Among the FTAs which have affected Indian domestic industry adversely, the India-Korea CEPA, signed in 2009, has been significant. India had a trade deficit with South Korea of around $4.5 billion in 2009, and increased to $11.5 billion in 2018.
Minorities in India are more supportive of trade liberalization than other groups, suggests a new study
The proposed free trade agreement has been in works for long as the two sides are yet to bridge substantial gaps on crucial issues.
The ambitious long-term goal of securing a free trade deal with the world's second-largest economy comes as May begins a three-day visit to China accompanied by businesses from sectors where Britain feels it can capitalise on China's growing middle class consumers and rapidly expanding services sector.
Li, who was meeting with the heads of global organisations including International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim in Beijing, said that countries should maintain free trade.
The ministers are expected to take stock of the report of the joint study group on the feasibility of a free trade agreement (FTA) between the India and the Eurasian Economic Union (EAEU) and decide on the timeframe for bilateral negotiations and components of the proposed pact.
"If you want to get more inclusive growth, you need more free trade," Germany's Minister of Finance Wolfgang Schauble said at the World Economic Forum (WEF) meet here.
According to her, forces of free trade and globalisation that have harnessed wealth and opportunities across the world and broken down the barriers are somehow at risk of being undermined.
The Cabinet of Indian Prime Minister Narendra Modi approved a feasibility study on the proposed deal on Wednesday, clearing the way for the start of formal talks, Peru's Trade Ministry said in a statement.
The Asia Pacific Economic Cooperation forum also closed with a joint pledge to work toward a sweeping new free trade agreement that would include all 21 members as a path to "sustainable, balanced and inclusive growth," despite the political climate.
Belgian political leaders have reached a consensus in support of the landmark EU-Canada trade deal, Prime Minister Charles Michel said today, raising hopes it can be signed soon.
"Observers have focused their eyes on New Delhi and have one question in mind: How much courage will it take for the trade ministers from BRICS countries gathering there on Thursday for the summit meeting to promote greater cooperation?" an article in the state-run Global Times said.
"On the Free Trade areas, India has been certainly slower than other countries," Panagariya said here at a discussion organised by the Asia Society Policy Institute on the two years of the Indian government responding to whether trade-led growth is a priority for the government.
"Largely, the conversation is around better understanding of its desire for membership in APEC and India's approach and philosophy as it comes into largely economically focused body on important issues of open free and fair trade," Indian- American Assistant Secretary of State for South and Central Asia Nisha Desai Biswal said yesterday.
In the session, a detailed presentation on FTAs which have already been implemented and those under negotiations would be given by the officials of the Commerce Ministry, an official said.
"India's Free Trade Agreements (FTAs) with various countries are not being leveraged fully by Indian exporters. Our department is ready to assist our exporters in leveraging these FTAs better," Commerce Secretary Rita Teaotia said after inaugurating 'CAPINDIA 2016' exhibition here.
The representatives of association yesterday met Commerce and Industry Minister Nirmala Sitharaman and and sought changes in the marble import policy.
The CECA negotiations, which started in 2011, are aimed at liberalising trade in goods and services besides creating a level-playing field to boost investments. Both the countries have aimed at completing the negotiations by the end of this year.
Bilateral trade between Australia and India has been pegged at Australian dollars (AUD) 15 billion and the two sides have set a target to lift it to AUD 50 billion.
In a veiled warning to the domestic auto sector, the Commerce Ministry today said it cannot continue providing protection to the industry while duty barriers are coming down all over the world.
Cooking gas will be sold at selected petrol pumps in metro cities after the government allowed the sale of small 5-kg cylinders. These will make up for 3 percent of over 47,000 petrol pumps in India.
India's most ambitious free trade deal with European Union has hit a major stumbling block. The deal will not be ready for signing any time soon, and will definitely miss the targeted deadline of December 2012, reports CNBC-TV18‘s Rituparna Bhuyan quoting sources.
Belgium today hoped the ongoing negotiations for India-EU free trade agreement will conclude by end of this year, as it sought access to the country's public procurement market.
Canada today said it wants to conclude the ongoing negotiations for a comprehensive market opening pact with India by 2013.