The commerce secretary emphasised India’s commitment to safeguarding its interests throughout the negotiations. …reports Asian Lite News
Negotiations for the proposed India-UK free trade agreement have advanced significantly, with a review conducted by the Prime Minister’s Office on February 16. Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal participated in the meeting.
Sources highlighted the critical stage of the talks, with multiple high-level reviews conducted thus far, aiming to resolve remaining differences between the two nations, news agency PTI reported.
The commerce secretary emphasised India’s commitment to safeguarding its interests throughout the negotiations. He stressed the importance of ensuring commercial gains for India while protecting the interests of sectors such as agriculture and production linked incentives.
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The ongoing negotiations, spanning 13 rounds thus far with the 14th initiated on January 10, address key issues including customs duty reductions on electric vehicles and whiskey, and facilitating the movement of professionals. Additionally, talks are underway concerning the proposed bilateral investment treaty (BIT).
Initiated in January 2022, the India-UK FTA negotiations encompass 26 chapters, covering goods, services, investments, and intellectual property rights.
Indian industry stakeholders advocate for expanded access for skilled professionals, particularly from IT and healthcare sectors, in the UK market. They also seek market access for various goods with reduced or zero customs duties.
Conversely, the UK aims for substantial reductions in import duties on products such as scotch whiskey, automobiles, lamb meat, chocolates, and certain confectionery items. Furthermore, Britain seeks enhanced opportunities for its services in Indian markets, especially in telecommunications, legal, and financial sectors.
Bilateral trade between India and the UK witnessed growth, amounting to $20.36 billion in 2022-23, up from $17.5 billion in 2021-22. As negotiations progress, both nations strive to strike a balance that ensures mutual benefits and addresses the interests of diverse sectors, aiming for a comprehensive and equitable trade agreement.
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