India, EU discusses progress of proposed free trade agreement
India and the European Union (EU) on Friday discussed the progress of negotiations on the proposed free trade agreement (FTA), aimed at boosting two-way commerce and investments. The agreement was discussed during a meeting between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic here.
India, Oman close to signing trade pact
The proposed India-Oman comprehensive economic partnership agreement is close to conclusion except for a few issues that are yet to be resolved, an official said. The "Omanisation" policy, which mandates employment of Omani nationals in the private sector, and its market access demands for petrochemical products are some of the remaining issues. New Delhi has insisted that the sector-specific quotas for compulsory employment of Omanis must be frozen at the current levels for India and not increased after CEPA is signed. This assumes significance as the quotas are periodically revised and can vary between 15% and 30%. "We want the existing regime of Omanisation to become permanent for us so that it doesn't become more restrictive in future, especially after the CEPA is signed," the official said.
India-UK FTA revs up trade: Duty cuts on premium cars, yoga visas, & open bids on the table
New Delhi: India's duty cuts on British automobile imports are largely in the premium segment and the Carbon Border Adjustment Mechanism (CBAM) is not part of the bilateral free trade agreement, a UK official said. Under the India-UK FTA, tariffs for a limited quota of vehicles will be lowered to 10% from the current more than 100%. The two sides have protected each other's sensitivities, the official said, adding that the dairy sector is sensitive for India while sugar and milled rice are sensitive for the UK.
Indian export consignments gradually resuming through Red Sea route: Exporters
New Delhi: Indian export consignments have gradually started moving through the Red Sea route again, exporters body FIEO said on Tuesday. The gradual movement signals a cautious recovery in shipments after months of disruptions on the route caused by regional tensions. Last year, the situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants.
