Indian Updates
India and South Korea complete 11th round of negotiations for review of the India – Korea Comprehensive Economic Partnership Agreement
Delegates from both South Korea and India met for the 11th round of negotiations for the review of the CEPA in July 2024. The two sides seek better market access for the products previously not open to preferential treatment. India aims to enhance the market penetration for its agricultural products which face sanitary and phytosanitary standards, while South Korea expects India to provide better terms for transfer of professionals.
India and the United Kingdom expected to resume trade talks over free trade
India and the UK have agreed to resume the subsequent rounds of trade negotiations, after concluding respective general election cycles. Both sides are yet to finalise critical issues concerning market access for skilled professionals from sectors, such as IT and healthcare. Further, the two countries are expected to negotiate a bilateral investment treaty.
Global Updates
The revised Canada-Ukraine Free Trade Agreement enters into force
The revised Free Trade Agreement between Canada and Ukraine has come into effect on July 1, 2024. The Agreement has retained the provisions for preferential market access from the original 2017 agreement. Additionally, the revised agreement covers new areas of trade in services, investment, temporary entry for business people, telecommunications, digital trade, labour and the environment.
Serbia and Egypt conclude trade agreement negotiations
Serbia and Egypt have signed a free trade agreement along with 10 other instruments furthering bilateral cooperation. Pursuant to the agreement, Egypt has agreed to provide tariff concessions in respect of 10,412 tariff lines to Serbia, while the latter shall provide concessions in respect of 6,075. The Agreement liberalises 87.5% of traded agricultural and 30.5% of industrial products.
Brazil ratifies the free trade agreement with Palestinian Authority
Brazil has ratified and adopted the free trade agreement with Palestinian Authority, which was pending ratification for more than a decade. The agreement was originally signed in 2011 between the Mercosur trade bloc of South America and the Palestinian Authority.
The European Union and Singapore conclude negotiations on the Digital Trade Agreement
EU and Singapore have concluded negotiations over their first Digital Trade Agreement. The Agreement aims to set international standards for rules governing cross border data flows. This Agreement complements the already existing EU – Singapore free trade agreement which entered into force in 2019.
The United Arab Emirates and Mauritius sign a comprehensive economic partnership agreement
Mauritius and the UAE have signed a comprehensive economic partnership agreement, which was finalised earlier in December 2023. This marks UAE's first CEPA with an African nation. Pursuant to the agreement, Mauritius is set to eliminate tariffs on 99 per cent of imports from the UAE, and the Emirates will eliminate tariffs on 97 per cent of its imports from Mauritius.
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