Bilateral Updates

The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom will come into force from July 15 with both sides reaching an understanding on the last-leg issues around Britain’s steel safeguard measures. The date for Entry into Force (EIF) of the agreement was announced by UK Prime Minister Keir Starmer and Prime Minister Narendra Modi after their meeting on the sidelines of the G-7 Summit at Evian in France.

India and the US are moving towards closing all the open ends of the interim trade agreement, and both sides are likely to execute the "very, very vibrant" first phase of the pact by the middle of next month, Commerce and Industry Minister Piyush Goyal said on Friday. He said that the US team was in New Delhi from June 2-4 for finalisation of the deal. They held discussions with the Indian team.

The next phase of India-UAE partnership would be driven by joint investments, logistics connectivity, and deeper private-sector collaboration, UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi said at a closed-door industry event. He said that he expects more private sector-led investment deals between the two countries, adding that strategic sectors should be prioritised to deepen economic integration.

India and the United Arab Emirates on Friday signed a series of agreements spanning defence cooperation, energy security and infrastructure investment during Prime Minister Narendra Modi’s visit to the Gulf nation, with the UAE also announcing $5 billion in investments in Indian infrastructure and financial institutions, according to agencies. The agreements were exchanged in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan during Modi’s short visit to the country, which marked the first leg of his five-nation tour.

Customs duty hikes on gold and silver are likely to increase imports of precious metals from the United Arab Emirates (UAE) through the free trade agreement (FTA) route, amid rising duty arbitrage with other countries. Under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) that took effect in May 2022, India had agreed to gradually reduce import duties on silver from 10 per cent to zero over a 10-year period.

Foreign Secretary Vikram Misri on Thursday met UAE’s MoS for International Cooperation, Reem Al Hashimy, and reviewed the full spectrum of ties, along with discussing the regional situation. Sharing the details of the visit in a post on X, the Ministry of External Affairs Spokesperson, Randhir Jaiswal, said, “Both sides reviewed the full spectrum of the India-UAE Comprehensive Strategic Partnership and identified areas for further cooperation. They also discussed the ongoing regional situation and global issues of mutual interest.

Supplies from Saudi Arabia to India have normalised while the UAE shipments are running well above last year's average, as both countries ramp up loadings from alternative ports that bypass the Strait of Hormuz disruption. Increasing flows from Saudi Arabia and the UAE along with resumed imports from Iran and Venezuela and higher purchases from Russia have partly offset Gulf supply losses and ensured crude oil availability for India this month, said Nikhil Dubey, senior research analyst at the ship-tracking firm Kpler.