Trade pact inked with UAE to set GCC template : Rashtra News #Trade #pact #inked #UAE #set #GCC #template The free-trade agreement signed between India and the United Arab Emirates (UAE) on February 18 could be the template for another pact with the Gulf Cooperation Council (GCC), a bloc of six nations in the Middle
The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere.
The Global Trade Research Initiative (GTRI) said India has not given tariff or duty reductions for cars in its free trade agreements with ASEAN (Association of Southeast Asian Nations), Japan, and Korea.
India and the European Union will hold the seventh round of negotiations for a free trade pact in mid-February, covering services and investments. Progress has been made in 18 out of 23 policy areas, and the two sides have resolved differences to prepare for the next round of talks. The EU wants India to remove trade barriers for smaller firms and open up services and public procurement markets. However, India will protect sensitive sectors such as MSMEs, agriculture, and dairy. The comprehensive deal with the EU will take more time compared to recent trade pacts with Australia and the UAE. | Latest News India
Rupee-Dirham Direct Trade: Commerce and industry minister Piyush Goyal said that there is significant traction in the idea to connect India and Europe through the Middle East through the India-Middle East- Europe corridor and that both countries are expanding partnership new areas such as the startup bridge and the Bharat Bazar which DP World is developing in the UAE.