New Delhi, July 15 (IANS) Indian companies in labour‑intensive sectors such as textiles, garments, footwear, automobiles and marine products were preparing to capitalise on the India‑UK free trade agreement (FTA) that took effect on Wednesday, a new report has said.The agreement removes or reduces tariffs on about 99 per cent of Indian exports to the UK, a change that could erase a competitive disadvantage India faced against countries such as Bangladesh and Pakistan, whose goods entered the…
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New Delhi, July 15 (IANS) Prime Minister Narendra Modi on Wednesday described the coming into force of the India-UK Free Trade Agreement (FTA) and the accompanying Agreement on Social Security as a “significant moment” in bilateral ties.He said the landmark pacts would deepen economic engagement and create new opportunities for businesses, workers and investors in both countries.Sharing a post by Union Commerce and Industry Minister Piyush Goyal on X, the Prime Minister said, “This is a signif…
New Delhi, July 15 (IANS) IT industry’s apex body Nasscom on Wednesday welcomed the coming into force of the India–UK Free Trade Agreement (FTA), saying it will unlock opportunities across digital trade, investment, innovation, and talent mobility.The industry body also welcomed the conclusion of a ‘Double Contribution Convention’ (DCC) that will let Indian professionals on short‑term UK assignments continue social security contributions in India, instead of the UK, for up to five year…
New Delhi, July 15 (IANS) Union Commerce and Industry Minister Piyush Goyal on Wednesday said the India-UK Comprehensive Economic and Trade Agreement (CETA) has come into force under the leadership of Prime Minister Narendra Modi, calling it a defining milestone in bilateral ties.In a post on X, the minister said the India-UK CETA, along with the Agreement on Social Security has become operational, providing zero-duty market access for nearly 99 per cent of India’s exports and covering almost 10…
New Delhi, July 14 (IANS) The India-UK Free Trade Agreement (FTA), which comes into force on Wednesday, represents a “gold standard” FTA due to its wide sectoral coverage that includes farmers, seafood exporters, and labour-intensive industries such as textiles, which will benefit from significant reductions in both tariff and non-tariff barriers, Commerce Secretary Rajesh Agrawal said on Wednesday.”This is one of the first free trade agreements (FTAs) of its kind, which establishes a future…
New Delhi, July 14 (IANS) The India-UK Comprehensive Economic and Trade Agreement (CETA) will come into force on Wednesday, paving the way for cheaper British goods in India while granting Indian exporters near-total duty-free access to the UK market.Under the pact, tariffs on a wide range of British products — including Scotch whisky, gin, chocolates, biscuits and cosmetics — will begin declining from July 15. However, duty reductions for several items will be phased in over the coming years….
New Delhi, July 13 (IANS) India’s merchandise exports increased by 15.5 per cent (year-on-year) to $40.41 billion in June this year, compared with the corresponding figure of $34.98 billion in the same month last year, according to data released by the Commerce Ministry on Monday.However, the surge in imports driven by higher global crude oil and precious metal prices outpaced export growth, which led to a widening of the merchandise trade deficit to $30.43 billion in June.Imports rose at a fa…
New Delhi, July 12 (IANS) Housing costs across 21 countries frequently exceed affordable limits, which is leading to continuous wealth erosion and threatening financial stability, and this crisis is expected to pressure household budgets and retirement savings, particularly for younger generations facing demographic shifts, according to a report released by the World Economic Forum (WEF).The housing affordability crisis is seen as a long-term challenge for global financial stability. The issue i…
London, July 10 (IANS) The UK government is expected to announce changes to legislation that currently prevents the deportation of the Rochdale grooming gang’s ringleader to Pakistan, according to local media reports. UK Home Secretary Shabana Mahmood is considering whether the changes will be introduced through fast-tracked legislation or as an amendment to the Immigration and Asylum Bill. Shabir Ahmed, the ringleader of a Rochdale grooming gang, who served 14 years for several rapes and sexual…
New Delhi, July 6 (IANS) Commerce and Industry Minister Piyush Goyal on Monday called upon the leather and footwear industry to target at least $15 billion in exports over the next five to six years, or even earlier.He also urged the industry to aim for a three-fold increase in its export performance by leveraging new Free Trade Agreements (FTAs), diversifying markets and strengthening quality, design, branding, sustainability and scale.Addressing the Council for Leather Exports National Export …