UK aims to start talks for a trade deal with India this year
By Sanjay Maurya
News Highlights
- The United Kingdom announced that it intends to begin trade negotiations with India by the end of the year.
- A trade agreement with India will help grow British exports by lowering tariffs and expanding investment opportunities.
- the interim agreement might provide Indian rice growers better access to the UK market.
UK aims to start talks for a trade deal with India this year
On August 17th, the United Kingdom announced that it intends to begin trade negotiations with India by the end of the year. A free trade agreement (FTA) is a deal between two or more countries in which the parties agree to certain obligations regarding goods and services trade, investor protection, and other subjects.
Advantage of Free Trade Agreement (FTA)
- Increased efficiency
- No monopoly
- Specialization of countries
- Lower prices
- Increased variety
According to a spokesperson for the UK’s Department for International Trade, we are now in the pre-negotiation scoping phase of an FTA (Free Trade Agreement), to initiate negotiations by the end of this year.
With bilateral trade worth 23 billion pounds ($31.60 billion) in 2019, a trade agreement with India will help grow British exports by lowering tariffs and expanding investment opportunities, the spokeswoman said in an emailed statement.
A trade agreement with India is seen as a crucial post-Brexit goal for the United Kingdom. After COVID-19 cases spread across India, Prime Minister Boris Johnson regretfully canceled a trip to Delhi in April of this year.
Since exiting the European Union at the end of last year, Britain has been eager to negotiate trade deals, with a particular focus on the Indo-Pacific region, which is home to some of the world’s fastest-growing economies.
According to the City AM newspaper in the United Kingdom, the UK government is considering negotiating a swift “interim” trade pact with India, which might result in tariff cuts on exports such as Scotch whisky before a full agreement is made.
According to the newspaper, Britain would aim to reach an interim agreement that would allow free trade between the two countries under the principles of a World Trade Organization charter.
According to the publication, the interim agreement might provide Indian rice growers better access to the UK market. Britain announced the launch of a 14-week public and business consultation on a future trade agreement with India late in May.
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