India likely to enter into FTA with EAEU countries
The Dollar Business Bureau The Joint DGFT of Mumbai has issued an official communique TRADE NOTICE NO.1/2018 today notifying that the Indian Government intends to enter into an Free trade Agreement, this year with the Eurasian Economic Union (EAEU) consisting of countries Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Through the notification the Department of Commerce intends to conduct a stakeholder’s consultation with various business houses of Mumbai, trading bodies, Ministry of Industries and the Govt of Maharashtra to understand the challenges/benefits that the FTA could generate. This is specific to the firms located in Maharashtra. According to the notification the DGFT feels that some sectors could be affected due to the India-EAEU FTA. These being Agricultural products (especially Fish products, coffee, oil cakes ...
India, Russia review joint projects before Modi-Putin summit
The Dollar Business Bureau As India and Russia gear up for a summit on June 1 between Prime Minister Narendra Modi and Russian President Vladimir Putin, the two sides on Wednesday agreed to take forward joint projects in various sectors such as nuclear energy and collaborative projects in other countries. Both sides reviewed the progress on implementation of several key joint initiatives in economic areas at the India-Russia Inter-Governmental Commission on Trade, Economic and Cultural Cooperation (IRIGC-TEC) meeting, a forum for addressing key issues related to bilateral ties. During the meet, there was convergence of interests and views on a range of issues, according to a statement by the Ministry of External Affairs (MEA). The meeting was co-chaired by Indian External Affairs Minister Sushma Swaraj and Russia’s ...
Chinese envoy proposes action plan to resolve Sino-India differences
The Dollar Business Bureau Extending an olive branch to India, Chinese envoy Luo Zhaohui proposed a four-pronged plan to resolve disputes, and further a friendly Sino-Indian bilateral cooperation. “Firstly, start negotiation on a China-India Treaty of Good Neighbourliness and Friendly Cooperation. Secondly, restart negotiation of China-India Free Trade Agreement. Thirdly, strive for an early harvest on the border issue. Fourthly, actively explore the feasibility of aligning China’s ‘One Belt One Road Initiative, and India's 'Act East Policy',” Luo said, in his address to the United Service Institution on May 5, 2017. While many sensitive issues, including China’s opposition to India’s Nuclear Suppliers Group (NSG) membership, have put daylight between the two nations, this move showcases China’s willingness to meet India half-way through. Speaking ...
Trump softens stand on NAFTA, agrees to renegotiate
The Dollar Business Bureau In a recent telephonic conversation with the Canadian Prime Minister and Mexican President, Trump agreed to renegotiate NAFTA instead of scrapping the trilateral trade deal. On his twitter account, he stated, “I received calls from the President of Mexico and the Prime Minister of Canada asking to renegotiate NAFTA rather than terminate. I agreed – subject to the fact that if we do not reach a fair deal for all, we will then terminate NAFTA. Relationships are good-deal very possible!” Many on either side of the border are breathing a sigh of relief as Trump softens his stance on termination of the deal which is more than two decades old. However, Trump continues to stress that the deal was ...
Jt-Study commissioned to evaluate Indo-Georgian FTA
The Dollar Business Bureau Trade ministries from India and Georgia have agreed to a joint feasibility study to evaluate the comprehensive India-Georgia free trade agreement. An agreement for a “joint-feasibility-study” was signed on 11th April 2017 between Giorgio Gakharia, Georgian Minister for Economy and Nirmala Sitharaman, the minister for commerce and Industry at New Delhi, officially indicating the start of a comprehensive study for an FTA. Joint Secretary- Foreign Trade (CIS), Department of Commerce, and Genadi Arveladze, the Deputy Minister of Economy and Sustainable Development of Georgia would be leading the Indian and Georgian side respectively within the study. The study would comprise officials from both the countries, and upon successful completion, the ministries would proceed to negotiations on an FTA. The study ...
India, UK look for possibility of FTA after Brexit
The Dollar Business Bureau With Britain formally leaving the 27-nation trading bloc of European Union (EU), India and UK may look for a possibility of a free trade agreement (FTA). The FTA’s possibility came up during talks between Arun Jaitley, India’s Finance Minister and Philip Hammond, UK Chancellor of the Exchequer at the 9th UK-India Economic and Financial Dialogue wherein the UK pitched for enhanced trade ties with India. India said that a formal discussion on the possibility of a bilateral trade pact can only start after concluding of the Brexit, which is likely to take around two years. Last month, the UK Parliament cleared the Brexit Bill, which paved the way for Britain exiting the EU. Jaitley said India has stated in its communication ...
British MPs ask govt. to make India a trade priority post-Brexit
The Dollar Business Bureau Four UK’s Members of Parliament (MPs) have asked the British government to make it a priority to strengthen trade relations with India after Brexit. During a debate on Thursday in Westminster Hall of Parliament on Commonwealth Trade, Jake Berry, a Conservative party MP led calls to focus on India as the UK exits the European Union (EU). “We need to open trade deal talks with India. We will be helped significantly by the Indian diaspora of 1.4 million people, which creates strong cultural ties between our nations, and by the fact that India is currently UK's largest export market in the Commonwealth. The Government must make it a priority next month,” Berry said. He cited a latest Commonwealth study that ...
Government needs to reevaluate FTAs with South Korea, Japan
The Dollar Business Bureau Essar Group on Friday said India must re-evaluate its free trade agreements (FTA) with many partners, including South Korea and Japan, as their duty-free imports stance is hurting Indian steel manufacturers. Addressing a conference in New Delhi, Essar Group Director Prashant Ruia said, “It will be in the interest of the industry to re-evaluate the free-trade agreements we have with Japan, Korea and Thailand that are permitting duty-free imports and are hurting the domestic steel producers.” Ruia further said the anti-dumping duty and safeguard measures taken by the Indian government have helped to safeguard the domestic steel sector against the onslaught of unfair dumping of the metal. Many other steel-manufacturing countries such as the US and Europe have also adopted ...
