UK To Enter Into Free Trade Agreement With India Soon
Last updated on May 26th, 2021 at 04:56 am
Despite the mayhem that the second wave has created for India, the UK is serious about doing business with the country. According to an official statement made by the UK Trade Secretary Liz Truss, Britain wants a trade deal with India that pushes new frontiers and welcomes wide input from consumers and businesses across all sectors. There is going to be more focus on “future-focused industries”. These include science, technology and services, creating high-value jobs across the country.
The Free Trade Agreement deal is on for India with the UK. The 10 Downing Street is already working towards launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year.
In her statement to the media, Ms. Truss accepted the mammoth population and possibilities of profitable business that India brings to the UK and vice-versa. After the Brexit came through, the UK has been carefully making its investments and expanding its trade horizons. Australia and India are its most promising alliances since 2020.
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The UK sees India has a formidable market for its cars, whiskey and services. UK is also seeking to build business models with its green initiative closely in mind. As a part of its Free Trade Agreement, the UK government is going to offer India attractive waivers of on tariffs like up to 150 per cent on whisky and 125 per cent on British-made cars.
The 14 day consultation is being done in tandem with India’s Federation of Indian Chambers of Commerce and Industry. Baroness Usha Prashar, Chair of the FICCI UK Council has accepted that there is urgency in the heart of British movement; and this is good news for India.
The UK market is clearly focusing its attention towards the growing middle-class market of India where the youth has the purchasing power and desire for the best to be owned. The public consultation, which runs through to August 31 will include a questionnaire to gather information from participants about their experiences and priorities when doing business with India.
The consultation follows the Enhanced Trade Partnership (ETP) agreed at the virtual meeting between UK Prime Minister Boris Johnson and Prime Minister Narendra Modi on May 4, where they launched a “2030 Roadmap” as a framework for UK-India relations over the next decade.
