India UK free trade agreement – Artifex.News https://artifex.news Stay Connected. Stay Informed. Wed, 29 Apr 2026 07:26:00 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://artifex.news/wp-content/uploads/2026/05/cropped-cropped-app-logo-32x32.png India UK free trade agreement – Artifex.News https://artifex.news 32 32 India, U.K. need to simplify their regulatory mechanisms: London’s Lady Mayor https://artifex.news/article70919352-ece/ Wed, 29 Apr 2026 07:26:00 +0000 https://artifex.news/article70919352-ece/ Read More “India, U.K. need to simplify their regulatory mechanisms: London’s Lady Mayor” »

]]>

London Mayor Dame Susan Langley.
| Photo Credit: Aditya Shirsekar

“India and the United Kingdom need to simplify their complex regulatory mechanisms,” London’s Lady Mayor Dame Susan Langley told The Hindu.

The comments are significant on the background of the India-U.K. Free Trade Agreement (FTA) which will be effective soon. During her maiden visit to India, the international Ambassador for the U.K.’s financial and professional services sector, emphasised on the need for both the countries to understand each other’s markets more strategically, and discussed the barriers for the rolling out of the FTA.



Source link

]]>
Keir Starmer says opportunities under India-U.K. FTA are unparalleled and waiting to be seized https://artifex.news/article70138426-ece/ Wed, 08 Oct 2025 07:16:00 +0000 https://artifex.news/article70138426-ece/ Read More “Keir Starmer says opportunities under India-U.K. FTA are unparalleled and waiting to be seized” »

]]>

The opportunities waiting to be seized under the India-U.K. Free Trade Agreement (FTA) are “unparalleled”, British Prime Minister Keir Starmer said on Wednesday (October 8, 2025) as he kick-started his first visit to India after assuming the charge of the top office.

“It’s the biggest deal we’ve struck since we left the European Union,” Mr. Starmer said. “I think it’s also the biggest deal that India has ever struck, so it’s hugely important.”

Watch: Make maximum advantage of the ‘hugely important’ India-U.K. FTA: Keir Starmer tells colleagues

Mr. Starmer, accompanied by a delegation of about 100 entrepreneurs, cultural representatives, and university Vice-Chancellors, arrived in Mumbai for a two-day visit to take advantage of the opportunities brought about by the India-U.K. Comprehensive Economic and Trade Agreement signed in July.

“It’s not just a piece of paper, it’s a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled,” he said.

The British leader will meet Prime Minister Narendra Modi on Thursday. They will address the sixth edition of the Global Fintech Fest in Mumbai.

“Welcome Prime Minister Keir Starmer on your historic first visit to India with the largest ever trade delegation from the U.K.,” Mr. Modi said on X on Wednesday (October 8). “Looking forward to our meeting tomorrow for advancing our shared vision of a stronger, mutually prosperous future.” 

A meeting of leaders

According to the External Affairs Ministry, Mr. Starmer’s trip was at the invitation of Mr. Modi and is his first official visit to India. 

“During the visit, on October 9 in Mumbai, the two Prime Ministers will take stock of progress in diverse aspects of the India-UK Comprehensive Strategic Partnership in line with ‘Vision 2035’, a focused and time bound 10-year road map of programmes and initiatives in key pillars of trade and investment, technology and innovation, defence and security, climate and energy, health, education and people to people relations,” the Ministry said in a statement. 

Both leaders would engage with business and industry leaders regarding the opportunities presented by the trade agreement. “They will also exchange views on issues of regional and global importance,” it added.

The India-U.K. CETA aims at boosting bilateral trade by £25.5 billion annually. It provides substantial tariff reductions on a range of goods, including textiles, whisky, and cars, enhancing competitiveness for exporters in both markets.

Specifically, the U.K. will offer duty-free access on 99.1% of its tariff lines, covering 100% of the trade value immediately upon enforcement. 

Duty-free access to U.K. under FTA to drive foreign investment into India

Of investments and visas

Mr. Starmer’s trip to India has yielded positive statements from some U.K. companies, such as Rolls-Royce, about their future plans in India.

“We have deep ambitions to develop India as a home for Rolls-Royce, building on our strong and successful partnership,” Tufan Erginbilgic, CEO of Rolls-Royce, said in Mumbai. “Our competitively advantaged technologies across air, land, and sea applications position us to successfully build in-country capabilities and foster strategic partnerships that will accelerate India’s progress towards a Viksit Bharat,” he said.

Mr. Starmer, however, reportedly indicated that the U.K. would not be revisiting its visa requirements for Indians. 

According to the BBC, Mr. Starmer reportedly said that no business leaders he had met so far raised the question of visas. It added that, during the flight to India, Mr. Starmer said that visas “played no part” in the CETA and that the situation had not changed.

Reel relations

Mr. Starmer also visited the Yash Raj Films (YRF) studio, where he met Indian producers and film stars, such as Rani Mukherjee.

The British Prime Minister is reportedly keen to strengthen cultural ties between India and the U.K. and promote collaboration between the film industries of the two countries.

The U.K. government issued a release on Wednesday (October 8) saying that three new Bollywood movies will be made in the UK from next year, with YRF having confirmed plans to bring their major productions to locations across the U.K. from early 2026.

Commerce and Industries Minister Piyush Goyal met Peter Kyle, the U.K.’s Secretary of State for Business and Trade, in Mumbai with a view to moving forward with the operationalisation of the India-U.K. CETA, the Commerce and Industry Ministry said in a statement. Mr. Kyle is part of the delegation accompanying Mr. Starmer.

Published – October 08, 2025 12:46 pm IST





Source link

]]>
India-U.K. Trade Deal: India Inc welcomes the free trade agreement https://artifex.news/article69850723-ece/ Thu, 24 Jul 2025 12:54:00 +0000 https://artifex.news/article69850723-ece/ Read More “India-U.K. Trade Deal: India Inc welcomes the free trade agreement” »

]]>

India Inc on Thursday (July 24, 2025) hailed the India-UK free trade agreement.

This landmark deal paves the way for a new era of economic cooperation between two vibrant economies, R. Dinesh, Chairman, TVS Supply Chain Solutions, said.

As a company with a strong presence in both India and the U.K., we at TVS Supply Chain Solutions see this FTA as a strategic enabler, he said.

“It will help streamline trade flows, reduce operational friction, and accelerate our ability to deliver cost-effective, agile solutions to global customers. With our strong presence in the UK and India , the agreement further strengthens our position in a critical market while opening new doors for cross-border collaboration, investment, and innovation,” Mr. Dinesh said.

For TVS Motor Company, the agreement comes at a pivotal time as it prepares to launch a new line of Norton Motorcycles in the UK, following its strategic acquisition of the iconic British brand, Sudarshan Venu, Managing Director, TVS Motor Company, said.

“We are particularly excited given the launch of new Norton vehicles this year, which will benefit from the strengthening of trade links between India and the UK. It energises our global ambitions and strengthens our resolve to build world-class products and brands,” he said.

TVS Motor believes the India-UK FTA will create immense opportunities for Indian companies to expand their global footprint while showcasing the country’s innovation and engineering excellence on a larger platform, Mr. Sudarshan Venu added.

The reactions from other industry leaders are below.

OmniActive Health Technologies

“The India–UK FTA is a welcome move. Our exports to the UK went up by 12.6% last year, and this deal gives us a chance to build on that growth. But it’s not just about trade volumes—what stands out is the scope it opens up in healthcare. With regulatory barriers coming down, Indian healthcare companies will find it easier to operate in the UK, and that can lead to more affordable services and better collaboration between the two systems. That’s a space worth watching. At the same time, we can’t lose sight of the fact that FTAs only work well when businesses at home are strong,” said Mr. Sanjaya Mariwala, Executive Chairman and Managing Director, OmniActive Health Technologies in a release.

 Choice International Ltd. 

Arun Poddar, CEO at Choice International Ltd welcomed the ‘historic deal’ said would significantly improve market access for Indian companies and will boost bilateral trade by around $34 billion annually. 

““The historic free trade agreement (FTA) signed between the UK and India will significantly improve market access for Indian companies and will boost bilateral trade by around $34 billion annually. This agreement will pave the way for duty-free access to 99% of Indian exports, particularly from labour-intensive sectors like textiles, marine products, leather, footwear, engineering goods, auto components, engines, and chemicals. Overall, this development will have a very positive impact on the country’s economy and could provide a major boost to the manufacturing sector, especially to the MSME sector,” Mr. Poddar said.

A  a pivotal milestone: Pharmaceuticals Export Promotion Council 

“The India-UK Free Trade Agreement (FTA) marks a pivotal milestone in economic cooperation, particularly in the pharmaceutical sector. With India’s pharmaceutical exports to the UK reaching $914 million in FY24, the agreement strengthens supply chains, enhances access to affordable medicines and drives foreign direct Investment (FDI). The partnership paves way for collaborations in bulk drug imports, CDMO and joint research, empowering India’s competitive edge and promoting global partnerships,” Pharmaceuticals Export Promotion Council Chairman Namit Joshi said.

Hero FinCorp Ltd

“The India–UK FTA is more than a trade pact—it’s a launchpad for India’s entrepreneurs to tap global demand, scale faster, and lead with confidence. A proud moment in our journey to an Atmanirbhar Bharat.” – Mr. Abhimanyu Munjal, MD & CEO, Hero FinCorp Ltd

Deal marks a transformative moment in the global economic landscape: Mahindra Group 

“The landmark trade agreement between India and the UK marks a transformative moment in the global economic landscape. It’s not just a win for trade, but a blueprint for a modern, values-led partnership that puts innovation, sustainability, and inclusive growth at the heart of global collaboration.

At Mahindra, we believe deeply in the power of such cross-border partnerships to unlock economic potential, create high-quality jobs, and accelerate progress in future-facing sectors from green mobility and clean energy to digital technologies and advanced manufacturing.

The UK-India Vision 2035 aligns closely with our own strategic priorities building resilient supply chains, investing in frontier technologies, and fostering a just transition to a low-carbon economy. As Indian industry becomes increasingly global in its footprint and ambition, we look forward to contributing meaningfully to this next chapter of UK-India cooperation.

This deal is also a testament to the growing stature of India as a trusted partner and innovation powerhouse in the global order. We commend both governments for their bold leadership in charting a shared future rooted in prosperity, sustainability, and trust., said the statement from Anish Shah, Group CEO & MD, Mahindra Group.

Published – July 24, 2025 06:24 pm IST



Source link

]]>
UK’s ex-minister claims blocking India-UK free trade agreement over visa demands: Reports https://artifex.news/article68772709-ece/ Sat, 19 Oct 2024 13:04:43 +0000 https://artifex.news/article68772709-ece/ Read More “UK’s ex-minister claims blocking India-UK free trade agreement over visa demands: Reports” »

]]>

Conservative MP and leadership candidate Kemi Badenoch
| Photo Credit: Reuters

Britain’s former business and trade secretary Kemi Badenoch, who is the frontrunner to succeed Rishi Sunak as Conservative Party chief and Opposition Leader, has claimed that she blocked the India-UK free trade agreement (FTA) over demands for more visas, according to UK media reports.

The Nigerian heritage shadow minister, who is going head-to-head in an ongoing Tory membership vote with former Cabinet colleague Robert Jenrick, has indicated that one of the reasons the FTA could not be signed off by the Sunak-led Tory government was due to the Indian side expecting more concessions over the issue of migration.

“As business secretary, even as I was trying to do things to limit immigration, we had an India FTA where they kept trying to bring in migration and I said no. It’s one of the reasons why we didn’t sign it,” Badenoch reportedly told ‘The Telegraph’.

But some of her former Tory ministerial colleagues countered in ‘The Times’ that the claims are unlikely because Ms. Badenoch was pushing for a deal as she oversaw several rounds of negotiations towards an FTA expected to significantly enhance the GBP 38 billion a year bilateral trading partnership.

“Kemi just wanted to get a deal at all costs and didn’t really think that the objections that were being put forward were serious. She said they were ideologically driven, that they were impractical and weren’t conducive to good relations with the Indians,” a former Cabinet minister was quoted as saying.

“Kemi wanted a trophy to show post-Brexit benefits and there was a zeal to achieve it,” the former minister said.

“The reality was, all the bargaining power was with the Indians and they had more leverage in negotiations than we did. There was a lot more pressure on us to do all the running, and they were quite nonchalant about doing a deal. That was where the balance of power lay and we were always starting from a weaker position,” the ex-minister said.

A source close to Ms. Badenoch, however, denied claims that she was prepared to sign a deal at any cost and said that the Indian government had decided not to sign a deal with the Conservative government in the hope that it might be able to negotiate better terms under Labour.

“Kemi didn’t want to do a deal that would have changed any UK immigration rules. It’s categorically untrue, she would have never done that. India held out because they knew that under a Labour government, they would get a better deal on students and social security,” the source was quoted as saying by ‘The Times’.

“She did not put visas on the table, she did not sanction her officials to offer up access to the labour market at any point,” the source added.

Meanwhile, while reports from India indicate the FTA negotiations under the Prime Minister Keir Starmer-led Labour Party government are set to commence next month, officials in the UK are not setting any timeline for picking up after 14 rounds of negotiations.

“We remain committed to securing a trade deal with India and intend to resume talks as soon as possible,” Starmer’s foreign affairs spokesperson at 10 Downing Street told PTI this week. Ms. Badenoch and Jenrick are trading blows on various policy areas, with immigration emerging as a key focal point as they continue on the campaign trail to win votes from an estimated 140,000 Conservative members.

Sunak’s successor is scheduled to be declared on November 2, following the British Indian leader’s resignation in the wake of the party’s bruising general election defeat in July under his leadership. 



Source link

]]>
Former UK PM In Memoir https://artifex.news/narendra-modi-the-change-maker-we-need-former-uk-pm-boris-johnson-writes-in-memoir-6773521rand29/ Sat, 12 Oct 2024 15:40:01 +0000 https://artifex.news/narendra-modi-the-change-maker-we-need-former-uk-pm-boris-johnson-writes-in-memoir-6773521rand29/ Read More “Former UK PM In Memoir” »

]]>



London:

Prime Minister Narendra Modi has been written about fondly by former British PM Boris Johnson in his memoir ‘Unleashed’ which will be available in bookstores in the UK in a few days.

The book, which journeys through Mr Johnson’s very eventful, noteworthy and lively political career mentions about his meetings with Prime Minister Modi, calling him the “change-maker” we need. Writing about his very first meeting with the prime minister, Mr Johnson recalls “a curious astral energy” he had felt.

The former British prime minister has written an entire chapter dedicated to India and described ties between the two nations as “a relationship as good as it has ever been.”

Calling Prime Minister Modi “exactly the partner of friend” he needed, Mr Johnson credited himself and PM Modi for laying the foundation for a free-trade pact between India and the UK.

The significance of India-UK ties could be seen in the former prime minister’s book as he repeatedly mentions the “friendship” shared between the two countries, especially in the context of the Indo-Pacific region and its vision.

“For some reason, we went down to stand in the dark in the plaza by Tower Bridge, in front of a crowd of his supporters,” Mr Johnson writes in the chapter titled ‘Britain and India’, referencing his first meeting with PM Modi during a visit to his City Hall office by the river Thames when he was Mayor of London.

“He raised my arm and chanted something or other in Hindi, and though I couldn’t follow it I felt his curious astral energy. I have enjoyed his company ever since – because I reckon he is the change-maker our relationship needs. With Modi, I felt sure, we could not only do a great free-trade deal but also build a long-term partnership, as friends and equals,” he writes.

Mr Johnson reveals how a “distinctly sniffy” UK Foreign Office had dissuaded him from meeting Mr Modi during an earlier mayoral trade delegation to India in 2012, a problem, he writes, which was “soon dropped” to pave the way for a relationship that “hit an all-time high”.

In the book he also mentions how much he loves India, calling himself a “veteran” of many Indian weddings because his children with Sikh heritage ex-wife Marina Wheeler trace their roots to India.

While he writes with pride of a similar “Anglo-Indian syncretism” in politics with his diverse Cabinet as PM including many British Indians such as Rishi Sunak and Priti Patel, Mr Johnson laments the slow-paced growth of bilateral trade due to unnecessary trade barriers that leave UK visitors “clinking in with duty-free booze” for Indians starved of Scotch whisky at decent prices.

The “tremendous success” of his visit to India as PM in January 2022 he recalls as a much-needed “morale boost” and “balm for the soul” away from an increasingly belligerent domestic politics that would eventually end in his unceremonious exit from 10 Downing Street just a few months later.

He claims he had also wanted to use the visit to make a “gentle point to Narendra” on the issue of relations with Russia at a “global inflection point” with its conflict with Ukraine.

He writes: “I knew all the history and the sensitivities, the reasons for India’s post-war non-alignment with the West, the seemingly unbreakable relationship with Moscow. I understand the Indian dependence – like China’s – on Russian hydrocarbons.”

“But I wondered if it was not time for a modulation, a rethink… As I was to put it to the Indians, Russian missiles were turning out to be less accurate, statistically, than my first serve at tennis. Did they really want to keep Russia as their main supplier of military hardware?” It is in this context that in another section of the book, where he showers the late Queen Elizabeth II with effusive praise for her deep personal knowledge of history and history-makers, he references his efforts to get India to take a “tougher line” with Russians.

“She remembered something the former Indian prime minister Jawaharlal Nehru had told her in the 1950s. ‘He told me that India will always side with Russia and that some things will never change. They just are.’ I cite that as an illustration of her amazing ability to reassure and to contextualise,” he shares, with reference to his customary weekly audiences with the late monarch as prime minister.

Mr Johnson goes on to credit himself with injecting a broader vision for the India-UK partnership to go beyond trade and climate change and educational partnerships and embark on a whole programme of military and technological collaboration.

“Overcoming the qualms of the MoD (Ministry of Defence), who are always worried about India’s closeness to Russia, we agreed to work together on all kinds of military technology, from submarines to helicopters to marine propulsion units,” he proudly declares.

With ‘Unleashed’, Mr Johnson seems to be keen to stress a lack of bitterness over his undignified removal as PM in the wake of the partygate scandal of Covid law-breaking parties but is clear that it was Rishi Sunak, his eventual successor at 10 Downing Street, who precipitated the problems by resigning as chancellor from his Cabinet in June 2022.

“It was worse than a crime, I thought, it was a mistake – both for Rishi and for the party, never mind the country. So it proved,” he writes, alluding to the recent disastrous general election result for the Tories.

“I don’t blame Rishi for prematurely wanting to be PM; in fact I don’t blame any of them, really, for trying to turf me out. It’s just what Tory MPs do…It goes without saying that if we had all stuck together I have no doubt that we would have gone on to win in 2024, and a lot more of my friends would now have their seats,” he claims.

(Inputs from PTI)
 




Source link

]]>
Former UK PM In Memoir https://artifex.news/narendra-modi-the-change-maker-we-need-former-uk-pm-boris-johnson-writes-in-memoir-6773521/ Sat, 12 Oct 2024 15:40:01 +0000 https://artifex.news/narendra-modi-the-change-maker-we-need-former-uk-pm-boris-johnson-writes-in-memoir-6773521/ Read More “Former UK PM In Memoir” »

]]>



London:

Prime Minister Narendra Modi has been written about fondly by former British PM Boris Johnson in his memoir ‘Unleashed’ which will be available in bookstores in the UK in a few days.

The book, which journeys through Mr Johnson’s very eventful, noteworthy and lively political career mentions about his meetings with Prime Minister Modi, calling him the “change-maker” we need. Writing about his very first meeting with the prime minister, Mr Johnson recalls “a curious astral energy” he had felt.

The former British prime minister has written an entire chapter dedicated to India and described ties between the two nations as “a relationship as good as it has ever been.”

Calling Prime Minister Modi “exactly the partner of friend” he needed, Mr Johnson credited himself and PM Modi for laying the foundation for a free-trade pact between India and the UK.

The significance of India-UK ties could be seen in the former prime minister’s book as he repeatedly mentions the “friendship” shared between the two countries, especially in the context of the Indo-Pacific region and its vision.

“For some reason, we went down to stand in the dark in the plaza by Tower Bridge, in front of a crowd of his supporters,” Mr Johnson writes in the chapter titled ‘Britain and India’, referencing his first meeting with PM Modi during a visit to his City Hall office by the river Thames when he was Mayor of London.

“He raised my arm and chanted something or other in Hindi, and though I couldn’t follow it I felt his curious astral energy. I have enjoyed his company ever since – because I reckon he is the change-maker our relationship needs. With Modi, I felt sure, we could not only do a great free-trade deal but also build a long-term partnership, as friends and equals,” he writes.

Mr Johnson reveals how a “distinctly sniffy” UK Foreign Office had dissuaded him from meeting Mr Modi during an earlier mayoral trade delegation to India in 2012, a problem, he writes, which was “soon dropped” to pave the way for a relationship that “hit an all-time high”.

In the book he also mentions how much he loves India, calling himself a “veteran” of many Indian weddings because his children with Sikh heritage ex-wife Marina Wheeler trace their roots to India.

While he writes with pride of a similar “Anglo-Indian syncretism” in politics with his diverse Cabinet as PM including many British Indians such as Rishi Sunak and Priti Patel, Mr Johnson laments the slow-paced growth of bilateral trade due to unnecessary trade barriers that leave UK visitors “clinking in with duty-free booze” for Indians starved of Scotch whisky at decent prices.

The “tremendous success” of his visit to India as PM in January 2022 he recalls as a much-needed “morale boost” and “balm for the soul” away from an increasingly belligerent domestic politics that would eventually end in his unceremonious exit from 10 Downing Street just a few months later.

He claims he had also wanted to use the visit to make a “gentle point to Narendra” on the issue of relations with Russia at a “global inflection point” with its conflict with Ukraine.

He writes: “I knew all the history and the sensitivities, the reasons for India’s post-war non-alignment with the West, the seemingly unbreakable relationship with Moscow. I understand the Indian dependence – like China’s – on Russian hydrocarbons.”

“But I wondered if it was not time for a modulation, a rethink… As I was to put it to the Indians, Russian missiles were turning out to be less accurate, statistically, than my first serve at tennis. Did they really want to keep Russia as their main supplier of military hardware?” It is in this context that in another section of the book, where he showers the late Queen Elizabeth II with effusive praise for her deep personal knowledge of history and history-makers, he references his efforts to get India to take a “tougher line” with Russians.

“She remembered something the former Indian prime minister Jawaharlal Nehru had told her in the 1950s. ‘He told me that India will always side with Russia and that some things will never change. They just are.’ I cite that as an illustration of her amazing ability to reassure and to contextualise,” he shares, with reference to his customary weekly audiences with the late monarch as prime minister.

Mr Johnson goes on to credit himself with injecting a broader vision for the India-UK partnership to go beyond trade and climate change and educational partnerships and embark on a whole programme of military and technological collaboration.

“Overcoming the qualms of the MoD (Ministry of Defence), who are always worried about India’s closeness to Russia, we agreed to work together on all kinds of military technology, from submarines to helicopters to marine propulsion units,” he proudly declares.

With ‘Unleashed’, Mr Johnson seems to be keen to stress a lack of bitterness over his undignified removal as PM in the wake of the partygate scandal of Covid law-breaking parties but is clear that it was Rishi Sunak, his eventual successor at 10 Downing Street, who precipitated the problems by resigning as chancellor from his Cabinet in June 2022.

“It was worse than a crime, I thought, it was a mistake – both for Rishi and for the party, never mind the country. So it proved,” he writes, alluding to the recent disastrous general election result for the Tories.

“I don’t blame Rishi for prematurely wanting to be PM; in fact I don’t blame any of them, really, for trying to turf me out. It’s just what Tory MPs do…It goes without saying that if we had all stuck together I have no doubt that we would have gone on to win in 2024, and a lot more of my friends would now have their seats,” he claims.

(Inputs from PTI)
 




Source link

]]>
FTA ‘possible’ before India elections, says U.K. Trade Minister Kemi Badenoch https://artifex.news/article67928259-ece/ Fri, 08 Mar 2024 08:13:26 +0000 https://artifex.news/article67928259-ece/ Read More “FTA ‘possible’ before India elections, says U.K. Trade Minister Kemi Badenoch” »

]]>

British Business Secretary Kemi Badenoch.
| Photo Credit: REUTERS

A trade deal being negotiated with India is “possible” to be concluded before a general election in the country but Britain does not want to use that as a deadline, U.K. Secretary of State for Business and Trade Kemi Badenoch has said.

The Minister in charge of signing off on the free trade agreement (FTA), now in its 14th round of negotiations, pointed to India’s “protectionist economy” in comparison with the U.K.’s liberalised regime as one of the factors behind the long-drawn discussions.

Ms. Badenoch, who was speaking during a Global Trade conference at the think tank Chatham House on Thursday, stressed that she wanted to ensure a “commercially meaningful” pact as opposed to just a pre-election picture opportunity.

“India is still very protectionist where we are very, very liberalised,” claimed Ms. Badenoch.

“I am not interested in just taking a picture and moving on. It has to be something that is commercially meaningful. People need to be able to say ‘ah now I can do this’, like we had with our Australia agreement or with Japan for example,” she said, referring to FTAs with the two major economies.

On the timeline for getting to the finishing line with the talks with India, she added: “We can actually sign an agreement before the Indian election. I suspect that that is not necessarily going to be the case because I don’t want to use any election as a deadline.”

“It is possible that that will be done but I am very resistant to deadlines being set on trade negotiations because it runs down the clock. It is very possible that we can sign but I am not using it as a deadline for the work that I am carrying out basically.”

India and the U.K. have been negotiating an FTA since January 2022 to significantly enhance the GBP 36-billion bilateral trading partnership. The 13th round of talks concluded on December 15 last year, with both sides hopeful that the ongoing fourteenth round will end in an agreement.

The U.K. wants India to significantly reduce tariffs on U.K. exports such as food, cars and whisky that can currently be as high as 150%. India in turn is concerned over the fairness of rules applied to Indian workers temporarily transferred to the U.K. on business visas who have to pay national insurance, despite not being eligible for U.K. pensions or social security benefits.

In her keynote address at the trade conference, Ms. Badenoch noted: “I have to strike the right balance between embracing the import of goods from developing countries to help them grow with the need to maintain the high standards on quality and safety which the British people rightly expect. We make choices.”

“Our free trade agreements are helping us make the right choices because they are all about diversification and resilience. That is what the Indo-Pacific tilt is about, but we need to make sure that the facts are out there.”

With both India and the U.K. set for a general election this year, signing off on a trade agreement has taken on particular urgency before leaders on both sides get into campaign mode.



Source link

]]>
Indian official delegation heads for London for FTA talks https://artifex.news/article67866827-ece/ Tue, 20 Feb 2024 11:23:18 +0000 https://artifex.news/article67866827-ece/ Read More “Indian official delegation heads for London for FTA talks” »

]]>

With the negotiations for the proposed India-UK free trade agreement (FTA) reaching its last leg, a high-level Indian official delegation is heading for London to iron out differences on remaining issues, sources said on February 20.

The chief negotiators of both countries would hold negotiations on different issues such as goods, services, and rules of origin. The visit assumes significance as last week, the Prime Minister’s Office has reviewed the progress of the talks.

Sources said that the attempt of this visit would be to close the remaining issues.

India and the UK launched the talks for a free-trade agreement (FTA) in January 2022. So far 13 rounds of talks have been completed. The 14th round started last month. Talks are also progressing on the proposed bilateral investment treaty (BIT).

There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.

The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. The UK is seeking cuts in import duties on goods like scotch whiskey, electric vehicles, lamb meat, chocolates and certain confectionary items. The country is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).

The bilateral trade between India and the UK increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.



Source link

]]>
Union Commerce Minister Piyush Goyal to push trade deals in U.K. https://artifex.news/article67060222-ece/ Sun, 09 Jul 2023 09:12:10 +0000 https://artifex.news/article67060222-ece/ Read More “Union Commerce Minister Piyush Goyal to push trade deals in U.K.” »

]]>

Piyush Goyal, Minister of Commerce & Industry. File.
| Photo Credit: Kamal Narang

Union Commerce, Industry and Textiles Minister Piyush Goyal is heading for a two-day visit to London, starting Monday, to take forward negotiations for bilateral trade pacts with the United Kingdom and the four-nation European Free Trade Association (EFTA) bloc.

Mr. Goyal will engage in high-level meetings with his U.K. counterparts, including the Secretary of State for International Trade, as well as representatives from various sectors and industries. U.K.’s Minister for International Trade Nigel Huddleston said last week that half of the chapters in the proposed bilateral trade agreement had been worked out and concluded already.

“These meetings will provide an opportunity to discuss the key priorities and objectives of the Free Trade Agreement [FTA] negotiations, with a focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights,” the Commerce Ministry said in a statement.

Meetings are also scheduled with ministers from the EFTA member-countries — Switzerland, Norway, Iceland, and Liechtenstein — to assess the progress made in the ongoing negotiations of a Trade and Economic Partnership Agreement (TEPA). The pact will strive to enhance trade and economic cooperation between India and the EFTA member-countries, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access.



Source link

]]>