South Korea to broaden FTA scope with India to boost trade, investment

Source: Business Standard, Sept 20, 2017

New Delhi: South Korea on Wednesday called for broadening the scope of free trade agreement (FTA) with India for boosting two-way commerce and investments.

South Korean Deputy Minister for trade, industry and energy Young Sam Kim said that there is a need to enhance cooperation in manufacturing and infrastructure sectors.

The world-class technology of Korea in the manufacturing sector can help India achieving the objectives of Make in India initiative besides in smart city development, he said.

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M&M to acquire tractor manufacturing, foundry firms in Turkey for Rs 735 cr

Source: Business Standard, Sept 20, 2017

New Delhi: Mahindra & Mahindra (M&M) on Wednesday said it has signed pacts with Turkey-based Erkunt group to acquire its tractor manufacturing and foundry businesses for about Rs 735 crore.

M&M said it will acquire Erkunt Traktor Sanayii for Rs 478 crore, a move which is aimed at entering the fourth largest tractor market in the world.

Besides, it has inked a share purchase agreement to acquire 80 per cent stake in Erkunt Sanayi AS for Rs 257 crore. The entity is engaged in production of engine blocks, cylinder heads and transmission cases.

India-Japan business ties are at an all-time high

Source: LiveMint.com, Sept 14, 2017

New Delhi: R .C. Bhargava, chairman of India’s largest car maker Maruti Suzuki India Ltd, fondly recounts meetings between business delegates from India and Japan over lunch with Indian prime minister Narendra Modi and his Japanese counterpart Shinzo Abe during their visits to India and Japan.

“Such gestures gave a lot of importance to the business communities of both the countries,” said Bhargava, who is a member of the India-Japan business forum. “In those meetings, both the leaders met all the delegates individually and listened to their issues.”

EU to resume talks with India on free trade agreement, discuss strategic co

Source: Business Standard, Sept 13, 2017

Brussels: The European Union is looking at a bilateral summit with India next month that would act as a catalyst for resumption of talks on the free trade agreement encompassing goods, services and mutual investment protection, according to a senior EU official.

Talks on the Bilateral Trade Investment Agreement (BTIA) — the official title of the pact — started in 2007 but have been marred by various flip-flops and disagreements.The discussions have remained deadlocked on issues like tariffs on automobiles and wines and spirits, Eutrade officials said.

India, Belarus to enhance cooperation in skill development

Source: IBEF.org, Sept 12, 2017

New Delhi: India and Belarus today discussed ways to enhance collaboration in the area of vocational education and skill development.

The issue was discussed during the meeting between Skill Development & Entrepreneurship Minister Dharmendra Pradhan and Belarus Education Minister Karpienka Ihar here.

Civil society groups flag threat of mega trade deal

Source: The Hindu Business Line, Sept 11, 2017

New Delhi: Civil society organisations and labour group representatives have demanded that the Centre should save the manufacturing, agriculture and services sectors from the expected adverse impacts of the Regional Comprehensive Economic Partnership (RCEP), which would include job losses, as the 15 partner countries, including China, are sticking to their demands of extensive liberalisation.

“The RCEP must not be allowed to cause hollowing out of India’s manufacturing and agriculture. Analysis of previous FTAs (free trade agreements) with ASEAN, Japan and South Korea has shown that it is the trading partners that have benefited more with India’s trade deficit increasing. The presence of China in the group makes things worse for Indian manufacturers and services sector,” said JNU professor Biswajit Dhar at a press conference organised by the Forum Against FTAs, a network of India’s civil society organisations, trade unions and peoples’ movements.

Nuclear deal between India and Japan opens up new vistas of cooperation

Source: The Economic Times, Sept 12, 2017

NEW DELHI: Prime Minister Shinzo Abe is visiting India nearly two months after operationalisation of the historic Indo-Japan civil nuclear deal, which has added a new dimension to bilateral ties that could scarcely be imagined in the wake of the 2011 Fukushima tragedy.

The journey traversed by the two nations over the past six years reflects growing confidence in each other and depth of the strategic partnership.