FirstUp: India-EU FTA talks to be finalised and other big headlines

India and the European Union (EU) are expected to announce the conclusion of the negotiations on their free trade agreement (FTA) today. Among the key announcements expected are cuts in tariffs on European cars and wine, as well as on Indian electronics and textiles, it added.

Read this and more news updates from across the world for today.

India-EU FTA talks to be finalised

As Trump’s tariff uncertainty looms, India and the EU are set for ‘mother of all deals.’ Today, (January 27), negotiations for the India-EU Free Trade Agreement (FTA) are expected to conclude. This comes a day after Republic Day (January 26), where European Commission President Ursula von der Leyen and European Council President Antonio Costa were invited as chief guests.

A report cited Jefferies, saying that India’s automotive, chemical, electronics, pharmaceutical, and textile sectors may emerge as major beneficiaries of a potential India–EU FTA.

An Indian trade ministry official asserted that some sensitive agricultural items have been omitted from negotiations, the report said, citing the official, according to the Mint.

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EU foreign and security policy chief Kaja Kallas and Defence Minister Rajnath Singh will sign the Security and Defence Partnership, officials said. At the recently concluded World Economic Forum (WEF) in Davos, Switzerland, Leyen spoke about the agreement that some call “the mother of all deals”.

Japan election campaigns begin

In Japan, the election campaign is set to commence today, following Prime Minister Sanae Takaichi’s dissolution of the lower house of Parliament on Friday (January 23). Takaichi says the vote is about stability and is staking her premiership on a public verdict. Her campaign promises temporary tax cuts to ease high food prices. Elected as Japan’s first female leader in October, Takaichi has been in office for only three months; however, she has seen strong approval ratings of about 70 per cent.

According to experts, by opting for an early election, Takaichi is engaging in a classic political strategy: she aims to capitalise on her high approval ratings and the current political environment before it potentially worsens.

Japan’s last two pandas to leave for China

Two days after the public viewing opportunity at Tokyo’s Ueno Zoo, the last pandas (the male Xiao Xiao and female Lei Lei) living in Japan are returning to China. According to the Asahi Shimbun, the pair were born in 2021 at the zoo, and they are technically on loan from Beijing. After their return, this will be the first time that there will be no giant pandas in Japan. The Tokyo metropolitan government announced their return in December last year.

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Finnish PM to meet China’s Xi 

Finnish Prime Minister Petteri Orpo is on a four-day visit (from 25 to 28 January) to China. Orpo will meet Chinese President Xi Jinping and Prime Minister Li Qiang, who is hosting the visit today, as per the Finnish Government Communications Department.

In a statement issued ahead of the visit, Orpo said, “It is important to continue dialogue with China on bilateral cooperation and topical international issues, such as challenges in the rules-based system and trade. China is an important export market for Finnish companies and the EU’s second-largest trading partner.”

Trump to return to Iowa for a speech

United States President Donald Trump is set to return to Iowa today to deliver a speech focused on energy and the economy. The news was confirmed by White House Chief of Staff Susie Wiles. Trump last visited Iowa on July 3, 2025. Trump would travel weekly within the country ahead of the midterm elections, said Wiles. More details have not been released.

Bafta nominations to be announced

The Bafta Film Awards nominations will be announced today (January 27), with six people in each acting category, the BBC reported. Some of the big names, George Clooney, Dwayne Johnson and Julia Roberts, have been missing out this year.

The longlists for every Bafta category have been released, with Paul Thomas Anderson’s One Battle After Another, starring Leonardo DiCaprio, topping the field with 16 mentions. In recent years, Bafta and Oscar results have frequently closely aligned, the report noted.

Fed 2-day policy meeting

According to the majority of economists polled by Reuters, the US Federal Reserve will hold its key interest rate through this quarter and possibly until Federal Reserve Chair Jerome Powell’s tenure ends in May. At the Fed policy meeting, which will be held today and tomorrow (January 28), all 100 economists expected in their January 16-21 poll that the Fed would keep rates at 3.50 per cent-3.75 per cent, Reuters reported.

President Trump has repeatedly blasted Federal Reserve Chair Jerome Powell for not lowering rates. The Justice Department has now threatened a criminal investigation against Powell over building renovations on the Fed’s new headquarters.

Bank unions to go on nationwide strike in India

Bank employee unions have decided to go on a nationwide strike on January 27 to press for a long-pending demand for a five-day work week. Most of the public sector banks have already informed their customers about the disruption in banking services if the strike materialises.

The decision to declare all Saturdays as holidays was agreed between the Indian Banks’ Association and UFBU during the wage revision settlement in March 2024. “It is unfortunate that the government is not responding to our genuine demand. There would be no loss of man-hours as we have agreed to work an extra 40 minutes daily from Monday to Friday,” UFBU had said earlier this month.

With inputs from agencies