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India Today
11-06-2025
- Business
- India Today
India, US eyeing interim trade deal by June-end? Inside the closed-door talks
India and the US made progress this week in their latest round of closed-door negotiations in New Delhi on a long-anticipated bilateral trade agreement, officials talks, held from June 4–10, focused on increasing market access for industrial and select agricultural goods, reducing tariffs, and easing non-tariff barriers. Both sides are aiming to finalise the first tranche of a comprehensive Bilateral Trade Agreement (BTA) by September-October this US delegation, led by the Additional US Trade Representative, held in-depth meetings with Indian trade officials led by chief negotiator Rajesh Agrawal. "The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement, including through achievement of early wins," a government official told news agency talks also explored issues such as sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), digital trade, customs facilitation, and legal frameworks. Digital trade was a point of particular interest for the US, whose service providers flagged concerns about restrictions on cross-border data flows and competition regulations in indicated an interim pact is on the horizon. India is pressing for complete exemption from a punishing 26% reciprocal tariff on domestic goods. After the US suspended the proposed levies until July 9, the Indian side is racing to achieve a limited deal before that President Donald Trump and Prime Minister Narendra Modi had previously committed to concluding the BTA by fall 2025 and doubling bilateral trade to $500 billion by US was India's largest trading partner in 2024–25, with bilateral trade valued at $131.84 in Bern, Switzerland, Union Commerce Minister Piyush Goyal said India is committed to becoming an open investment environment."Total non-discrimination is guaranteed in India If you come to India and invest, you become an Indian company," Goyal said, calling Free Trade Agreements "a very big medium to promote that investment."Must Watch
Economic Times
10-06-2025
- Business
- Economic Times
Govt considering scheme to help MSME exporters register goods in new markets: Goyal
PTI In this image released by @PiyushGoyal via X on June 9, 2025, Union Commerce Minister Piyush Goyal during a meeting with the CEOs of Swiss SMEs from the precision engineering, machine tools & advanced manufacturing sectors, in Switzerland. BERN: The government is considering formulating a scheme to fund exporters, especially MSMEs, in registering new products in new markets with an aim to boost the country's outbound shipments, Commerce and Industry Minister Piyush Goyal has added that the entire cost of such registration will be funded by the government."I am thinking of coming out with a scheme that any MSME that needs to spend any amount of money to register their products any where in the world, particularly for new products, new markets, new exporters, the government will fund the whole cost," Goyal said here on June 9 while addressing Indian business minister is here on an official visit to hold meetings with Swiss leaders and companies to boost trade and investments between the two countries. This scheme is expected to be part of the Export Promotion Mission (EPM), which was announced in the Budget. It may include 12 components, including easy credit schemes for MSMEs, e-commerce exporters, facilitation of overseas warehousing, and global branding initiatives, to tap emerging export opportunities and strengthen trade tools for small EPM is divided into two broad categories - Providing Trade Finance Support (NIRYAT PROTSAHAN) and Driving International Holistic Market Access (NIRYAT DISHA) country's total exports of goods and services have increased to USD 825 billion in 2024-25 from USD 778 billion in the previous fiscal. MSMEs account for over 40 per cent of the country's he urged the Indian industry to focus on exporting value-added goods and run campaigns for brand building and marketing."I would urge you to come with an idea for the government to support (exporters) in brand building, in getting registrations around the world."We do a lot of rice exports, can we look at how to value add those exports. We need to brand the products, can we run campaigns, can we run joint campaigns to market Indian rice or grown in India rice," he increase the area of exhibition in the country, the minister informed that the second phase of construction at Bharat Madapam has been authorised."I have just authorised phase-2 of Bharat Mandapam, we are adding another few lakhs square feet," he added that a number of Free Trade Agreements (FTAs) have been signed and implemented by India with countries including the UAE and Australia to provide greater market access to Indian informed that active negotiations for FTAs are on with countries, including Oman, New Zealand, and the European Union (EU).India's FTA with the UAE helps the domestic industry to tap into the Gulf region, Africa and Central Europe. A similar pact was signed with the UK and four European nation bloc EFTA."I am sure the EU will come in very soon, so in a short span of a year and a half, we will get an FTA with all the major European countries with whom we wish to do business," Goyal said, adding Brazil wants to restart talks on the India-Mercosur trade this South American bloc (Argentina, Brazil, Paraguay and Uruguay), India has a Preferential Trade Agreement. "We already have negotiations with Chile and Peru," he said that the previous government in India focused on entering into FTAs with developing countries, which did not benefit India much."But we are doing with advanced counters," he said.
Time of India
02-06-2025
- Business
- Time of India
India emerges as key market for LNG, ranks fourth globally in 2024: TotalEnergies CEO
Synopsis TotalEnergies' Chairman Patrick Pouyanne highlighted India's growing importance as the fourth-largest LNG market globally in 2024. The French energy giant has invested nearly USD 5 billion in India over the past five years, focusing on gas infrastructure and renewable energy projects. Encouraged by Union Commerce Minister Piyush Goyal, TotalEnergies plans further expansion in India.
Indian Express
15-05-2025
- Business
- Indian Express
As Beijing, Washington dial down, Piyush Goyal to lead team for US trade talks
A 'large Indian trade' delegation led by Union Commerce Minister Piyush Goyal is set to visit the US for talks next week to potentially finalise the contours of an interim trade agreement between the two countries, a senior government official said Thursday. The fresh round of trade talks with the US assumes significance as it follows the conclusion of a surprise US-China trade deal that saw substantial reductions in the 'tit-for-tat' tariffs. 'The deal has only resulted in a de-escalation of tensions. But substantial tariffs on China remain. India is focusing on its competitiveness,' an official said in response to a question on the impact of the US-China deal on India. On the recent action by India to propose retaliatory tariffs against the 25 per cent US duties on steel and aluminium at WTO, the official said that India aimed to reserve the right to retaliate even as negotiations with the US were ongoing. Another official explained that India needed to approach the WTO within 90 days of the US tariffs to retain its right to retaliate. Notably, Indian steel exporters had told the government that US tariffs have impacted nearly $5-billion worth of exports. The thaw in US-China tension, which came as a surprise to many in trade policy circles, is seen as a setback for 'China-plus-one' countries — such as India — which may now see fewer benefits from a trade deal with the US than previously anticipated. Though New Delhi initiated trade talks with Washington DC earlier than Beijing, China quickly resolved key sticking points with the US and sealed an interim deal. Earlier on Thursday, US President Donald Trump claimed that India had 'offered to drop all tariffs' on the US during negotiations. However, External Affairs Minister S Jaishankar said that any trade deal must be mutually beneficial. 'A trade deal has to work for both countries. That would be our expectation from any trade deal. Until that is done, any judgment will be premature,' Jaishankar said at the opening of Honduran embassy in New Delhi. Speaking at a business leaders' forum in Doha earlier in the day, Trump had said, 'It is very hard to sell in India… they are offering a deal… willing to literally charge us no tariffs.' The Indian Express had reported that US demands during the negotiations centred on greater market access, particularly for automobiles, whisky, and certain agricultural products. Indian negotiators, meanwhile, sought improved access for labour-intensive sectors such as textiles and leather. On digital trade, the US is pushing for greater data access and is challenging India's strict data localisation rules, which require Indian data to be stored domestically. During Trump's first term, disputes over data localisation were a major source of friction between the two nations. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Fashion Value Chain
07-05-2025
- Business
- Fashion Value Chain
India-UK FTA to Boost Apparel & Textile Exports, Jobs, Growth
The newly signed India-UK Free Trade Agreement (FTA) is being hailed as a historic leap forward for India's economy, with apparel and textiles among the biggest beneficiaries. With tariffs eliminated on 99% of Indian exports, the deal offers Indian manufacturers unprecedented market access in the UK, enabling a surge in exports, job creation, and global competitiveness. The FTA removes longstanding trade barriers for labour-intensive sectors including apparel, leather, marine products, footwear, and toys—placing India firmly on the path to becoming a global textile hub. Dr. A. Sakthivel, Chairman of the Apparel Made-Ups & Home Furnishing Sector Skill Council, called the deal a 'Himalayan achievement', thanking PM Narendra Modi and Union Commerce Minister Piyush Goyal for their leadership. 'This will energize exports and significantly boost employment across the value chain,' he said. In addition to goods, the FTA enables service sector growth linked to fashion, retail, and design—offering Indian talent, especially youth and entrepreneurs, new global opportunities. A standout provision is the three-year exemption from UK social security contributions for Indian professionals, allowing better income retention and ease of mobility. The agreement also enhances India's strategic alignment with the UK, strengthens its post-Brexit trade footprint, and supports PM Modi's vision of showcasing Indian craftsmanship and innovation on the global stage. With wide-ranging benefits, the FTA is expected to accelerate inclusive growth and bolster India's status as a trusted global trade partner.
