India’s proposed free trade agreement (FTA) with Thailand has hit a fresh roadblock with the latter insisting on the use of just the value-added criteria for determining rules of origin (ROO) instead of the twin criteria adopted under the early harvest scheme (EHS) presently under implementation.
India feels that a free trade agreement (FTA) with China will not work as it is not a market economy.
India feels that a free trade agreement with China will not work as it is not a market economy. But India wants its relations with China to shift from the political to the commercial domain and has suggested both sides should ensure that they are not played against each other by the rest of the world.
The explosive surge in India’s engagement with FTAs/PTAs is attributed to expectations of greater market access for India’s goods and services through preferential deals, positive impact of regional liberalisation for accelerated domestic reforms, promotion of political, security and strategic objectives, according to a Ficci study.
The Federation of Indian Chambers of Commerce and Industry (FICCI) on Thursday urged the Centre to adopt a cautious strategy on signing trade agreements like ‘free trade agreement’ or ‘comprehensive economic co-operation agreement’ with other countries. There should not be any deflection of trade through these countries, resulting in losses for local Indian industries.
Encouraged by its successful preferential trade agreement (PTA) with Mercosur countries, India is trying to increase its influence in the Latin American and Caribbean region by exploring possibilities of PTAs with the Andean community, Chile and countries in the Central America Integration System (SICA).
The Indian government and Bechtel have reached an agreement on ‘‘all issues’’ related to the Dabhol project. The settlement agreement between the two was signed on Tuesday thereby completing the entire settlement process with both stakeholders - GE and Bechtel - in the Dabhol power venture.
The purpose of India-Sri Lanka CEPA is to widen and deepen their bilateral FTA.
India is under pressure from the Asian countries for relaxation in the rules of origin, commonly referred to as RORs.
Ever since the Free Trade and Preferential Trade Agreements (FTA/PTA) between India and its neighbours have come in to force, spices that are not even grown in these countries are landing here as produce of those nations.
Bangladesh is keen to sign a bilateral free trade agreement (FTA) with India.
India’s vanaspati industry, already plagued by excess capacity, has been cast into deeper gloom lately by trade agreements that have opened the way for cheaper imports from neighboring Sri Lanka and Nepal.
The Dabhol settlement process is almost complete with US-based Bechtel Corp finally informing the Indian side that it’s willing to settle and not proceed with international arbitration.
The Prime Minister’s Trade and Economic Relationship Committee has decided to go slow on bilateral trade agreements with Washington and Brussels. Even in the limited context of services, the government would rather remain unget-at-able to the two largest trading partners of the country in the medium term. Much less would New Delhi harbour the idea of entering into more comprehensive economic agreements covering trade in goods, investment and financial services with the twosome.
The India-Singapore CECA which will be effective from August 1, ’05 is reckoned to be forerunner for similar such agreements which are now being finalised and are close to fruition.
Prime Minister Manmohan Singh and visiting Singapore Prime Minister Lee Hsien Loong, on Wednesday, signed the much awaited Comprehensive Economic Co-operation Agreement (CECA).
Much though economic integration is desirable, the SAARC nations will first have to create a politically harmonious subcontinent, and that is a formidable task. The ball is now in India’s court. It must take frantic efforts to wipe out elements of mistrust, shun big brotherly attitude and help restore confidence among its neighbours.
FRAMEWORK AGREEMENT FOR ESTABLISHING FREE TRADE AREA BETWEEN THE REPUBLIC OF INDIA AND THE KINGDOM OF THAILAND
With China-ASEAN free trade already under way, other free-trade agreements that are in the works include China-Australia, China-New Zealand, China-India, China-Pakistan and China-Chile as well as recent initiatives with Iceland, Japan, Korea and Thailand. However, this focus is likely to change, shifting slowly but steadily toward India.