November 22, 2023
1 min read

UKIBC bats for India FTA before elections in both nations

McCole also said that the bilateral investment treaty between the two countries will help investments from the UK to India rise and vice-versa…reports Asian Lite News

UK-India Business Council (UKIBC), a trade body with a mission to grow trade and investments between the two countries, on Monday said the negotiations on the Free Trade Agreement (FTA) should conclude before the general elections due in both nations next year.

Thirteen rounds of negotiations have been already completed between India and the UK on the FTA.

“Because of the general elections in India and the UK going to polls next year, it is important that the negotiations for the proposed FTA are concluded early. Otherwise, there will be a pause in the negotiations while the general elections are on,” UKIBC Managing Director Kevin McCole said.

He said though the election date in the UK has not yet been fixed, the polls may be held between May and November next year.

There is a risk that negotiations may have to pause till the elections in India and the UK are over, he said.

McCole also said that the bilateral investment treaty between the two countries will help investments from the UK to India rise and vice-versa.

According to him, out of GBP62 billion invested globally by the UK in 2021, India only got GBP 2 billion.

“Once the bilateral investment treaty is signed, one could expect a larger share of the UK’s global investments in India”, he added. McCole said the UK is open to lower its tariffs on textiles from India.

“Presently, tariff on textiles from India is 12 per cent. Tariffs on textiles from Bangladesh and Sri Lanka are lower,” he said.

ALSO READ-UK seeks protection for GI products under FTA with India

Previous Story

Hunt to claim economy is ‘back on track’

Next Story

Foreign workers will need salary of over £30k to enter UK

Latest from -Top News

Gazans Struggle to Revive Life

Today, Gaza’s markets seem to awaken from beneath the ruins. Partially destroyed shops opened their doors amid streets littered with debris, while merchants attempt to arrange what remains of their goods on

GAZA AID: MSF raps Israel

Doctors Without Borders (MSF) says Israel Continues to Use Aid as a Weapon of War Against Gaza Strip…reports Asian Lite News Doctors Without Borders (MSF) said that despite the ceasefire agreement, Israel

Qatar Emir Meets Trump

HH the Amir welcomed HE the US President and his accompanying delegation, expressing his pleasure at meeting the President during his stopover in Qatar…reports Asian Lite News HH the Amir Sheikh Tamim

American missionary abducted in Niger

The US Embassy in Niamey issued a security alert warning that American citizens “remain at a heightened risk of kidnapping throughout Niger, including in the capital city”…reports Asian Lite News An American
Go toTop

Don't Miss

India, GCC agree for early finalisation of FTA

The two sides appreciated the progress in relations between India-GCC

For India, Trump win may pave way for FTA talks

The US is India’s largest trading partner and the bilateral