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India-GCC FTA: Piyush Goyal signs Joint Statement for trade pact with Gulf Cooperation Council

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[ad_1] India and the Gulf Cooperation Council (GCC) signed the Joint Statement for a free trade agreement (FTA) on Monday, marking a major step towards deeper collaboration in key strategic areas. The signing took place in the presence of the distinguished delegations and representatives of both the parties.Minister of Commerce and Industry Piyush Goyal signed the key document with Jasem Mohammad Al Budaiwi, Secretary General of the GCC. The Gulf Cooperation Council (GCC) includes six member countries, namely Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain.Also read: India sets sail to add more trade muscle as it signs FTA terms with Gulf Cooperation CouncilGoyal underscored that the relationship which is deeply rooted in shared history and cultural linkages, would get further impetus from a broad-based and mutually beneficial FTA. He also underlined that amidst global uncertainties, it is most opportune that discussions are starting on negotiating a r...
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India, Israel launch first round of FTA talks

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[ad_1] New Delhi: India and Israel on Tuesday began the first round of negotiations for a proposed Free Trade Agreement (FTA) in the national capital, with discussions scheduled from February 23 to 26, 2026.The talks follow the signing of the Terms of Reference (ToR) in November 2025, which laid down a formal framework to strengthen bilateral trade and economic cooperation.According to the Ministry of Commerce and Industry, technical teams from both sides are holding discussions on trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, customs procedures, trade facilitation and intellectual property rights.During the opening session, Commerce Secretary Rajesh Agrawal said the negotiations had commenced at an opportune time, coinciding with Prime Minister Narendra Modi’s visit to Israel from February 25–26. He highlighted opportunities in sectors such as innovation, science and technology, artificial intelligence, cybersecu...
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India, US to resume trade talks once there is clarity on tariffs, says Piyush Goyal

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[ad_1] India and the United States will resume negotiations on their proposed interim trade pact once there is greater clarity on tariff changes announced by Washington, Commerce and Industry Minister Piyush Goyal said on Tuesday, days after the two sides deferred a scheduled meeting of trade negotiators amid a reset of US duties.The three-day meeting, which was to begin in Washington on Monday, was postponed after the US administration recalibrated its tariff regime following a Supreme Court ruling that struck down the sweeping reciprocal duty structure introduced under President Donald Trump.Also read: Trump working to change US tariff rate to 15%, official says 'no change of heart' on President's planOfficials said the talks would be rescheduled at a mutually convenient date after both countries assess the implications of the latest developments. The Indian delegation was to be led by chief negotiator Darpan Jain.New Delhi is also expected to seek legal opinion on...
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India launches 1st round of FTA talks with Israel, inks joint statement for GCC pact

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[ad_1] New Delhi: India and the six-nation Gulf Cooperation Council (GCC) Tuesday signed the Joint Statement for the India–GCC free trade agreement (FTA), formally launching negotiations for a comprehensive and mutually beneficial agreement.GCC is India’s largest trading partner bloc with bilateral trade reaching $178.56 billion in FY25, accounting for 15.42% of India’s global trade.Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are members of the GCC.The statement was signed between commerce and industry minister Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiw. The two sides had signed the Terms of Reference (ToR) on February 5.“This marks a major step toward deeper collaboration in key strategic areas, including trade in goods, customs procedures, services, digital trade, cutting-edge technologies, and enhanced investment flows between India and the six GCC member nations,” Goyal said in a post on X.Live EventsThe GCC region is also a significant source o...
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WTO sets up panel in China's case against India's certain auto, renewable measures

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[ad_1] New Delhi, The World Trade Organisation's dispute settlement body has set up a panel in a case filed by China against India over its measures in the automotive and renewable energy sectors, an official said on Tuesday.The panel was set up as both sides failed to resolve the issue through a bilateral consultation process under the aegis of the WTO.In October last year, Beijing alleged that certain conditions in India's Production Linked Incentive (PLI) schemes for advanced chemistry cell batteries, automobiles and the policy to promote the manufacturing of electric vehicles violate global trade rules by discriminating against Chinese goods."At the second request of China, the Dispute Settlement Body (of the WTO) agreed at its meeting to establish a panel to examine certain Indian measures in the automotive and renewable energy sectors," the Geneva-based official said.In a communication to the World Trade Organisation (WTO), China has stated that consultat...
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WTO establishes panel on India-China dispute on PLI

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[ad_1] New Delhi: The World Trade Organisation (WTO) Tuesday agreed to establish a dispute panel in a case filed by China against India over its measures in the automotive and renewable energy sectors.In October last year, Beijing alleged that certain conditions in India's Production Linked Incentive schemes for advanced chemistry cell batteries, automobiles, and the policy to promote the manufacturing of electric vehicles violated global trade rules by discriminating against Chinese goods.On Tuesday, Beijing alleged that India's incentive schemes unfairly discriminate against foreign businesses and restrict trade, thereby violating WTO rules while New Delhi insisted that it participated in consultations with China in good faith and provided detailed explanations to show that its measures comply with WTO obligations.India had blocked the first request for a panel by China at a Dispute Settlement Body (DSB) meeting on January 27. The two sides engaged in consultations but...
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Reduced RoDTEP rates not applicable to exports of agri, processed food products: Govt

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[ad_1] New Delhi: The government on Tuesday clarified that the reduced rates and value caps under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are not applicable to the export of agricultural and processed food products.The clarification came a day after the government halved the rate of duty benefits under the scheme with immediate effect, prompting exporters to seek a review of the decision.Also read: India halves remission benefits to exportersThe commerce and industry ministry moved a note to the expenditure finance committee (EFC) for a higher allocation of ₹21,000 crore in 2026-27 for the scheme against ₹10,000 crore provided in the budget, said people familiar with the development. "Comments from all line ministries have also been sent to the department. We are seeking a date for the EFC meeting," said one of the persons, who did not wish to be identified, adding that the date had yet to be communicated. Under the scheme, a rebate will ...
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