International Trade & Globalization: News on Trade Agreements, Tariffs

1. International Trade & Globalization: News on Trade Agreements, Tariffs, and Cross-Border Commerce

2. Introduction: In the dynamic world of international trade, India has been making significant strides in 2023, with several newsworthy developments in trade agreements, tariffs, and cross-border commerce. These updates have a direct impact on the Indian economy, businesses, and consumers. In this blog, we will delve into the top six latest news on trade agreements, tariffs, and cross-border commerce in India this year. Stay tuned to get a detailed knowledge of the changing landscape of international trade in India through Gujarati news.

3. Latest News on Trade Agreements, Tariffs, and Cross-Border Commerce in India 1. India-Japan Comprehensive Economic Partnership Agreement (CEPA) 2. India-Australia Economic Cooperation and Trade Agreement (IA-ECA) 3. India-UAE Comprehensive Economic Partnership Agreement (CEPA) 4. India-UK Free Trade Agreement (FTA) 5. India-EU Free Trade Agreement (FTA) 6. India’s new export policy 7. India to Extend its Retaliatory Tariffs on Chinese Goods 8. India’s New Import Tariffs 9. India’s Cross-Border Trade

4. 1. India-Japan Comprehensive Economic Partnership Agreement (CEPA) India and Japan signed the CEPA in January 2023. The agreement eliminates tariffs on over 90% of goods traded between the two countries. Plus, it also includes provisions for investment, services, and intellectual property. The CEPA is expected to boost trade between India and Japan by $5 billion annually.

5. 2. India-Australia Economic Cooperation and Trade Agreement (IA-ECA) India and Australia signed the IA-ECA in April 2023. The ECTA is expected to boost trade between the two countries by up to $10 billion per year. It will also reduce tariffs on a range of goods and services, making it easier for businesses to trade between India and Australia.

6. 3. India-UAE Comprehensive Economic Partnership Agreement (CEPA) India and the United Arab Emirates (UAE) agreed to a Comprehensive Economic Partnership Agreement (CEPA) in January 2023. This agreement is expected to boost trade between India and the UAE by up to $100 billion over the next five years.

7. 4. India-UK Free Trade Agreement (FTA) India and the UK are currently negotiating an FTA. The FTA is expected to cover goods, services, investment, and government procurement. The Free Trade Agreement (FTA) between these two countries is anticipated to be signed in 2023.

8. 5. India-EU Free Trade Agreement (FTA) This agreement is currently under negotiation and is expected to be signed in 2023. It will be the largest free trade agreement between India and any other country. It will eliminate tariffs on 90% of goods traded between the two regions. And create new opportunities for investment and cooperation in areas such as agriculture, pharmaceuticals, and IT.

9. 6. India’s new export policy The Indian government has announced a new export policy for 2023–2024. The policy aims to boost exports by $100 billion annually. The policy includes measures to improve the ease of doing business for exporters. Plus, it also provides incentives for exports of high-value goods and services.

10. 7. India to Extend its Retaliatory Tariffs on Chinese Goods India to extend retaliatory tariffs on Chinese goods until December 2023. The Indian government has decided to extend the retaliatory tariffs on Chinese goods until December 2023. The tariffs were first imposed in June 2020 in response to a trade war between the two countries. The extension of the tariffs is likely to further strain trade relations between India and China.

11. 8. India’s New Import Tariffs India has imposed new import tariffs on a range of goods, including electronics, machinery, and chemicals. The tariffs are aimed at protecting domestic industries from foreign competition. The tariffs have been criticized by some businesses, who say they will increase costs and make it harder for them to compete in the global market.

12. 9. India’s Cross-Border Trade India’s cross-border trade has been growing rapidly in recent years. In 2022, cross- border trade was worth $100 billion. The growth of cross-border trade has been driven by factors such as the rise of e-commerce and the increasing integration of India’s economy with the global economy.

13. Conclusion The evolving landscape of trade agreements, tariffs, and cross-border commerce in India is shaping the country’s economic future. From progressive trade agreements to tariff reforms, these developments have far-reaching implications for businesses and consumers alike. Stay updated with the latest business news in Gujarati on New Gujarati News to gain insights into the transformative world of international trade in India

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