of Indian professionals in those markets.

Providing temporary visas to professionals from sectors such as IT is India’s key trade agreement demand.

He also said that the negotiations with the UK, EU and Canada are progressing fast.

When asked about a media report on issues in the ongoing talks between India and the UK, the minister said that some media speculate and look for headlines only.

India and the UK are scheduled to hold the next round of talks for the agreement on April 24.

Some of the Indian exports from sectors such as apparel are of the view that the trade pact with the UK would help them push exports worth about USD one billion after the agreement comes into force.

Indian authorities have recently dismissed reports that India-UK trade talks have been stalled over the recent attacks involving pro-Khalistan groups in London.

According to British media reports, New Delhi has stalled negotiations with the UK over a free trade agreement (FTA) as it wants tougher action against these groups behind the attack on the Indian High Commission in London last month. (By Shailesh Yadav/ANI)

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UK ‘determined’ to work for FTA with India

The remarks by a senior UK diplomat in India come after Indian officials denied a report, which claimed that New Delhi had stalled trade negotiations, reports Ayushi Agarwal

British deputy high commissioner Christina Scott on Tuesday said that negotiations on the Free Trade Agreement between India and the United Kingdom are continuing and both countries are “determined” to work together. The remarks by the senior UK diplomat in India come after Indian officials dismissed as “baseless” a report in The Times, which claimed that New Delhi had stalled negotiations due to its concerns that the British government had failed to condemn the recent attack on the High Commission in London by pro-Khalistan supporters.

In an interview, Scott said, “I can’t comment on yesterday’s report, I have not seen those reports but what I can say is that negotiations are continuing on free trade agreement. We are determined that we can continue to work together to find a free trade agreement that supports British and Indian businesses.”

London-based newspaper The Times in its April 10 edition cited senior British government sources to report that the Indian government has “disengaged” from talks for a free-trade agreement (FTA) with the UK and had made it clear that there would be no progress “without a public condemnation of the Khalistan movement.”

However, government sources in New Delhi denied the “baseless” report.

Meanwhile, a spokesperson of the UK Department for Business and Trade on April 10 said that British Foreign Secretary James Cleverly has condemned the recent acts of violence at the Indian High Commission in London adding that Metropolitan Police were reviewing security and changes were being made to ensure safety,

Cleverly also said that both UK and India are committed to delivering an ambitious and mutually beneficial Foreign Trade Agreement and concluded the latest round of trade talks last month, the spokesperson said.

Speaking on the current situation in London following the recent incidents of vandalism, British deputy high commissioner Christina Scott said, “The situation right now is calm but let me just repeat the assurances that my ministers have made that we take extremely seriously the Security of the Indian High Commission in London. We are working very closely with them to make sure that the security is maintained.”

On March 19 this year, protesters holding Khalistan banners staged a demonstration outside the Indian High Commission in London. One of the protesters climbed up its balcony and pulled down the Indian national flag of India.

In a video of the incident, which has since gone viral on social media, a protester is seen on the balcony attempting to bring down the Indian flag. At the end of the video, another man is seen reaching the balcony and wresting the Tricolour back from the Khalistan supporter.

India and UK.(photo:pixabay.com)

The British High Commissioner to India Alex Ellis had also condemned the attack on the Indian High Commission in London as “disgraceful acts” and called it “totally unacceptable.”

After the incident, India had summoned deputy high commissioner Christina Scott, to lodge a protest.

“It is expected that the UK Government would take immediate steps to identify, arrest and prosecute each one of those involved in today’s incident, and put in place stringent measures to prevent the recurrence of such incidents,” according to an official press release by the Ministry of External Affairs (MEA). (ANI)

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India, GCC agree for early finalisation of FTA

The two sides appreciated the progress in relations between India-GCC countries built on historical ties, coupled with growing trade and investment, and the presence of approximately 8.5 million Indian diaspora in the region…reports Asian Lite News

The first round of the India-Gulf Cooperation Council (GCC) Senior Officers Meeting (SOM) was held today in Riyadh. The two sides conveyed happiness over the progress in trade and investment between India-GCC countries.

They also agreed for an early finalisation of the India-GCC Free Trade Agreement (FTA), the Ministry of External Affairs (MEA) said in the press release. The Indian delegation was led by Ausaf Sayeed, Secretary(CPV&OIA) while the GCC delegation was led by Abdul Aziz Bin Hamad Al-Owaishaq, Assistant Secretary-General for Political Affairs and Negotiations, GCC.

Ausaf Sayeed called for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism. The two sides proposed the formation of Joint Working Groups to cater to particular areas of cooperation between India and GCC countries.

“Secretary(CPV&OIA) invited for more collaboration between India and GCC countries in renewable energy, food security, health, IT sector and counter-terrorism,” the Ministry of External Affairs said in the press release.

It further said, “Both sides proposed formation of Joint Working Groups to cater to particular areas of cooperation between India and GCC countries. These joint working groups would be headed by experts and would ensure regular and continuous progress across priority sectors.”

The two sides looked forward for an early convention of the India-GCC TROIKA meeting at Foreign Minister level. All six member countries of the GCC attended the meeting. The India-GCC SOM meeting was held pursuant to the MOU signed on the India-GCC Mechanism of Consultation during External Affairs Minister S Jaishankar’s visit to Riyadh in September 2022.

According to the press release, the two sides appreciated the progress in relations between India-GCC countries built on historical ties, coupled with growing trade and investment, and the presence of approximately 8.5 million Indian diaspora in the region.

The MEA in the press release said, “GCC as a trade bloc is the largest trade partner to India with a total trade of USD 154 Billion in FY 2021-22 They agreed that people-to-people ties need to be further enhanced. The discussion also focused upon regional issues of importance.”

Ausaf Sayeed, Secretary(CPV&OIA) also held a meeting with Gulf Cooperation Council Secretary General. GCC in a tweet wrote, “During his meeting with the Undersecretary of the Ministry of Foreign Affairs of the Republic of India. The Secretary General of the Gulf Cooperation Council stresses the importance of strengthening the Gulf-Indian strategic relations to serve common interests.” (ANI)

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