From UK To Peru, Several Nations Want To Trade With India
The United Kingdom (UK) is really keen on making a trade deal with India. The reason behind this is that the UK’s economy is not doing well, especially after Brexit and changing Prime Ministers often.
They see a trade deal with India as a big win. Prime Minister Rishi Sunak, who has been in office since 2022, is pushing hard for this deal. But, it’s not happening as fast as he wants. Even though they started talking about it two years ago, they still haven’t agreed on anything.
The UK’s Exports & India’s Demands
The UK especially wants India to reduce taxes on British exports like cars, Scotch whisky, and wines. But, India doesn’t really need these things from the UK. Indian exports like medicines, diamonds, and machine parts already go to the UK without any taxes.
So, India isn’t in a rush for a trade deal. What India really wants is more visas for its people to go and work in the UK. But the UK is not making it easy for Indians to stay there.
Visa Issues & India’s Stance
Recently, the UK changed some rules making it harder for students to bring their families. This makes a trade deal less attractive for India. Trade experts even say that India doesn’t need to rush into a deal.
India has lots of other trade partners, like the European Union, USA, Japan, Oman, Peru, and Mauritius. So, the UK needs this deal more than India does.
Global Interest in India’s Market
On the other side, many countries are interested in signing trade deals with India. India’s market is growing fast, and a deal would let these countries sell their products in India with lower taxes.
This gives their companies a good chance to do well in the Indian market. A report says that most of India’s imports come from countries without a trade deal. Now you can analyze, how important a deal with India is for other countries.
Benefits for the UK & Other Countries
For the UK, a deal with India could be really helpful. It would allow them to sell their products in India without the high taxes India usually charges.
The report suggests that India won’t see a big rise in exports from these deals because these countries already have low or no import taxes.
But, countries like the UK and Canada could benefit more from such deals. They’ll be able to sell more in India and avoid the high taxes. But as I mentioned above, India has a lot more options from several countries.