India’s Top 500 Companies 2022

INDIA’S TOP 500 COMPANIES 2022 15 India’s recent major foreign trade agreements signed and under negotiations are as follows Trade Partner Current Status Key benefits to India UAE „ The Comprehensive Economic Partnership Agreement (CEPA) between India-UAE is effective from May 1, 2022. „ Preferential market access on over 97% of tariff lines which account for 99% of Indian exports to the UAE in value terms. „ Services - enhanced access to around 111 sub-sectors from the 11 broad service sectors. „ Bilateral merchandise trade expected to increase to over USD 100 bn and services trade to over USD 15 bn within five years. Mauritius „ India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is implemented w.e.f. April 1, 2021. „ Covers 310 merchandise export items „ Services – market access to around 115 sub-sectors from the 11 broad service sectors Australia „ Economic Cooperation and Trade Agreement signed between India-Australia on April 2, 2022. „ InMarch 2022, Australian government unveiled investment package of ₹15 bn to boost cooperation in the areas of clean-tech & critical minerals and space sector. „ The pact is expected to get converted into full Comprehensive Economic Cooperation Agreement (CECA). „ Zero-duty access to around 96% of India’s exports to Australia. „ No relaxation in tariffs on dairy products, wheat, rice, chickpeas, beef, sugar, apples, toys and iron ore „ In services, market access for 135 sub-sectors „ Other benefits include: speedy evaluation process for medicines produced by Indian pharmaceuticals and addressing double taxation for Indian IT firms. UK „ Launch of UK India Industry Taskforce to improve industry collaboration between two countries. „ A 10-year roadmap adopted to expand ties in trade and investment, defence and security, climate change, healthcare domains. „ Both the countries plan to finalize FTA by end of 2022 „ Manufacturing- leather, textile, jewellery, pharmaceuticals and processed agricultural products to be key beneficiaries. „ Services - IT/ITES, healthcare, education and audio-visual services to be key beneficiaries. European Union „ A high-level Trade & Technology Commission has been set up by India and European Union (EU) in April 2022. „ Trade negotiations expected to resume in June 2022. India and EU aim to complete the negotiations in 2024. „ European Investment Bank plans to double its annual investments in India to Euros 1 bn within the next two years. Canada „ India and Canada held the fifth ministerial dialogue on trade and investment inMarch 2022 and agreed to consider Interim Agreement of Canada-India Early Progress Trade Agreement „ Both the countries are expected to work toward a Comprehensive Economic Partnership Agreement. „ Cooperation is expected in sectors like agriculture, pharmaceuticals, tourism, urban infrastructure, renewable energy, mining and minerals. US „ India and the US held the 12thMinisterial-level meeting of the India-United States Trade Policy Forum (TPF) in November 2021. „ The renewal of Trade Policy Forum working group discussion expected to expand bilateral trade, remove market access barriers and improve ease of business. „ Sectors like agriculture, pharmaceutical & healthcare, telecommunication technology likely to be key beneficiaries. „ India has also highlighted the significance of restoration of GSP (Generalized System of Preferences) benefits South Africa Customs Union „ In July 2020, India revived talks with the South Africa Customs Union (SACU) which includes South Africa, Botswana, Lesotho, Swaziland and Namibia for a preferential trade agreement. „ India is seeking closer manufacturing and investment ties in sectors like agriculture, irrigation, renewables, ICT and pharmaceuticals with Namibia. Source: Ministry of Commerce and Industry Dun & Bradstreet