New Delhi, May 16 (IANS) The bilateral trade between India and the United Kingdom (UK) is expected to increase by around 15 per cent annually until 2030, factoring in the aspect that the free trade agreement (FTA) will come into effect in a year, a report showed on Friday.The recently concluded free trade agreement (FTA) between India and Britain offers a strategic opportunity for Indian companies to expand their footprint in the UK market, stimulate domestic manufacturing and contribute to economic growth, according to the report by CareEdge Ratings.“This landmark FTA also fosters investment, joint ventures, and collaboration in the service sector, thereby deepening economic ties. Going forward, this agreement marks a pivotal shift in India-UK economic relations, unlocking new opportunities for businesses, strengthening manufacturing, and enriching consumer markets,” said D Naveen Kumar, Associate Director, CareEdge Ratings.Currently, the trade value between the United Kingdom (UK) and India is approximately 2 per cent of India’s total trade value, although it has been growing steadily at a compound annual growth rate (CAGR) of 11 per cent over the last decade.The UK and India entered into a free trade agreement (FTA) on May 6, following approximately three years of negotiations.Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of 10 years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India’s exports to the UK facing zero duties.“Some of the benefits of FTA for Indian exporters would include improved market access, stable supply chains, increased competitiveness, higher volumes and new avenues for growth,” the report mentioned.The FTA is expected to boost India’s exports by significantly reducing tariffs, easing trade barriers leading to improved market access and make Indian products more price competitive, thereby increasing their demand in the UK.Additionally, this has provided some relief to exporters who have been facing sluggish sales and uncertainty about potential reciprocal tariffs from the US.In key sectors such as automobiles, whisky, industrial machinery, and pharmaceuticals, significant gains are set to be made through steep tariff reductions and simplified regulations.According to the report, the India–UK FTA is poised to create substantial opportunities for Indian gems and jewellery makers by tapping into the UK’s affluent consumer base and well-developed luxury market.The tariffs range from 8 per cent to 14 per cent for various electrical and engineering goods. With their removal under the India–UK FTA, Indian manufacturers are poised to gain a clear competitive edge over other global suppliers, said the report.—IANSna/

Seoul, May 16 (IANS) South Korea’s trade chief Ahn Duk-geun was set to hold talks with US Trade Representative (USTR) Jamieson Greer on Friday on the sidelines of a trade ministers’ meeting of the Asia-Pacific Economic Cooperation (APEC) member economies, officials said.The meeting to be held on South Korea’s southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a “package” deal on U.S. tariffs and economic cooperation issues by July 8.Greer is participating in the APEC Ministers Responsible for Trade meeting on Jeju, slated to wrap up its two-day run later in the day, reports Yonhap news agency.In the upcoming meeting, Ahn is expected to discuss follow-up measures to the Washington agreement, hoping to develop a more detailed framework for further trade negotiations with U.S. President Donald Trump’s administration.Last month, Seoul and Washington agreed to focus their talks on four categories — tariff and non-tariff measures, economic security, investment cooperation and currency policies.South Korea has been seeking to get a reduction or exemption from U.S. tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days.On Thursday, Greer also sat down with South Korean Trade Minister Cheong In-kyo to discuss pending trade issues between the two sides and the progress of Washington’s trade negotiations with other countries, according to Cheong’s office.Earlier in the day, Greer met with executives of HD Hyundai Heavy Industries Co. in Jeju to discuss bilateral cooperation in shipbuilding.Shipbuilding cooperation is one of the key agenda items of the Seoul-Washington trade negotiations amid the Trump administration’s push to rebuild America’s shipbuilding sector. South Korea is a global leader in the shipbuilding industry.Last month, U.S. Secretary of the Navy John Phelan visited South Korea to tour HD Hyundai Heavy Industries’ Ulsan headquarters and Hanwha Ocean’s Geoje shipyard.In an exclusive written interview with Yonhap News Agency following his trip, Phelan said the U.S. Navy welcomes further collaboration with South Korean shipyards as part of a broader effort to revitalise America’s maritime industrial base.—IANSna/

Ahmedabad, May 16 (IANS) Adani Airport Holdings has terminated the ground handling concession agreement with Turkish firm Celebi at Mumbai and Ahmedabad airports with immediate effect.In a statement, Adani Airports said that after the government’s decision to revoke Celebi’s security clearance, “we have terminated the ground handling concession agreements with Celebi at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and Ahmedabad’s Sardar Vallabhbhai Patel International Airport (SVPIA)”.“Accordingly, Celebi has been directed to immediately hand over to us all ground handling facilities to ensure uninterrupted operations,” said the company.It further stated that the company will continue to provide seamless service to all airlines without disruptions through new ground handling agencies.“All existing employees of Celebi at CSMIA and SVPIA will be transferred to the new ground handling agencies on their existing terms and conditions of employment. Ground handling operations at our airports will remain unaffected. We are fully committed to upholding the highest standards of service and national interest,” said the spokespersons for Mumbai and Ahmedabad Airports.The decision to terminate these concession agreements was taken after the Union government revoked the security clearance of the Turkish aviation firm.Earlier, Adani Airport Holdings scrapped its agreement with Turkish company DragonPass to provide the latter’s customers access to its airport lounges.The move comes in the wake of Turkey’s support to Pakistan after the Pahalgam terror attacks and ‘Operation Sindoor’ launched by India to avenge the killings of 26 people.“Our association with DragonPass, which provided access to airport lounges, has been terminated with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will have no impact on the airport lounge and travel experience for other customers,” the Adani Airport Holdings spokesperson said.In a notification on Thursday, the Ministry of Civil Aviation had said that “in the exercise of power conferred upon DG, BCAS, the security clearance in Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of National Security.”–IANSna/

Mumbai, May 16 (IANS) The domestic benchmark indices opened lower on Friday amid mixed global cues as selling was seen in the IT, financial services and pharma sectors in the early trade.At around 9.29 am, Sensex was trading 231.64 points or 0.28 per cent down at 82,299.10, while the Nifty declined 49,95 point or 0.20 per cent at 25,012.15.Nifty Bank was down 52.40 points or 0.09 per cent at 55,303.20. The Nifty Midcap 100 index was trading at 56,700.05 after rising 169.20 points or 0.30 per cent. Nifty Smallcap 100 index was at 17,318.40 after climbing 78.45 points or 0.46 per cent.According to analysts, on the technical front, Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.”The index witnessed an intraday recovery of nearly 200 points, reflecting sustained bullish momentum. Immediate support is placed at 24,850–24,700, while resistance is seen at 25,100 and 25,235. A decisive breakout above the 25,235 level could drive the index higher toward the 25,500–25,743 zone,” said Hardik Matalia from Choice Broking.Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.Meanwhile, in the Sensex pack, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech and M&M were the top losers. Whereas, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki and Axis Bank were the top gainers.In the Asian markets, China, Hong Kong and Japan were trading in red, whereas, Bangkok, Jakarta and Seoul were trading in green.In the last trading session, Dow Jones in the US closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93 and the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.The April economic data presents an interesting mix of signals about the U.S. economy. The Producer Price Index (PPI) showed a surprising decrease of 0.5 per cent, which was significantly different from economists’ expectations of a 0.2 per cent increase. This unexpected drop in producer prices suggests that inflationary pressures might be easing at the wholesale level, said experts.”Federal Reserve Chair Jerome Powell on Thursday discussed the Fed’s framework review, a twice-a-decade look at the central bank’s monetary-policy strategy. He said the Fed was in the process of making adjustments to account for meaningful changes in the outlook for inflation and interest rates after the 2020 pandemic,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth Rs 5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth Rs 1,668.47 crore.–IANSskt/na