Tag: fta

India Saudi Arabia

India, Saudi Arabia Agree To Expedite Free Trade Agreement Negotiations

By LokMarg

India and Saudi Arabia on Monday agreed to expedite India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) negotiations to further strengthen economic cooperation between the two countries.

Secretary of Consular, Passport and Visa Division (CPV) and Overseas Indian Affairs (OIA) Ausaf Sayeed on Monday said India, Saudi Arabia have “agreed to expedite the India-GCC FTA negotiations which they felt would act as a catalyst for further strengthening our economic cooperation between the two sides. They also agreed to strengthen cooperation in the FinTech field and explore trading in the local currencies.”

The CPV & OIA Secretary made the remarks during a special briefing on the State Visit of the Crown Prince and Prime Minister of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud to India.

A Framework Agreement on Economic Cooperation between India and the Gulf Cooperation Council was signed on August 25, 2004. The Framework Agreement provided that both the parties shall consider ways and means for extending and liberalizing the trade relations and also for initiating discussions on the feasibility of a Free Trade Agreement (FTA) between them. The negotiations commenced with the GCC.

The GCC is India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion with exports valued at approximately USD 44 billion and imports of around USD 110 billion.

Commerce and Industry Minister Piyush Goyal and Secretary General, of Gulf Cooperation Council (GCC), Nayef Falah M. Al-Hajraf held a Joint Press Conference, in New Delhi in November 2022 to announce the intent to pursue negotiations on the India-GCC FTA. 

Bilateral trade in services between India and the GCC was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 billion and imports at USD 8.3 billion, according to a release issued by the Ministry of Commerce and Industry.

GCC countries contribute almost 35 per cent of India’s oil imports and 70 per cent of gas imports. India’s overall crude oil imports from the GCC in 2021-22 were about USD 48 billion, while LNG and LPG imports in 2021-22 were about USD 21 billion. Investments from the GCC in India are currently valued at over USD 18 billion.

Meanwhile, the Secretary (CPV & OIA) on Monday said India, and Saudi Arabia during the Crown Prince’s visit “extended their full support to the early implementation of the west coast refinery projects…The two sides agreed to set up a joint task force to help in identifying and channelling the 100 Billion Dollar investments which were actually promised by the Saudi side…to have a monitoring committee to ensure that the progress in these refinery projects is done as per the plan laid down by both sides.”

CPV and OIA secretary Ausaf Sayeed also said that the Saudi Crown Prince had congratulated India on the successful G20 and welcomed the launch of the India-UAE-Saudi-EU infrastructure corridor.

“The two sides expressed their happiness at the launching of the India-Middle East-Europe Corridor…the PM also congratulated the Kingdom on becoming a full member of the BRICS” he said.

In another big announcement the Saudi Ministry of investment said that they would soon open an office of the Saudi Sovereign Fund in India. The announcement was made after a meeting of Commerce Minister Piyush Goyal and Khalid Al Falih, Minister of Investment of Kingdom of Saudi Arabia

After the announcement Piyush Goel said “Gift city officials will be send to Saudi Arabia. Officials from FICCI, Invest India’s and Commerce Ministery will open

Investment and trade promotion office situated at Riyadh”

Khalid Al Falih the Minister of Investment of Kingdom of Saudi Arabia said Saudi Arabia will open an office in India for investment facilitation.

“We will send our officials to GIFT City to see the feasibility to open sovereign fund office in Mumbai or Delhi or GIFT City” he said. 

The Saudi Crown Prince arrived in Delhi on a three-day visit and stayed back after the G20 Summit for his state visit. Saudi Arabia Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi on Monday held a bilateral meeting in New Delhi.

External Affairs Minister S Jaishankar, National Security Advisor Ajit Doval and others were present in the meeting. (ANI)

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High Commission

India-UK Free Trade Agreement On Cards

By LokMarg

UK’s Trade Secretary Kemi Badenoch on Monday begins her India visit with a first face-face meeting with counterpart Union Commerce Minister Piyush Goyal as the sixth round of Free Trade Agreement (FTA) negotiations kicks off between the countries.

Badenoch’s visit marks the sixth round of formal negotiations between the UK and India. The goal of strengthening bilateral ties and reviving talks on an ambitious bilateral trade deal between the two nations, according to an official statement.

Badenoch is scheduled to address both the teams of negotiators teams before the round of talks begin. The negotiations will take place throughout the week

The UK Trade Secretary will also meet with business leaders to better understand their needs for a modern UK – India trade relationship.

This will include a meeting with envoPAP, a UK company investing over 10 million pounds in India to construct a plant producing Fairtrade paper and packaging products.

The talks, the first formal round since July, will aim to reach an agreement to reduce tariffs and expand opportunities for UK services such as financial and legal, making it easier for British businesses to sell to the world’s third-largest economy – with a middle class of 250 million people – by 2050.

“I’m here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart Minister Goyal in person to drive progress on this agreement,” Secretary of State for International Trade Kemi Badenoch said in a statement.

“India and the UK are the 5th and 6th biggest economies in the world. We have a long shared history, and are in pole position to do a deal that will create jobs, encourage growth and boost our 29 billion pounds trading relationship,” added the minister who was appointed to her role this September.

According to the official announcement, major UK brands such as Pret A Manger, Revolut, and Tide have announced plans to expand in India.

Following a franchise deal with Reliance Brands, British coffee and sandwich retailer Pret will build its first outlet in India in early 2023. The chain’s first location will be in Mumbai, as part of a goal to open 100 locations around the country.

“Bringing Pret’s freshly made food and organic coffee to more people around the world is a key part of our transformation strategy, and I’m delighted to be launching Pret in India,” Pano Christou, CEO, of Pret A Manger said.

According to International Director of the Confederation of British Industry, Andy Burwell the UK-India Free Trade Agreement remains a high focus for the industry.

Earlier in October when Prime Minister Narendra Modi congratulated Rishi Sunak on assuming charge as UK Prime Minister, the two leaders emphasized the importance of an early conclusion of “a balanced and comprehensive” Free Trade Agreement between the two countries.

India and the UK were looking to conclude the bilateral free trade agreement (FTA) pact but missed the deadline after the resignations of former Prime Ministers Boris Johnson and Liz Truss.

On July 29, the two countries concluded the fifth round of talks for an India-UK Free Trade Agreement (FTA). (ANI)

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