India, UK begin FTA talks to double bilateral trade by 2030 – World Affairs SRS

India, UK begin FTA talks to double bilateral trade by 2030

– World Affairs SRS

India and the United Kingdom (UK) on Thursday formally started talks for an ambitious free trade agreement (FTA) with the aim of completing an interim agreement first by mid-April and later by the end of the year. Had to make a comprehensive deal, which could be doubling. By 2030, bilateral trade will reach $100 billion.
Trade Minister Piyush Goyal and his British counterpart Anne-Marie Trevelyan, who is visiting India, jointly launched talks for an FTA, which is considered India’s deepest trade deal ever.

In a joint statement, the two sides said the first round of talks would begin on January 17 and the next round of talks would be held approximately every five weeks. “During the talks, and on the way to a comprehensive agreement, the two governments will consider the option of an interim agreement that generates early benefits for both countries. The Indian negotiating team will be led by Nidhi Mani Tripathi, Joint Secretary in the Department of Commerce, and the UK negotiating team will be led by Harjinder Kang, Director of India Dialogue at the Department of International Trade.
Trevelyan said both sides aim to make the FTA a future-facing deal, accelerating trade in cutting-edge areas that are reshaping the global economy. “(This includes) sectors such as services, innovation where the UK and India are already world leaders and so we are ideal partners with many British and Indian businesses to push the boundaries of technology from fintech to greentech to automation to artificial working for intelligence,” she said.
Britain is looking for trading partners after Brexit and last month signed its first trade deal with Australia. The UK expects India to sharply cut its 150 per cent basic customs duty on Scotch whiskey under the FTA, opening up the UK’s third largest export market for Scotch whiskey by volume after France and the US. India is expected to benefit from duty reduction in labour-intensive sectors such as textiles, leather, jewellery, besides cereals and pharma products.
Goyal said that there is also a lot of potential for increasing exports in services sectors such as information technology, nursing, education, health care, including AYUSH and audio-visual services.
“India will also demand special arrangements for the movement of its people,” he said.
Commerce Secretary BVR Subrahmanyam said the “new era” FTA will have 16 chapters, including Intellectual Property Rights, Digital Economy, Geographical Indication (GI), Sustainability, Anti-Corruption, Investment and MSMEs.
“The interim agreement is targeted to be completed by Easter (April 17). This would include tariff liberalization in 60-65 per cent of merchandise while the final deal would cover over 90 per cent of items. Of the 160 service lines, 50-60 will be included in the interim agreement while the final agreement will have a much larger scope. Several chapters like Anti Corruption and MSME will be on best effort basis. So there will be no binding commitment,” he said.
Underlining the importance of the proposed agreement, Subrahmanyam said that since India is not part of any regional trade agreement, it is “brilliantly isolated”. “Even if there is a 5-10 per cent tariff loss in a country like the UK, it is enough to wipe out our exports,” he said.

                                                    </div><div style="background: #fee8dd; padding: 12px; border: dashed 1px black; margin-bottom: 20px;">

mail Dear reader,

Business Standard has always worked hard to provide updated information and commentary on events that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only reinforced our resolve and commitment to these ideals. Even during these difficult times arising out of COVID-19, we are committed to keeping you informed and updated with relevant news, authoritative views and sharp comments on relevant relevant issues.
However, we have a request.

As we grapple with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Subscribing to more of our online content can only help us achieve our goals of providing you with better and more relevant content. We believe in independent, unbiased and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.

support quality journalism and Subscribe to Business Standard,

digital editor



this is an unedited and auto-generated supporting article of the syndicated news feed are actualy credit for owners of origin centers. intended only to inform and update you about Sakari naukri , result , UPSC , Exam Jobs etc. for Provides real or authentic news. also Original content may not have been modified or edited by Rojgar samachar team members.

Leave a Reply