Page 4 - Latest Updates on India UK Free Trade deal

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

India-UK FTA is our most comprehensive trade deal, says Commerce secy

The free trade agreement (FTA) concluded between India and the UK is a "game changer" and is the most comprehensive trade deal ever entered into by India, Commerce Secretary Sunil Barthwal said on Tuesday. He said that the pact will set India further on the path of rapid economic growth and benefit the country's global integration. "This is the most comprehensive free trade deal ever entered into by India and will be the gold standard for our future engagements," he said. Barthwal told PTI that the agreement will have a positive impact on the country's manufacturing across labour and technology intensive sectors. "It opens up export opportunities for sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery," he said. Commenting on the pact, Commerce and Industry Piyush Goyal said that this agreement sets a new benchmark for equitable and ambitious trade between two large economies. "It will benefit Indian farmers, fishermen, workers,

Union Minister Piyush Goyal meets Indian representatives in London

On April 28, Piyush Goyal met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds, to advance negotiations for a Free Trade Agreement (FTA) between the two nations

India, UK resume talks in bid to clinch FTA amid US tariff concerns

Goyal returned to London for the talks, a British government spokesperson said, after a two-day visit earlier in the week ended without a final agreement

Piyush Goyal highlights India-UK trade ties at London's Business Roundtable

Commerce and Industry Minister Piyush Goyal, who is in London on a two-day visit focused on bilateral trade and investment ties, addressed an India-UK Business Roundtable bringing together prominent business leaders and CEOs from both countries on Tuesday. The roundtable heard from the minister about the wide-ranging investment opportunities across sectors in India and the potential for innovation-led growth with greater two-way partnerships. Highlighted opportunities to strengthen economic ties, drive innovation-led growth, and expand investment avenues between India and the UK, Goyal said after the roundtable. It follows his interactions on Monday with a range of senior business leaders to explore the potential for greater collaborations with the UK. After a meeting with UK Business and Trade Secretary Jonathan Reynolds to advance the ongoing Free Trade Agreement (FTA) negotiations, Goyal held talks with Revolut Chair Martin Gilbert with a fintech focus and De Beers Group CEO Al

Piyush Goyal meets UK counterpart Reynolds to resolve pending FTA issues

Government officials said that the trade deal talks between India and the UK are inching towards conclusion

FM Sitharaman woos UK investors, highlights India's growth, reform push

Finance Minister Nirmala Sitharaman has chaired an India-UK Investor Roundtable in London, attracting around 60 UK investors representing various pension funds, insurance companies, banks and other financial institutions. According to the Ministry of Finance, the high-level roundtable on Tuesday evening outlined the priorities of the government for enabling sustained economic growth and investment opportunities, with the policy support that is shaping "New India". It highlighted the efforts being made by the ministry to pursue process and governance reforms to reduce compliance burden and ease regulation for facilitating an enabling environment for business and investments. India offers a compelling growth opportunity for foreign banks and the government of India is actively encouraging foreign investment in the banking sector, Sitharaman told the gathering. With an expanding middle class and strong and stable policy environment, the Union Finance Minister said that India is set to

Sign of bigger things to come: Jaishankar on new consulate in Manchester

External Affairs Minister S Jaishankar on Saturday inaugurated a new Consulate General of India in Manchester, which he said was symbolic of the importance of the growing diaspora in the region and a sign of things to come, including an India-UK Free Trade Agreement (FTA). The external affairs minister (EAM) said it was apt that Vishakha Yaduvanshi takes over her role as India's newest Consul General on International Women's Day, reflective of the strides the government has made in putting women's issues at the centre of policy. He followed up the official opening of the consulate building in Stockport, Greater Manchester, with a celebratory diaspora reception at the Old Trafford stadium, where he interacted with members of the Lancashire Cricket Club's women's team members before they leave for Bengaluru for a pre-season tour next week. My first visit to Manchester here today, in a formal way, is an acknowledgement of how much this relationship has matured in the last four decades,

Tharoor posts selfie with Goyal, UK trade secy; hails India-UK FTA revival

Senior Congress leader Shashi Tharoor posted a selfie with Union Commerce and Industry Minister Piyush Goyal and the UK's Secretary of State for Business and Trade Jonathan Reynolds on Tuesday, and said the revival of long-stalled India-UK FTA negotiations was most welcome. "Good to exchange words with Jonathan Reynolds, Britain's Secretary of State for Business and Trade, in the company of his Indian counterpart, Commerce and Industry Minister Piyush Goyal," he said of their meeting at an event on Monday. "The long-stalled FTA (Free Trade Agreement) negotiations have been revived, which is most welcome," Tharoor said on X. Tharoor's post created a buzz among political circles as it comes amid a row over his recent article in a newspaper that drew criticism from some Congress leaders in Kerala for his perceived praise of the Left Democratic Front (LDF) government in the state for boosting the investment climate. Tharoor's article in an English-language daily, praising the ...

India, UK to resume negotiations on proposed trade agreement from Feb 24

After a gap of over eight months, India and the UK will resume negotiations for a proposed free trade agreement (FTA) here from February 24, an official said. UK's Secretary of State for Business and Trade Jonathan Reynolds will be here for resumption of the talks. He will hold a bilateral meeting with Commerce and Industry Minister Piyush Goyal, the official said. The India-UK FTA negotiations were launched on January 13, 2022. Total 13 rounds of negotiations have been held till December 2023. The 14th round, which began on January 10, 2024, was underway when negotiations were paused by the UK side in May 2024 due to elections in that country. The talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal, the official added. The agreement is aimed at boosting bilateral trade and investments. In such pacts, two countries either eliminate or significantly reduce customs duties on maximum goods trad