Page 5 - Latest Updates on India UK Free Trade deal

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

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