Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..

The government should not cut import duties on electronic components used in making smartphones in the forthcoming Budget as the current tariff structure has already proven successful and changing them could harm local manufacturing, a GTRI report said on Monday. The Global Trade Research Initiative (GTRI) said that maintaining the current rates would help balance industry growth and long-term development in India's growing smartphone market. "Currently, tariffs on imported parts for smartphones in India are between 7.5 per cent and 10 per cent. The Budget should maintain these taxes. The Budget should not cut the import tariffs on parts used to make smartphones," it said, adding that the current rate of levies supports duty-free imports for making products to exports. The Budget is scheduled to be presented on February 1. The suggestion is in contrast to the demand of industry body India Cellular and Electronics Association (ICEA) that import duty cuts on mobile phone components c

Also, inflation has been falling faster than expected, and the labor market is cooling but not collapsing

India's electronics exports record 22.24% growth in the first nine months of FY24, with iPhones leading the surge