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Sheela Mamidenna Earlier in 2017, the Prime Minister Narendra Modi while addressing a geopolitical conference said, “Our economic and political rise represents a regional and global opportunity of great significance. It is a force for peace, for stability and an engine for regional and global prosperity. For my government, this has meant a path of international engagement focussed on building development partnerships that extend from the islands of the Indian Ocean and Pacific to the islands of the Caribbean and from the great continent of Africa to the Americas. Creating Indian narratives on global challenges.”  Well, for that matter, trade agreements play an important role in leveraging a country’s economic growth. Concurring to it, our globetrotting Prime Minister has made more than ...

The Dollar Business Bureau The Commerce and Industry Minister Nirmala Sitharaman, while expressing her optimism on the exports sector, said on Tuesday that change is happening gradually and the demand is slowly picking up. The minister said that exports are decreasing in terms of value due to factors such as currency devaluation in several parts of the globe with some African countries not accepting payment in dollars. “I think the turnaround is slowly happening in exports. There is definitely a change, I think demand is slowly picking up,” Sitharaman told reporters on the outlook for exports. Exports fell by 6.74 percent to $20.5 billion, a continuous decline for 17th straight month in April, due to a sharp drop in exports of petroleum and ...

The Dollar Business Bureau Nirmala Sitharaman, Commerce and Industry Minister and Cecilia Malmstrom, European Union Commissioner for Trade met in Paris where they discussed various issues including the possibility of resuming the delayed FTA negotiations. The meeting happened on the sidelines of the Organization for Economic Co-operation and Development's (OECD) Ministerial Council. Besides the WTO related issues and the Broad-based Trade and Investment Agreement (BTIA), both the sides have considered promoting trade and Investments. The negotiations for the proposed BTIA started in June 2007. The proposal has seen a lot of hurdles with both sides facing differences in crucial issues like duty cut in automobiles and spirits, liberal visa regimes and intellectual property rights. Before this meeting in Paris, officials from both the sides have ...

Source: PTI Within a fortnight of Prime Minister Narendra Modi's visit to Brussels to attend the Indo-EU Summit, the European Union on Wednesday said it is keen to conclude the long-pending FTA with India, but both partners should first establish their objectives clearly. "We are very much interested to have such an agreement (FTA). There are certain interests on the European side as well as on the Indian side and let's first discuss them at a proper level to establish what are our objectives, what are our levels of ambitions to fix the main elements before we go into more negotiations," EU Ambassador to India Tomasz Kozlowski told reporters in Mumbai. Talks for the free trade agreement (FTA), officially known as the Broad-based ...

The Dollar Business Bureau The government on Wednesday decided to defer the proposed talks between the chief negotiators on India–European Union Broad-based Investment and Trade Agreement (EU-BTIA) for the present. The decision was taken as the government is disappointed and concerned by the action of EU in imposing legally binding ban on the sale of around 700 pharma products clinically tested by GVK Biosciences, Hyderabad, an official statement said. Pharmaceutical industry is one of the flagship sectors of India which has developed its reputation through strong research and safety protocols over the years and therefore the government will examine all options in this regard. It is pertinent to mention that most of these drugs are already in EU market for many years ...

Source: PTI After a gap of about two years, India and the European Union are expected to resume negotiations on August 28 on the proposed free trade agreement (FTA) to boost two-way commerce and investment. India's chief trade negotiator J S Deepak, Additional Secretary with the Commerce Ministry, and his European Union counterpart Ignacio Garcia Bercero will meet on August 28, an official said. "It would be a full-fledged round," the official said. No negotiations were held after both sides failed to bridge gaps on crucial issues in May 2013. The India-EU trade talks, formally known as the Broad-based Trade and Investment Agreement (BTIA), remain stuck as both sides are not satisfied with each other's offers. The talks were launched in ...

 The Dollar Business Bureau The collaboration between business and technology transfer is a key element that drives the India-European Union (EU) trade, said a top Commerce Ministry official on Friday. Dammu Ravi, Joint Secretary, Foreign Trade (Europe), Ministry of Commerce and Industry, said, “Make in India will drive collaborations as European companies will start producing in India, as conditions are right for that to happen and to sell goods for global markets.” The Commerce Ministry official was speaking at the inaugural session of the ‘India-EU Business Conclave’, organised by the Associated Chamber of Commerce & Industry (ASSOCHAM), in New Delhi, on Friday. Speaking at the event, the official further said the businesses in India need to adopt technologies in ...