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Time of India
5 hours ago
- Business
- Time of India
India builds 4-lane FTA roadmap: US and EU in sight, minerals and neighbours next
India has prepared a four-part strategy for its free trade agreements (FTAs), targeting developed countries, nations rich in minerals, developing economies, and its neighbours. The first phase of this approach is expected to materialise by the end of the year, with potential deals involving the United States and the European Union. According to Times of India, negotiations are already underway with several countries, including Chile, Peru, Australia, and New Zealand. In parallel, the commerce department is ramping up its negotiating teams and is also working to ensure that exporters are actually using the available preferential tariffs. Recent data points to improved utilisation of such tariffs, especially in the case of the UAE. However, detailed numbers for each country are still being collated by the commerce department. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The Modi government, which had previously taken a cautious approach towards FTAs, is now moving with a more structured plan. This shift came after India opted out of the China-led Regional Comprehensive Economic Partnership (RCEP) a few years ago. The first pillar of the new FTA framework is focused on complementarities. "If we are competing for the same set of products, it does not make sense to have an FTA," ToI cited an official. Live Events As a result, the government's initial focus has been on developed nations. These countries, due to their higher cost structures, are not seen as direct competition in labour-intensive sectors. But this strategy also requires India to move away from its usual reluctance to reduce tariffs on sectors previously considered sensitive. These include automobiles and products like wine and alcohol. The UK trade deal has already been finalised, while agreements with the EU and US are in progress. India and Canada have also agreed to restart discussions. Among neighbouring countries, some are off the table, such as China and Pakistan. But India is open to moving ahead with talks involving nations like Sri Lanka and Mauritius. At the same time, the government is trying to secure critical minerals and resources through its trade discussions. These include countries such as Australia, where a chapter on this issue is proposed in the expanded trade pact, as well as Chile, Peru, and nations in the Gulf region. Many of these also fall under the category of developing countries, a segment expected to gain more attention in coming years. While trade negotiations are ongoing, the commerce department is also reinforcing the structure and continuity of its teams. In nearly all talks, a team led by a chief negotiator—at the rank of additional secretary—is being constituted. This is supported by two joint secretaries. Other ministries are also involved in the discussions, since trade agreements have sectoral implications. These include the ministries of agriculture, labour, and various departments handling industrial goods. To build the necessary expertise, the Indian Institute of Foreign Trade has been asked to develop training modules. These are not only for government negotiators but also for private sector participants, a senior official said. All lessons from the ongoing negotiations are being documented, and standard operating procedures (SOPs) are now being prepared to guide future talks.
Time of India
14 hours ago
- Business
- Time of India
India readies 4-pronged trade deal strategy
Representative Image NEW DELHI: India has drawn up a four-pronged strategy for free trade agreements (FTAs), focused on developed economies, mineral-rich countries, developing nations, and neighbours. The first element is likely to be in place by the year-end through agreements with the US and the European Union. But with negotiations from Chile and Peru to Australia and New Zealand underway, the commerce department is bolstering its negotiating teams while also seeking to ensure that the available preferential tariffs are used by exporters. Recent data suggests that there is now better utilisation of preferential tariffs, especially when it comes to the ones such as UAE, although disaggregated numbers for each country are still being collated by the commerce department. With the benefit of hindsight, the Modi govt, which did not proceed on any of the FTAs in the pipeline until it decided against joining China-led RCEP a few years ago, has a strategy in place with complementarities being the first pillar. "If we are competing for the same set of products, it does not make sense to have an FTA," said an official. Getting a preferential treatment As a result the first batch of FTAs are the ones with developed countries, which because of the cost structure are less competitive in the labour-intensive space, although it also meant that India has had to shun its traditional reluctance to cutting duties for some of the sectors that were regarded sensitive, such as auto and wine and alcohol. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo While the UK deal has been finalised, EU and the US are in sight and India and Canada have decided to resume dialogue. While some of India's neighbours are no-go areas, such as China and Pakistan, countries like Sri Lanka and Mauritius are among those where govt has shown a willingness to move ahead with talks. At the same time, govt is seeking to secure critical minerals and resources from countries such as Australia (where a chapter is proposed in the expanded trade pact) to Chile, Peru and countries in the Gulf region. Some of these countries also fall in the developing country bracket, a segment which is expected to be in focus in the coming years. While the negotiations go on, the commerce department has also sought to bolster its teams engaged in talks, keeping continuity as a key parameter. For almost all negotiations, a team headed by a chief negotiator, who is of the level of additional secretary, along with two joint secretaries is being put in place. There are also efforts to strengthen the skills in other ministries, given that talks are sectoral, including agriculture, labour and multiple industrial goods. The Indian Institute of Foreign Trade has been roped in to devise modules, including ones for the private sector, a senior official said. In any case, the learnings from the negotiations are being documented with SOPs now being readied. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Express Tribune
6 days ago
- Politics
- Express Tribune
India distances itself from SCO anti-Israel statement
India's FM Jaishankar discussed the situation with his Iranian counterpart, conveying global concern over developments. Photo: Reuters/ File Listen to article India has distanced itself from a statement issued by the Shanghai Cooperation Organization (SCO) condemning Israeli airstrikes on Iranian territory, saying it did not take part in the discussions that led to the joint remarks. While India, which maintains a close strategic partnership with Israel, acknowledged concerns over rising tensions in the Middle East, it opted not to endorse the SCO's collective position, maintaining an independent stance on the matter. In a statement on Saturday, the Indian Ministry of External Affairs (MEA) said New Delhi's position, articulated earlier on June 13, 'remains unchanged' and stressed that India continues to push for diplomatic avenues to resolve the situation. Read More: Iran claims downing of Israeli F-35, says female pilot captured 'We urge that channels of dialogue and diplomacy be utilized to work towards de-escalation, and it is essential that the international community undertake endeavours in that direction,' the MEA stated. It also confirmed that External Affairs Minister S Jaishankar had spoken with his Iranian counterpart, conveying what it described as the international community's 'deep concern' over recent developments. The minister also urged the 'avoidance of escalatory actions and a return to diplomatic engagement.' Our Statement on the Shanghai Cooperation Organization (SCO)⬇️ 🔗 — Randhir Jaiswal (@MEAIndia) June 14, 2025 India further noted that its stance had already been communicated to other SCO member states. 'Keeping that in mind, India did not participate in the discussions on the above-mentioned SCO statement,' the ministry concluded. The SCO, a China-led regional alliance comprising 10 Eurasian nations including Russia, Pakistan and India, had earlier issued a strongly worded statement denouncing the Israeli military strikes on June 13, which targeted multiple sites inside Iran. 'Member states of the Shanghai Cooperation Organization express deep concern over escalating tensions in the Middle East and strongly condemn the military attacks launched by the Israeli regime on the territory of the Islamic Republic of Iran,' the bloc said. The statement described the Israeli strikes as 'a blatant violation of international law and the UN Charter' and 'a serious threat to regional and global stability.' Also Read: Israel's Katz warns 'Tehran will burn' if missile strikes persist It also criticized the targeting of non-military facilities, including nuclear energy infrastructure, warning of 'dangerous consequences for international peace and security.' The SCO reaffirmed its support for a diplomatic resolution to disputes related to Iran's nuclear programme and expressed solidarity with the Iranian people and government. Member states also reiterated their commitment to the UN Charter and rejected any unlawful actions against fellow members.
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First Post
6 days ago
- Politics
- First Post
India distances itself as SCO condemns Israeli strikes on Iran
India chose not to join the SCO's unified stance. While being a founding member of the SCO, New Delhi abstained from participating in the discussions that culminated in the adoption of the statement. read more This handout picture released by the Iranian Red Crescent on June 14, 2025, show Iranian Red Crescent volunteers working in a Tehran neighbourhood hit by a reported Israeli strike. Image- AFP The Shanghai Cooperation Organisation (SCO), a China-led regional alliance comprising 10 Eurasian nations including Russia, Pakistan and India, has issued a strong condemnation of Israel's recent military strikes on Iranian territory. However, India chose not to join the bloc's unified stance. While being a founding member of the SCO, New Delhi abstained from participating in the discussions that culminated in the adoption of the statement. Instead, it maintained its diplomatic neutrality, opting to steer a middle course. STORY CONTINUES BELOW THIS AD The Ministry of External Affairs spokesperson said that India's own position on the matter had been articulated by us on 13 June 2025, and remains the same. Our Statement on the Shanghai Cooperation Organization (SCO)⬇️ 🔗 — Randhir Jaiswal (@MEAIndia) June 14, 2025 'We urge that channels of dialogue and diplomacy be utilised to work towards de-escalation and it is essential that the international community undertake endeavours in that direction.' The External Affairs Minister also discussed this matter with his Iranian counterpart yesterday and conveyed the deep concern of the international community at the turn of events. He also urged the avoidance of any escalatory steps and an early return to diplomacy. The overall position of India was communicated to other SCO members. Keeping that in mind, India did not participate in the discussions on the above-mentioned SCO statement. STORY CONTINUES BELOW THIS AD The attacks took place on 13 June 2025 and have heightened fears of a broader conflict erupting in the Middle East. In an official statement, the Shanghai Cooperation Organization (SCO) said, 'The member states of the Shanghai Cooperation Organization express serious concern over the escalating tensions in the Middle East and strongly condemn the military strikes carried out by Israel on the territory of the Islamic Republic of Iran on June 13, 2025.' The SCO claimed that the Israeli strikes targeted 'civilian sites, including energy and transport infrastructure,' resulting in civilian casualties. It described the action as 'a gross violation of international law and the United Nations Charter.'
India Today
6 days ago
- Politics
- India Today
Shanghai group condemns Israel's strikes on Iran, India distances itself
India on Saturday distanced itself from a statement issued by the Shanghai Cooperation Organisation (SCO) condemning Israel's strikes on Iran, stating that it did not participate in the discussions on the SCO, a China-led regional bloc comprising member states including China, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, Belarus, and India, had "strongly condemned" the Israeli military strikes on Iranian territory under Operation Rising a statement, the SCO said, "The member states of the Shanghai Cooperation Organisation (SCO) express serious concern over the escalating tensions in the Middle East and strongly condemn the military strikes carried out by Israel on the territory of the Islamic Republic of Iran on June 13, 2025." It added: "Such aggressive actions against civilian targets, including energy and transport infrastructure, which have resulted in civilian casualties, are a gross violation of international law and the United Nations Charter. They constitute an infringement on Iran's sovereignty, cause damage to regional and international security, and pose serious risks to global peace and stability."India, however, reiterated its own position on the matter. The Ministry of External Affairs issued a clarification on SCO's statement, stating, "India's position on the matter had been articulated by us on 13 June 2025, and remains the same. We urge that channels of dialogue and diplomacy be utilised to work towards de-escalation, and it is essential that the international community undertake endeavours in that direction."advertisementThe ministry added that External Affairs Minister S Jaishankar had spoken separately with both his Israeli and Iranian counterparts on Friday."He conveyed the deep concern of the international community at the turn of events. He also urged the avoidance of any escalatory steps and an early return to diplomacy," the statement statement also noted that India had conveyed its position on the issue to other SCO member states. "In light of this, India did not take part in the discussions on the aforementioned SCO statement," it added.
