INDIAN UPDATES
India and the UAE to review the Comprehensive Economic Partnership Agreement (CEPA)
India and the UAE have agreed to review the India – UAE CEPA, which came into effect in May 2022. The review is pursuant to the concerns raised by India regarding surge in imports of precious metals from the UAE. India has also sought an examination of the Rules of Origin under the CEPA.
India and EU hold ninth round of negotiations for free trade agreement
The ninth round of trade negotiations between EU and India resumed in September, where the two sides focused on concerns over sustainability measures imposed by EU, which is detrimental for the Indian MSME sector. The two sides reportedly discussed the Carbon Border Adjustment Mechanism (CBAM) and EU Deforestation Regulation (EUDR) following India's concerns over of non-tariff barriers and other regulations.
India and the United Kingdom expected to resume trade negotiations over their free trade agreement
The United Kingdom and India are expected to resume trade negotiations for the free trade agreement, which were previously paused on account of general elections in both countries. India is seeking greater market access in the IT and Healthcare sector in the UK. Meanwhile, the UK is focused on reduction of import duties on exports of Scotch Whiskey, Electric Vehicles, Lamb Meat and Chocolates, and Telecommunications, Legal and Financial services.
Switzerland has submitted the India-EFTA Trade and Economic Partnership Agreement to the Parliament for ratification
The Swiss Government has presented the agreement between India and the EFTA States, to the Parliament for approval and consequent ratification. The Agreement will now be open for public consultation for all stakeholders in Switzerland. After the ratification, 94.7 percent of Swiss exports shall enjoy tariff reductions.
GLOBAL UPDATES
Maldives and Türkiye finalise the Maldives-Turkey Free Trade Agreement.
The Maldives-Türkiye Free Trade Agreement has been finalized and is expected to take effect from January 2025. The Agreement aims to provide tariff elimination on imports of 214 tariff items from Maldives.
Digital Trade Agreement between the United Kingdom and Ukraine comes into effect
The United Kingdom and Ukraine have entered into a Digital Trade Agreement with an aim to enable partnership in cybersecurity, enhance Ukraine's participation in global supply chains, help small and medium-sized businesses and provide access for Ukrainian IT resources to the UK digital market. The Agreement has come into effect 2nd September 2024.
Singapore and the EU conclude negotiations on Digital Trade Agreement
Singapore and the EU have finalised the EU-Singapore Digital Trade Agreement (EUSDTA). The Agreement establishes Rules for digital trade and facilitate collaborations between the digital economies of the two sides. Pursuant to the Agreement, both parties have agreed to not impose Customs duties on electronic transmissions and implement e-invoicing strategies for effective digital trade.
Australia and the UAE finalise Free Trade Agreement
Australia and the UAE have finalised a trade agreement, which is expected to open the UAE market to Australian goods by eliminating tariff on 99% of tariff lines. Australia will also offer tariff reductions on UAE exports of furniture, copper wire, glass containers and plastic.
The United Arab Emirates and New Zealand sign a Comprehensive Economic Partnership Agreement
The United Arab Emirates and New Zealand have signed a Comprehensive Economic Partnership Agreement (CEPA) to advance bilateral trade and improve market access. The CEPA is expected to remove tariffs on 98.5% of New Zealand products exported to the UAE with immediate effect. The UAE has committed to grant better market access to New Zealand's private sector and agriculture and food sector.
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