Another platoon from the UK is also in India to negotiate the Bilateral Investment Treaty with officers of the Ministry of Finance that will be inked along with the FTA.
Accommodations between India and UK for a free trade agreement are at an advanced stage and both sides are working on ironing out differences that still remain, Commerce Secretary Sunil Barthwal said Friday. “ We’re negotiating tough issues which remain, ” he said while not evolving on the issues.
The clerk said he was in the UK last week for conversations with his counterparts and this week a delegation of mediators from the UK are in New Delhi for the continuing with the 13th round of addresses which began on 18th of last month.
India- UK trade pact addresses in final stages Commerce Secy
Another platoon from the UK is also in India to negotiate the Bilateral Investment Treaty with officers of the Ministry of Finance that will be inked along with the FTA.
The proposed FTA between the two countries, accommodations for which were started in January of 2022 covers 26 chapters of policy areas.
Source www.indianexpress.com
Accommodations between India and UK for a free trade agreement are at an advanced stage and both sides are working on ironing out differences that still remain, Commerce Secretary Sunil Barthwal said Friday. “ We’re negotiating tough issues which remain, ” he said while not evolving on the issues.
The clerk said he was in the UK last week for conversations with his counterparts and this week a delegation of mediators from the UK are in New Delhi for the continuing with the 13th round of addresses which began on 18th of last month.
The proposed FTA between the two countries, accommodations for which were started in January of 2022 covers 26 chapters of policy areas. “ maturity of chapters are unrestricted or are in advanced stages of accommodations. ” FE has reported the possibility of the agreement being inked by the end of this month. While lower contentious issues have been sorted out, prolonged accommodations are still on issues of interest to India like lesser access for its professed professionals from sectors like IT, and healthcare in the UK request, besides request access for several goods at nil customs duties.
On the other hand, the UK is seeking a significant cut in import duties on goods similar to scotch whiskey, motorcars, angel meat, chocolates and certain confectionary particulars. Britain is also looking for further openings for UK services in Indian requests in parts like telecommunications, legal and fiscal services( banking and insurance).
Still, the FTA would be India’s first with an advanced country which could set a template for other analogous pacts it’s seeking like with the EU, If the accommodations conclude successfully. Another platoon from the UK is also in India to negotiate the Bilateral Investment Treaty with officers of the Ministry of Finance that will be inked along with the FTA.
The UK is an important trade and investment mate for India. The bilateral trade between India and the UK increased to$20.36 billion in 2022- 23 from $17.5 billion in 2021- 22.
On FTA accommodations with the European Union, the clerk said that the sixth round of accommodations would be held in Brussels from Monday with India. During the fifth round of accommodations in June, accommodations on 20 policy areas were held.FE
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