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The central government has said that it is willing to sign <keyword id="120586" type="UNKNOWN" weightage="100" keywordseo="Free-Trade-Agreement">free trade agreement</keyword> with the <keyword id="6355110" type="ORGANIZATION" weightage="80" keywordseo="European-Union">European Union</keyword> (EU). However, it also added that it wanted the EU to address the concerns raised by New Delhi. 
 "Nothing stops us from doing it, but of course, let him (the EU ambassador) also come back saying they are interested...it’s not as if we are holding back...," Commerce and Industry Minister <keyword id="129243" type="PERSON" weightage="80" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said. 
 
EU is presently focussing on the trade pact, which is a transatlantic trade and investment partnership.

India Willing To Sign Free Trade Agreement
With EU

New Delhi, Dec 30 () Commerce and Industry Minister Piyush Goyal on Monday said his ministry will review all existing free trade agreements with different countries to protect interest of industry and traders.
Addressing domestic traders here, he said India also decided to walk out from the Regional Comprehensive Economic Partnership agreement keeping in view the interest of small traders and dairy industry.
Goyal said that free trade agreements (FTAs) with countries like Japan, South Korea and Asean provided duty free access to Indian markets but domestic goods face barriers in these countries.
These unfair pacts did not benefitted Indian traders and industry, he said.
"I want to assure you that the commerce ministry will open the old FTAs and hold discussions with these countries," the minister said.
Speaking about the forthcoming assembly elections in the national capital, he appealed traders to support BJP as the AAP government has not fulfilled their promises.
If the BJP would come to power in Delhi, it would stand with traders and work to protect their interests, he said.
Goyal alleged that the Arvind Kejriwal-government creates hurdles in the implementation of central government schemes in the capital.
The kind of politics which AAP is doing in Delhi would not help traders, he added.
"Delhi now wants a strong government and a government which is committed for its development," he said. RR CS BAL

Commerce min to review free trade agreements: Goyal

The <keyword id="13535043" type="General" weightage="20" keywordseo="india-australia-economic-cooperation" source="Orion">India-Australia Economic Cooperation</keyword> and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said <keyword id="269080" type="General" weightage="20" keywordseo="union-commerce-minister" source="Orion">Union commerce minister</keyword> Piyush Goyal. "Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India," Goyal said. The Australian parliament has announced the passing of the <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword> (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years. Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal. The Minister underscored that the Agreement was finalized after extensive and exhaustive stakeholder consultations and pointed out that it was "unanimously accepted" and supported by all quarters. The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes, India's Ministry of Commerce and Industry said in a statement on Tuesday evening right after minister Goyal's presser. Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The trade relationship facilitated through the deal will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. This Economic Cooperation and Trade Agreement is the first trade agreement of India with a developed country after more than a decade, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/googles-parent-company-alphabet-prepares-to-lay-off-10k-employees/articleshow/95691119.cms" style="">Google's parent company Alphabet 'prepares' to lay off 10K employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a>

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

The <a href="http://www.businessinsider.in/searchresult.cms?query=Economic+Survey+2016">Economic Survey 2016</a> put forth today has outlined India's <a href="http://www.businessinsider.in/searchresult.cms?query=economic+growth">economic growth</a> as amongst the highest in the world. The economy has grown between 7 to 7.5% and the growth in <a href="http://www.businessinsider.in/searchresult.cms?query=Index+of+Industrial+Production">Index of Industrial Production</a> stands at 3.1%. 
 
India’s <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">Free Trade Agreement</a>s have doubled to about 42 since the mid- 2000s. These have increased trade with <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a> countries more than before. Today India maintains relatively high tariffs and hence had larger tariff reductions than its <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a> partners. 
 
While India’s import bills have come down considerably over last year, all thanks to the tremendous dip in crude prices, it’s exports have been faring rather badly over the last 6 months. This is also a reason why the expectation on the current account deficit has been increased to 3.9%, given the government continues to expect that exports will see a slow growth trajectory. 
 
This is also why the <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a>s come back into key focus, given that India will now be able to leverage these trade pacts to push its exportable products more and more. 
 
In case of the ASEAN <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a>, the country can boast of statistically significant 33% increase in exports and 79% increase in imports. 
 
The trade increases have been much greater with the <a href="http://www.businessinsider.in/searchresult.cms?query=ASEAN">ASEAN</a> in comparison to the other <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a>s. Metals have gained in the import tab and the <a href="http://www.businessinsider.in/searchresult.cms?query=Free+Trade+Agreement">FTA</a>s have led to hike in the demand for apparels, especially in ASEAN markets. 
 
Image credit: Indiatimes

Free Trade Agreements can help
India grow its exports that have been badly hit off late

Prime Minister Rishi Sunak has said that the UK government remains committed to working "as quickly as possible" towards a successful conclusion to the ongoing free trade agreement (<keyword id="6381659" type="General" weightage="80" keywordseo="fta" source="Orion">FTA</keyword>) talks with <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, as the majority of the substantive negotiation conversations were completed at the end of last month. At a House of Commons session on the G20 Summit in Indonesia on Thursday, the British Indian leader updated <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword> that he reviewed progress on the FTA during his first meeting with Prime Minister Narendra Modi since taking charge at 10 Downing Street. He was questioned by <keyword id="3438106" type="General" weightage="50" keywordseo="opposition-labour-party" source="Orion">Opposition Labour Party</keyword> Leader Keir Starmer and his own <keyword id="107792" type="General" weightage="50" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> MPs on the timeline for the completion of the agreement with India. "I discussed the free trade agreement with India, and both the Prime Minister of India and I committed our teams to working as quickly as possible to see if we can bring a successful conclusion to the negotiations," said Sunak. "Without negotiating all these things in public, I am pleased that the majority of the substantive negotiation conversations were concluded by the end of October. We will now work at pace with the Indian teams to try to resolve the issues and come to a mutually satisfactory conclusion," he said. More broadly, he reiterated the UK government's stance since the Diwali deadline for the FTA was missed, that he would not "sacrifice quality for speed" because it is important to take the time to get trade deals right. Sunak was questioned about his other discussions with Modi and whether he raised issues such as India's stance over the Russia-Ukraine conflict and also the UK being an exception within Europe to not be offered the e-visa facility - something he confirmed was discussed and will remain on the government's agenda. On India's "non-aligned" position on the Ukraine conflict, he claimed "enormous comfort" from the fact that the G20 communique "contained strong language of condemnation about Russia's aggression". "Our relationship and partnership with India are much broader than just a trading relationship. I was pleased to discuss increasing our security cooperation with India," said Sunak. "We also announced the mobility scheme to enable young people from India to come here and young Brits to go there, which is a sign of what is possible. Such exchanges are positive both for our countries and for the young people who benefit," he said, with reference to the new UK-India Young Professionals Scheme launched at the summit earlier this week involving 3,000 new reciprocal visa offers annually for under-30s - dubbed as "good for both Indian students and British students who want to go back and forth". On the new scheme, Labour's Indian-origin MP Tanmanjeet Singh Dhesi questioned the move against the backdrop of "dog whistle" anti-immigrant rhetoric from <keyword id="6363870" type="General" weightage="50" keywordseo="home" source="Orion">Home</keyword> Secretary Suella Braverman's "incendiary remarks against international students that so incensed people in India". The <keyword id="312687" type="General" weightage="50" keywordseo="labour-leader" source="Orion">Labour Leader</keyword> also attacked Braverman for putting the FTA deal with India in doubt after indicating that she would not support it, with reference to her controversial remarks on Indians being the largest group of visa overstayers. "The Home Secretary is rightly focused - there is nothing 'dog whistle' about it - on clamping down on illegal migration, which the British people rightly expect and demand, and it is something that she and this government will deliver," Sunak said in defence of his <keyword id="6355513" type="General" weightage="50" keywordseo="cabinet" source="Orion">Cabinet</keyword> minister. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/draft-data-protection-bill-proposes-six-types-of-penalties/articleshow/95604456.cms">Draft Data Protection Bill proposes six types of penalties</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/pakistans-total-debt-surges-to-rs-12-trillion-in-first-quarter/articleshow/95603384.cms">Pakistan's total debt surges to Rs 12 trillion in first quarter</a>

Rishi Sunak says UK is committed to working quickly on free trade agreement with India

<ul><li>The <keyword id="1140805" type="COMPANY" weightage="20" keywordseo="Regional-Comprehensive-Economic-Partnership">Regional Comprehensive Economic Partnership</keyword> (RCEP) is a trade pact between 16 countries.</li><li>Negotiations that lasted for seven years have concluded and India has decided to opt out of the pact.</li><li>Indian industry fears that it will be outrun by foreign competition because of RCEP.</li></ul> India has decided not to sign the Regional Comprehensive Economic Partnership (RCEP) after negotiations that lasted for seven years. The free-trade agreement was being negotiated between Australia, China, India, Japan, New Zealand and Korea on one side and the 10 South East Asian countries⁠— Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Brunei, Cambodia, Laos⁠— on the other. The idea behind RCEP is to make trade easier and tariffs lower for exporters from these countries. However, Indian companies are afraid that this agreement will give foreign players a free ride in the Indian market and put homegrown companies at a disadvantage. But that is all free trade is all about⁠—- increased competition, better deal for consumers, and weeding out the inefficient. But policies can’t entirely stand on ideology. It has to account for ground realities. The five sectors in India that would have taken most of the hit from increased competition due to RCEP are textiles, dairy, steel, automobiles, and agricultural products. Out of these five textiles and steel have already lost a lot of export competitiveness in recent years. Car makers have been crushed under collapsing demand at home⁠— sales have been declining for months together. The entry of foreign companies would have further squeezed the space. Dairy has been a big point of contention. India is the world’s biggest consumer of milk and milk products and many Indian political outfits⁠— even those close to the government⁠— have sought to keep dairy out of the RCEP. 
 
 
 
 
 
 
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 All these are sectors that employ a lot of people and if Indian companies fail to match foreign competition it may lead to large scale unemployment, which is already very high. “Indian industry will have more to lose than gain if it agrees to a liberal tariff elimination schedule especially with respect to China.A separate tariff schedule for different partner countries has already been rejected by member countries," an earlier Niti Aayog report said. 
 
 
 
 
 
 
 
 
 
 
 
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 "At a time of growing protectionism and US’s stance towards China opening our market to China can be prove to be disastrous given proper standards and processes are not in place in India. Trade agreements are a means to promote bilateral trade, with both parties benefiting as a result of trade complementarities. With China, India’s trade seem to be very skewed and China’s capacity overhang in most sectors may lead to a surge of imports into India with very limited access for Indian exports into the chinese market,” the report added. SEE ALSO: <a href="https://www.businessinsider.in/education/news/indian-medical-students-will-now-have-to-learn-mandarin-to-study-in-china/articleshow/71498284.cms" data-type="tilCustomLink" target="_blank">Indian medical students will now have to learn Mandarin to study in China</a> <a href="https://www.businessinsider.in/international/news/the-five-points-that-xi-jinping-and-narendra-modi-could-discuss-at-mamallapuram/articleshow/71540430.cms" data-type="tilCustomLink" target="_blank">Xi Jinping arrives in India — here's a look at 5 contentious issues between India and China</a>

Here's why India decided to stay out of RCEP— a free trade agreement

<div class="image-container float_right" style="width:400px"><div class="image"></div>AP</div>Last week, President <keyword id="16284" type="PERSON" weightage="60" keywordseo="Obama">Obama</keyword> mentioned signing a free <keyword id="44844" type="ORGANIZATION" weightage="60" keywordseo="Trade">trade</keyword> agreement with the <keyword id="6355110" type="ORGANIZATION" weightage="60" keywordseo="European-Union">European Union</keyword> <a href="http://www.businessinsider.com/charts-stats-state-of-the-union-obama-2013-2">in his state of the union address</a>.
As with anything, the benefits of such an agreement comes with its costs.
Morgan Stanley commodities analyst Adam Longson believes that the this is the path to higher <keyword id="6354703" type="COMPANY" weightage="60" keywordseo="Natural-gas">natural gas</keyword> prices.
Longson writes in a note today that opening up a new market would be a boon for natgas producers as prices rise with the new demand.
This means higher costs for consumers who rely on natgas (currently at $3.25/mmBtu) for things like heating and cooking.
It would also change the trajectory of some pipeline projects:
At today’s European prices, US natural gas could rise as high as $5.70/mmBtu before closing the trans-Atlantic LNG export arb (i.e. the exchange rate setttlement — ed). We believe a new FTA has the potential to alter the timeline and destination for some LNG exports projects. We view East Coast projects, like Dominion’s Cove Point, as the greatest beneficiaries.
Longson says there's also the potential for expanded oil exports. However, the impact on U.S. light sweet crude would not be as dramatic.

Obama's EU Free Trade Agreement Would Mean Higher Heating Costs For Americans

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/Package/2C0BF1FJ1U2IO?PBC=2C0BF1I3K5MC:2C0BF1FITWNUV:2C0BF1FJ1U2IO">REUTERS</a>Donald Trump hugs a U.S. flag as he comes onstage to another rally with supporters in Tampa, Florida on October 24.</div></div></div>President-elect Donald Trump has placed himself in staunch <a href="http://www.businessinsider.com/biggest-environmental-threats-trump-2016-11">opposition to environmentalists</a> by <a href="http://www.businessinsider.com/donald-trump-climate-change-chinese-hoax-2016-11">denying climate change</a> and threatening to <a href="http://www.businessinsider.com/trump-epa-climate-science-myron-ebell-2016-11">dismantle the EPA</a>. But there's one area in which the two sides agree: both oppose the Trans-Pacific Partnership.In a recent YouTube video about his plans for his <a href="http://www.businessinsider.com/trump-first-100-days-speech-white-house-inauguration-2016-11">first 100 days</a> in office, Trump promised to <a href="http://www.businessinsider.com/donald-trump-trade-agenda-2016-11">take steps towards withdrawing</a> from the TPP, which would have been the largest regional trade deal in history. And some environmentalists suggest that killing the TPP could have a small silver lining for the climate.Opposition to free trade agreements was a centerpiece of Trump's campaign - he often claimed that deals like the TPP and NAFTA hurt American workers by sending manufacturing jobs overseas where labor is cheaper. He attacked Hillary Clinton for her initial support of the TPP, and suggested the North American Free Trade Agreement (NAFTA) was "the single worst trade deal ever approved in this country" (most trade experts disagree with this claim). According to a memo that Trump's transition team <a href="http://www.cnn.com/2016/11/15/politics/donald-trump-trade-memo-transition/" target="_blank">gave to CNN</a>, he also plans to consider formally withdrawing from NAFTA within his initial 200 days.Free trade agreements have traditionally been embraced by Republicans, since they reflect the principles of free-market capitalism. Economists also generally agree that trade deals lead to overall economic growth, and give American consumers access to more goods and services at lower prices.<div class="KonaFilter image-container display-table center"><div><div class="image on-image">AP Photo/J. Scott Applewhite</div></div></div>The TPP would establish new terms for investment and trade between the US and 11 other countries, including Japan, Singapore, Vietnam, Mexico and Canada. China is not included in the deal, since the TPP is meant to connect other countries as a way to fortify them against China's growing global power.Environmentalists' anti-TPP arguments are less about jobs and more about the incentives the deal would create for fossil fuel companies and the animal agriculture industry. It now seems the TPP is dead, and Kyle Ash, Greenpeace's senior legislative representative, tells Business Insider that's for the best."In practice, trade deals are about opening up borders so big companies can profit from larger markets," says Ash. Corporations that produce and sell fossil fuels are included in that list."To a huge degree the trade negotiations have refused to discuss climate impacts," he says.Those impacts can be separated into three main categories. First, environmentalists say, trade agreements expand the global market for fossil fuels, which then encourages oil, gas and coal companies to extract and burn more fuel. That's especially true for natural gas producers. The Department of Energy must generally authorize any gas exports before they can proceed, but a clause added to the Natural Gas Act in 1992 requires the department to <a href="http://blogs.cfr.org/sivaram/2015/11/17/what-the-tpp-means-for-lng/" target="_blank">automatically approve exports</a> to countries that have free trade agreements with the US. The TPP would have extended that privilege to many new countries, giving gas companies more incentive to engage in fracking and other forms of extraction.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Shutterstock</div></div></div>Second, because the US subsidizes farmers who produce meat and grow crops like corn and soy that are used as animal feed, expanding free trade would put the US in a competitive position to export beef and pork.Increasing meat production would accelerate climate change, since animal agriculture has been found to <a href="http://www.unep.org/pdf/unep-geas_oct_2012.pdf" target="_blank">make up between 10% and 25%</a> of all greenhouse gas emissions. Methane, a common agricultural byproduct, has been found to accelerate global warming <a href="https://www.epa.gov/ghgemissions/understanding-global-warming-potentials" target="_blank">much faster than carbon dioxide</a>.Third, both NAFTA and the TPP establish provisions for corporations or investors to settle their disputes with states in a <a href="https://ustr.gov/about-us/policy-offices/press-office/fact-sheets/2015/march/investor-state-dispute-settlement-isds" target="_blank">special court</a> outside the traditional legal system. In practice, that gives a foreign corporation the right to sue the US for creating regulations that hurt its potential profits - and the case would never be heard in US courts."They have this idea that you can create a court where only the investors have access," Ash says. "There's no public recourse."Environmental advocates suggest that this dispute settlement system allows companies to challenge environmental regulations that hurt their business. And indeed, that's currently happening with the Keystone XL pipeline, which President Obama <a href="http://www.businessinsider.com/obama-keystone-xl-pipeline-2015-11">rejected in 2015</a>. TransCanada, the company behind the pipeline, has filed a <a href="https://www.bloomberg.com/news/articles/2016-06-25/transcanada-files-15b-nafta-claim-on-keystone-xl-rejection" target="_blank">$15 billion lawsuit</a> against the US for not allowing the pipeline to move forward. They can do that because of arbitration provisions established by NAFTA.Ash complains that US trade representatives sometimes attempt to reassure critics of this dispute settlement framework by reminding them that the US has never lost a case. But we could very well lose to TransCanada, Ash says.<div class="KonaFilter image-container display-table center"><div><div class="image on-image">REUTERS/Larry DowningVeto supporters rally in front of the White House on the day President Obama vetoed a bill approving the Keystone XL oil pipeline, February 24, 2015.</div></div></div>Finally, environmentalists highlight a symbolic point about the TPP: It never once mentions climate change. Ash says the WTO has claimed it doesn't want to get involved in climate discussions, and that trade negotiations have also historically steered clear of the subject. But especially in light of the international commitment made in the Paris agreement, environmentalists were furious that the issue wasn't acknowledged."It is ridiculous that in 2015, twelve of the world's nations would construct a trade deal of this magnitude and not even consider the effects of climate change on industries like agriculture or fishing, or ways to prevent worsening global warming through our own economic activities," Jamie Rappaport Clark, President and CEO of Defenders of Wildlife, wrote in a <a href="http://www.defenders.org/press-release/trans-pacific-partnership-falls-short-wildlife" target="_blank">2015 statement</a>.Ash says he was glad Trump's campaign prompted more discussion about free trade agreements in general. "If we don't have such a conversation, we'll probably continue to have this problem," he says. But there are counterpoints to these environmental objections to free trade. Joshua Meltzer, a senior fellow at the Brookings Institution's Global Economy and Development program, says that the TPP would still be a positive step for the environment, since it could lower tariffs on some environmentally-friendly products. Plus, he says, it adds some new clarifications about what kinds of dispute claims corporations can file, and actually acknowledged the environment a little more than NAFTA did.In response to the argument that free trade agreements encourage more fossil fuels production and animal agriculture, Meltzer says other countries will simply satisfy their demand for coal or beef another way if they can't import those goods. He cites Japan as an example, since the country is interested in importing both meat and gas from the US. Without the TPP, he says, Japan will likely raise its own beef - and its agricultural processes could be less energy efficient than those of the US. And though natural gas certainly isn't the answer to our climate problems, he says, it's at least significantly cleaner than other fossil fuels.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Gleb Garanich/Reuters</div></div></div>"Providing Japan access to cheaper natural gas is good because the alternative is they're just going to burn more coal and oil," he says.Meltzer also argues that free trade can help reduce global emissions in the long run by improving economic growth and increasing access to new technologies.Meltzer acknowledges, however, that there's a lot more free trade agreements could and probably should do to protect the environment. They could further reduce tariffs on climate-friendly goods to make them more widely available and affordable, or could add language outlining subsidies for climate-friendly outcomes like emissions reductions or the use of renewable energy sources. They could even impose standards around energy efficiency.But based on Trump's current environmental stance, it's unlikely that these types of provisions will get incorporated into whatever new trade deals -if any - the new administration negotiates."My concern with the Trump administration would be that you're going to end up with a vastly inferior outcome than what we've got at the moment," Meltzer says. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/trans-pacific-partnership-tpp-domestic-made-goods-imported-iphone-sneakers-tv-solar-panels-2016-11">Here's how much an iPhone 7, a TV, and sneakers would cost if they were made in the US</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="03YXV3NzE6GWUnkyOQzthvWxP4KK70zE" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Trump's plan to rethink free trade agreements could have a silver lining for the environment

<ul><li>If and when <keyword id="6355333" type="UNKNOWN" weightage="20" keywordseo="Brexit">Brexit</keyword> ever takes place, the UK’s immediate priority will be to secure quick free trade agreements with a number of select countries. </li><li>India, however, might not be on that list, according to UK’s Foreign Office Minister, <keyword id="371421" type="PERSON" weightage="20" keywordseo="Mark-Field">Mark Field</keyword>. </li><li>Field told the UK Parliament that India wasn’t among the “first-tier” of countries that the UK was looking to sign a post-Brexit trade deal with. </li><li>His reason? The unease of doing business and as a consequence, the time it would take to negotiate an agreement. </li></ul> If and when Brexit ever takes place, the UK’s immediate priority will be to secure quick free trade agreements with a number of select countries like <a href="https://www.thehindubusinessline.com/news/world/india-not-in-uk-first-tier-for-trade-deals/article26583706.ece">Australia and Japan.</a> India, however, might not be on that list, according to media reports citing the UK’s Foreign Office Minister, <a href="https://www.financialexpress.com/economy/india-not-first-tier-country-for-post-brexit-free-trade-agreement-fta-uk-minister/1521882/">Mark Field</a>. Field told the UK Parliament that India wasn’t among the “first-tier” of countries that the UK was looking to sign a post-Brexit trade deal with. His reason? The unease of doing business and as a consequence, the time it would take to negotiate an agreement. Without naming names, Field said that a number of a British companies have run into operational hurdles in India such as trade disputes, some of which have required international arbitration. There could be another reason. Unlike agreements with other countries, the UK’s trade treaty with India will likely <a href="https://www.businessinsider.in/India-in-no-rush-to-sign-a-post-Brexit-trade-deal-and-will-tell-Britain-to-accept-more-migrants/articleshow/63640945.cms">require concessions</a> from the former on the issue of visas and immigration for skilled workers. India has been insistent on the UK lifting barriers to skilled Indian workers. Hence, this will likely prolong trade talks. Nevertheless, Field’s remarks should worry the Modi administration. The Indian government has been appreciated for its business and economic reforms in recent years such as the bankruptcy code and indirect tax regime, leaping 53 places to 77 in the World Bank’s <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword> rankings in the last two years. Clearly, there’s a lot more room for improvement. India’s total trade with the UK last year came in <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/india-uk-trade-not-to-be-affected-by-brexit-crispin-simon/articleshow/67939442.cms?from=mdr">at around $25 billion</a>, making the UK India’s <a href="https://www.mea.gov.in/Portal/ForeignRelation/Bilateral_Brief_India-UK_January_2019.pdf">15th-largest trading partner</a>, with $13 billion of imports and $12 billion of exports to the UK. In April 2018, the UK’s Prime Minister, <keyword id="368666" type="PERSON" weightage="20" keywordseo="Theresa-May">Theresa May</keyword>, and her Indian counterpart <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> signed <a href="https://www.theguardian.com/world/2018/apr/18/uk-and-india-sign-agreement-laying-ground-for-free-trade-deal-brexit">£1bn ( ₹91 billion) worth of bilateral agreements</a> as a precursor to a free trade treaty. SEE ALSO: <a href="https://www.businessinsider.in/India-in-no-rush-to-sign-a-post-Brexit-trade-deal-and-will-tell-Britain-to-accept-more-migrants/articleshow/63640945.cms">India in no 'rush' to sign a post-Brexit trade deal and will tell Britain to accept more migrants</a> <a href="https://www.businessinsider.in/repercussions-in-the-long-run-brexit-might-not-benefit-india-uk-trade-ties/articleshow/64976352.cms">Repercussions in the long run: Brexit might not benefit India-UK trade ties</a>

Here’s why India might not get a priority trade deal with the UK after Brexit

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> does not 'rush' into any Free Trade Agreement (<keyword id="20000557" type="General" weightage="20" keywordseo="fta" source="keywords">FTA</keyword>) if the pact is not equitable, balanced, and fair for the country, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> on Friday said. He said that the ground realities in India have changed now and the offers made by partner countries in these agreements are "not at all" comparable to what India is offering to the world. At present, negotiations for FTAs with the UK, Oman, and the four-nation European Free Trade Association (EFTA) are nearing conclusion. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. The minister also said that India should never rush for trade negotiations as they are going to impact the country for years and years to come. "We enter into negotiations with our eyes wide open, we do extensive stakeholder negotiations...we do a lot of inter-ministerial consultations. We crystal gaze into the future and see that India offers the best business opportunities. "Sometimes trade negotiations take time because the other sides take time to understand what really is happening in India, how the India story is panning out, how new India is emerging. And some people also live in a colonial mindset of the past, so it takes us some more time to get them to understand that ground realities have changed. What is on the offer on their side is not at all comparable to what we are offering to the world and therefore unless it is a very equitable, balanced, and fair trade agreement, India does not rush into trade agreements anymore," he said. <keyword id="19895372" type="General" weightage="20" keywordseo="goyal" source="keywords">Goyal</keyword> said this at the Raisina Dialogue 2024 here. He was replying to a question about why trade negotiations with the UK and the EU (<keyword id="19895384" type="General" weightage="20" keywordseo="european-union" source="keywords">European Union</keyword>) are proving more complicated. He added that some free trade agreements signed by the previous government have issues as adequate due diligence was not followed. In some cases, a little bit of rush to enter into an FTA was also there earlier, he said. India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. The seventh round of India-European Union talks is underway here. In June 2022, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of over eight years.

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Cameron Spencer/Getty; Win McNamee/Getty; Shayanne Gal/Business Insider</div></div></div><ul class="summary-list"><li>The US, Canada, and Mexico reached a preliminary agreement on an update of the North American Free Trade Agreement (NAFTA), which will be called the US-Mexico-Canada Agreement (USMCA).</li><li>The deal also includes a small provision that could make it more difficult for members to make free-trade deals with China.</li><li>The deal could also free up President Donald Trump to escalate the trade war with Beijing.</li></ul>While Sunday night's <a href="https://www.businessinsider.com/us-canada-nafta-trade-deal-mexico-details-2018-8">agreement between the US and Canada</a> marked an important step forward for North American trade relations, the newly minted <a href="https://www.businessinsider.com/us-canada-mexico-trade-deal-usmca-nafta-details-dairy-auto-dispute-resolution-2018-10">US-Mexico-Canada Agreement, or USMCA,</a> also contains a potential shot at China.President Donald Trump's obsession with the US-China trade relationship has <a href="https://www.businessinsider.com/category/us-china-trade-war">launched a trade war,</a> with roughly $360 billion worth of goods going between the two countries <a href="https://www.businessinsider.com/trump-tariff-china-trade-war-consumer-goods-2018-9">now subject to tariffs</a>. Chapter 32 of the new deal addresses the ability of members to enter into a free-trade agreement with a country that has a "non-market economy." While there are many countries considered "non-market economies," the most notable member of the list is China.<a href="https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement/united-states-mexico">The USMCA text</a> stipulates that three months before the US, Canada, or Mexico begin trade negotiations with a non-market economy, the other two countries must be notified. Additionally, any formal text of a deal with a non-market economy must be provided to the other members at least 30 days before signed.The USMCA also contains a poison pill that could stop Canada or Mexico from entering into a deal with China. "Entry by any Party into a free trade agreement with a non-market country, shall allow the other Parties to terminate this Agreement on six-month notice and replace this Agreement with an agreement as between them (bilateral agreement)," the text reads.In practice, this could mean that the US could tear up the USMCA if Canada or Mexico makes a deal with China that it does not like. Given the tight links between the three North American economies, maintaining the USMCA would likely take priority over a deal with China.The Trump administration <a href="https://www.ustrademonitor.com/2017/10/commerce-continues-chinas-status-as-a-non-market-economy/">reaffirmed that the US considers China</a> a "non-market economy" in late 2017.Late last year, <a href="https://globalnews.ca/news/4398031/china-free-trade-agreement-canada/">Canada and China </a>publicly <a href="https://www.thestar.com/opinion/star-columnists/2017/12/04/why-trudeaus-ambitious-plan-for-canada-china-free-trade-may-not-work.html">flirted with the possibility</a> of launching formal talks to create a bilateral trade deal.The USMCA could also embolden Trump to take a harder line against the Chinese. Reports indicated that the Trump trade team was spread thin - negotiating NAFTA, a potential agreement with the European Union, and taking on China. By closing a major front in the trade battles, said Ed Mills, a public policy analyst at Raymond James, Trump can hammer China harder."President Trump is racking up trade victories, which will embolden him to double down in his trade fight with China," Mills wrote in a note to clients Monday. "He could use these victories to start building a coalition to join allies in the China trade dispute. We continue to believe the trade fight with China has more risks than the market is anticipating." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/inside-trump-maga-hat-factory-california-make-america-great-again-2018-8">Inside the Trump 'MAGA' hat factory</a></h3> <div> </div> </div>

An under-the-radar provision in the US, Mexico, Canada trade deal looks like a direct shot at China

<ul class="summary-list"><li>The UK is edging closer to leaving the EU without a free trade agreement.</li><li>UK and EU negotiators have failed to make a breakthrough in round three of talks over a trade deal.</li><li>David Frost, the UK's chief negotiator, on Friday accused the EU of taking an 'ideological approach.'</li><li>His counterpart in Brussels, <keyword id="148827" type="PERSON" weightage="60" keywordseo="Michel-Barnier">Michel Barnier</keyword>, warned <keyword id="6380867" type="PERSON" weightage="60" keywordseo="boris-johnson">Boris Johnson</keyword>'s government: 'We are not going to bargain away our European values for the good of the British economy.'</li><li>Johnson's government insists it will not extend the <keyword id="6355333" type="UNKNOWN" weightage="60" keywordseo="Brexit">Brexit</keyword> transition period, despite the outbreak of the coronavirus and short timetable for negotiating a trade agreement.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The United Kingdom and <keyword id="6355110" type="DEFINITION" weightage="60" keywordseo="european-union">European Union</keyword> have failed to make a breakthrough in the latest round of talks over a free trade deal, with the UK government accusing Brussels of taking an "ideological approach."Negotiators from the UK and EU finished their third round of negotiations on Friday, with both sides aiming to strike a post-Brexit free trade agreement before the 11-month transition period expires at the end of this year.In the absence of an agreement, the UK will trade with the EU with an array of new checks and costs from January next year.However, Boris Johnson's government insists that it will not extend the transition period beyond December under any circumstances, even if it means UK trading with EU member states on the harshest terms from 2021. The UK government also refuses to extend the transition period despite the outbreak of the coronavirus.David Frost, the UK's chief negotiator with the EU, on Friday said talks had produced "very little progress towards agreement on the most significant outstanding issues between us."The two sides are currently far apart on two issues: fishing, and what the EU calls "level playing field." On the latter, the EU says it wants the UK to follow certain rules as part of a trade deal, to ensure fair competition.However, the UK government says agreeing to this would infringe on UK sovereignty."The major obstacle to this is the EU's insistence on including a set of novel and unbalanced proposals on the so-called 'level playing field' which would bind this country to EU law or standards, or determine our domestic legal regimes, in a way that is unprecedented in Free Trade Agreements and not envisaged in the Political Declaration," Frost said."As soon as the EU recognises that we will not conclude an agreement on that basis, we will be able to make progress." Frost accused the EU of taking an "ideological approach.""It is hard to understand why the EU insists on an ideological approach which makes it more difficult to reach a mutually beneficial agreement," Frost, who Prime Minister Johnson chose to lead talks, said on Friday. "We very much need a change in EU approach for the next Round beginning on 1 June."<h2>'The EU will not act in haste on such an important matter'</h2><div type="image" title="Michel Barnier" height="600" width="1200" msid="75760440" hostid="261"></div>Michel Barnier, the EU's chief Brexit negotiator, said the UK had not "got into a real discussion about the level playing field, whatever they say" and that he was "disappointed" by the UK's lack of "ambition."He said that there had to be significant progress at the next round of talks, scheduled to begin on Monday, June 1, in order to avoid a "stalemate between us" and the UK walking away without an agreement.However, he warned that the EU would not change its fundamental position."We are not going to bargain away our European values for the good of the British economy," he told reporters in Brussels on Friday afternoon."Without level playing field or a balanced fisheries deal, there will not be an agreement on a trading partnership."He added: "The EU wants a modern, unprecedented, forward-looking agreement. Not a narrow one, rooted in past precedent, sliced up sector by sector."The EU will not act in haste on such an important matter. Our mandate was not written in haste."Naomi Smith, CEO of Best for Britain, which is campaigning for close UK ties with the EU, said: "We only have seven months left to strike a deal and implement its terms, meaning there's a big risk we face a no-deal Brexit at the turn of the year."Businesses in the UK are struggling to stay afloat and pay their employees right now, so they don't have the luxury of being able to prepare for such chaos."Under these circumstances, policy-makers on both sides should give serious thought to extending the transition period. By buying British industry a bit more time to prepare for a new relationship with Europe, the UK Government can only strengthen its hand in these negotiations."Read the original article on <a href="https://www.businessinsider.com/brexit-very-little-progress-in-uk-eu-trade-talks-2020-5">Business Insider</a>

Brexit trade talks stall as the UK and EU blame each other for a lack of progress

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Kevin LamarqueU.S. President Donald Trump meets with British Prime Minister Theresa May during the U.N. General Assembly in New York, U.S., September 20, 2017.</div></div></div><ul><li>Britain will have to sacrifice access to EU markets if it wants a special trade deal with the US, a new parliamentary report warns.</li><li>The International Trade Committee says Britain will face a "binary choice" after Brexit when it comes to trade.</li><li>The report says the UK government has failed to produce sufficient research into the pros and cons of a trade deal with the US.</li><li>Britain will likely have to lower standards in areas like food and agriculture in order to get a wide-ranging free trade agreement with the US.</li></ul> LONDON - Britain will face a stark choice when it comes to trade after Brexit: either stay closely aligned with the European Union or negotiate a comprehensive agreement with the United States of America.That's the verdict of a report published today <a href="https://www.parliament.uk/business/committees/committees-a-z/commons-select/international-trade-committee/" target="_blank" rel="noopener">by the UK parliament's </a><a href="https://www.parliament.uk/business/committees/committees-a-z/commons-select/international-trade-committee/" target="_blank" rel="noopener">International Trade Committee</a>. The committee made up of MPs from across the House of Commons warns Theresa May against rushing into a free trade deal with Donald Trump's US without first establishing a "clear, comprehensive and evidence-based trade strategy."The report says that a wide-ranging free-trade agreement with the US could boost Britain's economy by 0.35% of GDP. However, a deal would inevitably come with major trade-offs. The UK would have to diverge significantly from EU rules in order to enter an agreement with the US, as standards in certain areas would be considerably lower.This means Britain would end up with significantly less access to the European single market than it currently has, as Brussels is clear that privileged access must come with complete adherence to the market's rules and regulations.The report reiterates previous warnings to Theresa May's government that any US administration - particularly one led by President Trump - will be keen for Britain to lower its standards in areas like agriculture.An example often cited is chlorinated chicken, which is banned from entering EU markets due to the bloc's hygiene rules. This is also the case with the use of growth hormones in beef farming, the spraying of pig carcasses with lactic acid, and the sale of unlabeled genetically modified food. <a href="http://uk.businessinsider.com/liam-fox-wants-uk-to-import-chlorinated-chickens-in-brexit-deal-with-us-2017-7" target="_blank" rel="noopener">The US has been clear </a>that Britain will likely have to abandon these rules when it leaves the EU if it wants a wide-ranging free trade agreement.The report states: "The UK will have to make fundamental decisions about what regulatory direction it wants to head in after Brexit. "Decisions about the level of regulatory alignment the UK has with the EU and the US must not be considered in siloes, but with full regard to the impacts of any decision on the UK's trading relationships with other partners around the world."It adds: "Some witnesses told us that the UK faces a binary choice -'stay broadly aligned with the EU regulatory system and do a tariff deal with the US' or 'negotiate a new deep trade agreement with the US.'"In order 'to give ourselves the flexibility to negotiate a deep [US] trade agreement,' we were told that the UK would need to remove itself 'from the regulatory sphere of the EU' and align with the US's regulatory model."The report also criticises the government for failing to produce more detailed modelling of what the benefits and costs a UK-US free trade deal after Brexit would be."While there may be some limits to the accuracy of such modelling, the Government's explanation that the agreement's content is not yet known and therefore cannot be modelled is not satisfactory," it says.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Yves Herman/ReutersBritain's Prime Minister Theresa May and European Commission President Jean-Claude Juncker hold a news conference at the EC headquarters in Brussels, Belgium December 8, 2017. REUTERS/Yves Herman</div></div></div>"Given how central new free trade agreements are to the UK's Brexit strategy, the Government must make the economic case for a UK-US agreement by undertaking detailed work modelling the potential effects of a UK-US agreement on the economy."The government's <a href="https://www.buzzfeed.com/albertonardelli/the-governments-own-brexit-analysis-says-the-uk-will-be?utm_term=.ynW4V6ZNO#.oxlYqPpVl" target="_blank" rel="noopener">only known assessment of a potential UK-US free trade deal</a> concluded that the 0.2% boost it would give to the national economy would fall way short of filling the financial void caused by leaving the EU.The report stresses that May's government should make it clear to the US that the privitisation of the NHS will not be part of any future trade deal."The Government should also ensure there is no ambiguity in its position on the protection of UK public services in a UK-US trade deal, and in all future trade negotiations," it says.Universal access to NHS healthcare is an accepted fact of life in the UK and must not be compromised by a UK-US agreement." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-iphone-battery-dead-replacement-difficult-hard-2018-3">Why Apple makes it so hard to get a new iPhone battery</a></h3> <div> </div> </div>

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