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India and the United Kingdom yesterday started negotiations for a free trade agreement (FTA) that is expected to facilitate the target of doubling bilateral trade by 2030, as envisaged by the prime ministers Narendra Modi and Boris Johnson in May 2021. Indian commerce and industry minister Piyush Goyal and UK secretary of state for international trade Anne-Marie Trevelyan launched the talks in New Delhi.
Goyal said the FTA is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.
It is expected to raise India’s exports in leather, textile, jewellery, marine products and processed agri products, he was quoted as saying in an official release.
India and the UK yesterday started negotiations for a free trade agreement that is expected to facilitate the target of doubling bilateral trade by 2030, as envisaged by the prime ministers of both sides in May 2021. Indian commerce and industry minister Piyush Goyal and UK secretary of state for international trade Anne-Marie Trevelyan launched the talks.
He said the mutual recognition agreements (MRAs) on pharmaceuticals could provide additional market access. There is also potential for increasing exports in service sectors like information technology, nursing, education, healthcare and audio-visual services. India would also be seeking special arrangements for movement of its people, he added.
The FTA will also contribute to integrating value chains and help augment mutual efforts to strengthen the resilience of supply chains, he said.
It was also agreed to explore the possibility of an interim agreement to provide quick gains for businesses on both sides.
The planned FTA has the potential to almost double UK exports to India, boost UK-India trade by as much as £28 billion a year by 2035, and increase wages across the United Kingdom by up to £3 billion, a UK government release said. Investment from Indian companies already supports 95,000 jobs across the United Kingdom.
International investment from Indian companies already supports 95,000 jobs across the UK and could grow with a new trade deal.
The?Indian?government plans to install 175 GW of renewable energy capacity by 2022 and much more in the coming decades. UK renewables industry looks set to benefit from a deal that slashes barriers, such as import tariffs as high as 15 per cent on wind turbine parts from the United Kingdom, the UK government release added.
Fibre2Fashion News Desk (DS)
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