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India and the European Union (EU) will begin the 11th round of negotiations on the proposed Free Trade Agreement (FTA) from Monday, aiming to conclude the first phase of the pact as early as possible, a government official told news agency PTI.The discussions, scheduled to continue until May 16 in New Delhi, mark the next step toward a phased conclusion of the trade deal. Both sides have agreed to finalise the agreement in two stages, considering uncertainties in the global trade environment, particularly those stemming from tariff measures initiated during US President Donald Trump’s tenure.“The EU team will be here for the 11th round of negotiations. It will continue till May 16,” the official said.The initial phase of the agreement will cover areas where there is already convergence. The second phase is targeted for completion by the end of this year.The previous (tenth) round of talks addressed issues such as market access in goods, services, investment, and government procurement.India has adopted a similar two-phase negotiation strategy in its trade deals with Australia and is taking the same approach in talks with the United States.Commerce Secretary Sunil Barthwal recently explained this strategy: “If some of the issues which may not be very core to the trade, maybe taking some more time, then it is better to focus on core trade issues. So, we say that first things first… We are also discussing with the EU what can be the early harvest of the first tranche, where we can do faster.”On May 10, Barthwal chaired a review meeting on the ongoing negotiations with senior officials involved in the discussions.The EU is seeking substantial duty cuts on automobiles and medical devices, along with tax reductions on products such as wines, spirits, meat, and poultry. It is also advocating for a stronger intellectual property rights regime.If the FTA is concluded successfully, Indian exports such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery are expected to become more competitive in the EU market.On May 1, Commerce and Industry Minister Piyush Goyal visited Brussels to assess the progress of the FTA negotiations.India and the 27-member EU bloc resumed talks in June 2022 after an eight-year pause. The negotiations had stalled in 2013 due to disagreements over the extent of market liberalisation.On February 28, Prime Minister Narendra Modi and the European Commission President reaffirmed their commitment to concluding the trade agreement by the end of 2025.The India-EU FTA talks cover 23 broad areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development.In 2023-24, India’s bilateral trade in goods with the EU reached USD 137.41 billion (exports: USD 75.92 billion; imports: USD 61.48 billion), making the EU India’s largest trading partner in goods.The EU accounts for about 17 per cent of India’s total exports, while India represents about 9 per cent of total EU exports.Bilateral trade in services between the two reached USD 51.45 billion in 2023.In addition to the FTA, India and the EU are also negotiating an investment protection agreement and an agreement on geographical indications (GIs).Separately, on May 6, India and the United Kingdom announced the conclusion of their free trade agreement negotiations.
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[ad_1] Cosmetics maker L’Oreal agreed to acquire a majority stake in British skincare brand Medik8, in a strategic move to strengthen its presence in the booming skincare market. The French beauty giant announced the deal on Monday, though financial terms were not disclosed.The transaction, which sees UK-based private equity firm Inflexion selling its majority holding, reportedly values Medik8 at around 1 billion Euro, according to a source familiar with the matter. Inflexion will retain a minority share, while L’Oreal has secured the option to eventually buy out all remaining shareholders, Reuters reported.“We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” Cyril Chaupuy, president of L’oreal Luxe said.“This acquisition further strengthens L’Oreal’s luxe portfolio, adding a premium […]
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[ad_1] For the first time in eight years, Ayodhya has seen a sharp revision in its circle rates, with property prices rising between 30% and 200% across various parts of the district, officials told PTI.The prices are particularly steep within a 10-kilometre radius of the Ram Janmabhoomi Temple, an area witnessing a real estate boom fuelled by religious tourism and rapid infrastructure growth. Here, circle rates have jumped over 150%, pushing land values in the prime zone to Rs 26,600–27,900 per square metre, compared to Rs 6,650–6,975 earlier.Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the hike followed a proposal submitted last September. “After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced,” he said.According to Chaubey, the sharpest hikes were recorded in areas with the most land activity. “Localities […]
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