Page 3 - Latest Updates on India UK Free Trade deal

India-UK FTA to boost JLR performance, future car access: Tata Motors CFO

The India-UK free trade agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster, Tata Motors Group CFO PB Balaji said on Tuesday. On the other hand, further details and clarifications are needed to fully understand the impact on JLR after the US-UK trade deal that reduced US trade tariffs on auto exports from the UK to 10 per cent from 27.5 per cent within a quota of 1 lakh vehicles, Balaji said in an earnings call. "As far as India-UK FTA is concerned, it is a great development and augurs well for JLR...At the same time, we also wait when the FTA actually comes into force, but we believe this is going to benefit the future cars that are going to come, which means customers will be able to access these global cars and global prices much faster because of this FTA," he said. Therefore, Balaji said, "It augurs very well for continuing to drive JLR performance in India goin

India rejects UK's data exclusivity demand in FTA to shield generics

India has not accepted the demand of the UK for inclusion of a 'data exclusivity' provision in the free trade agreement, announced on May 6, in a bid to protect the interests of the domestic generic drugs industry, an official said. During the negotiations, the UK had asked to include this provision in the trade pact. "But India has not accepted that. There is no fear for the Indian generic industry from this agreement. In fact, it is our very important objective to see that the generic drug industry flourishes," the official said. The sector plays a key role in India's exports, which are also growing. Data exclusivity provides protection to the technical data generated by innovator companies to prove the usefulness of their products. In the pharmaceutical sector, drug companies generate data through expensive global clinical trials to prove the efficacy and safety of their new medicine. By gaining exclusive rights over this data, innovator companies can prevent their competitors

BTAs are the way to go in the new world order: CII President Sanjiv Puri

Puri said that the India-UK Free Trade Agreement (FTA) has set a template for future deals and will create opportunities for India to build alternate supply chains

Statsguru: India-UK FTA set to boost British investment prospects

The FTA has come at a time when the economic relations between India and the UK are growing, with their bilateral trade at roughly $60 billion, and projected to double by 2030

India, UK deal in time of US trade talks: Long-pending FTA finally sealed

The India-UK FTA is being touted as a modern, and the most comprehensive agreement that India has signed till now - comprising non-trade issues such as gender, labour, anti-corruption, sustainability

India-UK FTA a positive step; car prices unlikely to change: BMW, Mercedes

Mercedes-Benz and BMW have termed the India-UK free trade agreement (FTA) a positive development while noting that it would not have much bearing on the prices of luxury cars in the country. Last week, India and the UK sealed a landmark FTA that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket. The aim is to double two-way commerce by 2030 from the present USD 60 billion India has included adequate safeguards in the agreement to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years. The duty concession on imports of petrol and diesel engine vehicles from the UK is limited to a pre-defined quota. "Fundamentally, we have always advocated free trade as a multinational company, because we feel that free trade helps in better growth... So I think for us, definitely it's a real welcome move, ...

India must ensure balanced, reciprocal terms in US trade deal: GTRI

India should take cues from the US-UK trade pact and exercise caution while negotiating an agreement with America to ensure that the deal is reciprocal, balanced, and not driven solely by political considerations, economic think tank GTRI said on Saturday. The limited trade deal announced between the US and UK on May 8 offers clues about the kind of trade arrangements Washington may pursue with other major partners, most notably India, the Global Trade Research Initiative (GTRI) said. A closer look reveals that while the UK has made sweeping tariff concessions to America, the US has offered far less in return, it added. "If the UK-US deal sets the template, India can expect growing US pressure to finalise a mini-deal of its own - focused on tariff cuts and key strategic commitments rather than a full free trade agreement (FTA) that may come much later," the think tank said. It also cautioned that India may be asked to reduce tariffs on a basket of sensitive agricultural products, .

Jaguar Land Rover, Diageo among winners as UK-India sign model trade deal

Free Trade Agreement announced after three years of negotiations, will make it cheaper for UK firms to sell their whiskeys, cars, auto parts, cosmetics, biscuits, clothes and electrical machinery

Double contribution deal won't spur a spike in Indian IT workers sent to UK

Despite tax savings from UK-India FTA's social security waiver, analysts say high costs and limited incentives may not significantly boost Indian IT deployments to the UK

India-UK FTA: How Indian techies will save on salary for three years

Under the Double Contribution Convention Agreement (DCCA), Indian workers temporarily in the UK, and their employers, will be exempt from paying social security contributions for three years

UK trade deal likely to serve as model for India's FTAs with EU, US

The long-pending deal with the UK was finalised on Tuesday

India grants UK access to £38 bn Indian procurement market under FTA

India grants legally guaranteed access to UK firms for 40,000 tenders annually under FTA, offering preferential status in government procurement

UK access to India's procurement may hurt MSMEs, Make in India, warns GTRI

Economic think tank GTRI on Wednesday said allowing UK firms to participate in India's central government procurement tenders could crowd out MSMEs, which rely heavily on protected access to such contracts. After the UAE, India has opened its central government procurement (GP) for British companies under the free trade agreement (FTA) announced on Tuesday, subject to certain conditions. British firms can now bid for tenders, and those with just 20 per cent UK content will be treated as Class 2 Local Suppliers under India's Make in India policy. This effectively extends preferential treatment designed for Indian firms to foreign suppliers. While UK companies gain broad access to India's procurement system, Indian firms remain largely excluded from the UK's closed and highly competitive GP market, the Global Trade Research Initiative (GTRI) said. With little reciprocal benefit, this sets a dangerous precedent for future FTAs and weakens India's leverage to defend domestic interests,

India opens central govt procurement to UK firms under new trade pact

After the UAE, India has opened its central government procurement for British companies under the free trade agreement (FTA) announced on Tuesday, an official said on Wednesday. The official said British firms would be allowed to participate in the procurement of goods and services of the non-sensitive central-level entities only. However, access to state and local government-level entities will be excluded. "Eligible UK suppliers would be allowed to bid for domestic tenders as deemed Class II local suppliers only," the official said, adding carve out is also provided for 'Make in India' policy as well as medium and small enterprises. Earlier, India opened the government procurement segment in the comprehensive trade pact with the UAE. Under that pact, UAE firms are allowed to participate in procurement tenders worth over Rs 200 crore. In 2020, the government modified public procurement norms to give maximum preference to companies whose goods and services have 50 per cent or mor

No duty cuts by India on diamond, smartphones, fibres in UK trade pact

India seals FTA with UK but keeps duty shield on EVs, smartphones, diamonds, and other key goods to protect domestic industry and manufacturing base

India reserves right to retaliate if UK carbon tax hits exports: Official

The India-UK free trade agreement has no provision to counter Britain's proposed carbon tax, but amid uncertainty and absence of UK legislation, New Delhi has preserved its right to retaliate or rebalance concessions, if future measures impact domestic exports, an official said. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM) starting 2027. According to economic think tank GTRI, India's exports worth USD 775 million to the UK may be impacted due to Britain's decision to introduce carbon tax on products such as iron and steel, aluminium, fertiliser and cement, from 2027. The official said that the free trade agreement (FTA) with the UK has no provisions to counter CBAM, which has the potential to nullify the concessions offered by Britain to India. "Because of current uncertainty and no legislation in place, there is an understanding that India will/ has preserved its right to retaliate or rebalance the concessions (in future),"

SP Apparels, Gokaldas, Indo Count, KPR Mill surge up to 20%; here's why

India and the United Kingdom (UK) on Tuesday announced the conclusion of talks for a free trade agreement (FTA) that will boost strategic and economic ties between the countries.

Gateway to era of flourishing bilateral ties: Sunil Mittal on India-UK FTA

The India-UK Free Trade Agreement is not only a pivotal milestone in ties between the two nations but is also poised to be the gateway to an era of flourishing bilateral cooperation, shared innovation and enhanced people-to-people connect, Sunil Bharti Mittal said on Tuesday. The Bharti Enterprises founder and chairman also noted that India and the UK represent a burgeoning wealth of ideas, talents and resources. India and the UK on Tuesday sealed a landmark free trade agreement that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket. Along with the FTA -- the biggest the UK has done since leaving the European Union -- the two sides also sealed a double contribution convention. In a statement on the successful conclusion of the India-UK FTA negotiations, Mittal said, "This is not only a pivotal milestone in the history of the relations between ou

India, UK seal free trade deal; PM Modi calls it 'historic milestone'

Duplication of social security contributions to be nixed too

India-UK FTA: From auto to textiles, India Inc hopes to reap benefits

Medical-device makers apprehensive due to the China factor