Maruti Suzuki chief says costs of many models 20-30% lower in India
The UK side has also opposed India's proposal to provide duty cuts for electric vehicles priced above $85,000
After a high-level UK delegation visited India to iron out the differences, currently, an Indian delegation is in London to advance discussions
It's the 13th round of negotiations on a deal intended to expand a trading relationship that was worth more than $24 billion last year
Goyal said both sides had several rounds of negotiations, and 20 out of 26 chapters have been sealed
Earlier this year, Britain initiated consultations with domestic stakeholders on measures such as a potential carbon border tax, which could mimic the EU's carbon border adjustment mechanism.
Out of four pillars, India has joined three pillars - supply chains, clean economy, and fair economy (issues like tax and anti-corruption) and is an observer under the trade pillar
India and the UK are not working under any deadline for the conclusion of negotiations for a free trade agreement as both sides are discussing issues that are "slightly" complex in nature, a senior government official said on Wednesday. Commerce Secretary Sunil Barthwal said that the two countries are working to finalise the issues as early as possible. "We are not working (under) any deadlines...because there are issues which are of slightly complex in nature and which have economic significance for both the countries," he told reporters here. "So we are looking at those issues much more carefully...so there is no deadline as such, we are working under timelines," he added. Joint Secretary in the commerce ministry and India's chief negotiator for the pact, Nidhi Mani Tripathi, said that the two sides continue to discuss the "outstanding issues" which remained unresolved. "At all levels, there have been continuous exchanges to iron out differences and we intend to close as many as
Indian negotiators are pushing for strict "rules of origin" checks for tradable goods, to make sure that any FTA benefits apply only to goods made predominantly in Britain
External Affairs Minister S Jaishankar on Monday said that India and the UK are currently focusing on a free trade agreement and hoped that the two sides will find a "landing point" which will work for both of them. Jaishankar, who is here on a five-day official visit to the UK with an aim to review various aspects of bilateral ties and give "new impetus to the friendly ties", also said that the agenda 2030 put greater emphasis on connectivity on trade on working together when it comes to defence and security, on health and all climate change. "We are focusing on what is officially called an enhanced trade partnership. In common sense, it's called FTA (a free trade agreement) and that is today very much the focus of what the Indian and British systems are negotiating and where we hope that we will find a landing point which will work for both of us," Jaishankar said. The India-UK Comprehensive Strategic Partnership was launched in 2021 along with the India-UK Roadmap 2030 which seek
India is currently considering a proposal to lower import taxes on British luxury EVs as part of the ongoing India-UK free trade agreement discussions
Critics say the changes would damage India's position as a leading provider of generic drugs - essentially "copycat" versions of those which fall out of patent
British rice millers such as Tilda Ltd. and Veetee Rice have thrived for decades by importing low-tariff unmilled brown rice from the likes of India and Pakistan and "polishing" the grains
Negotiations between senior officials of India and the UK are in "full swing" to bridge differences on issues such as rules of origin and services sector, with an aim to conclude the talks for the proposed free trade agreement (FTA) at the earliest, sources said. They said that a small Indian team is also there in London to iron out differences on the rules of origin. "The 13th round of talks are going on. The tough issues are there in both goods and services such as financial services. Talks are also happening on the proposed bilateral investment treaty," one of the sources said, adding differences on intellectual property rights have been bridged. When asked whether the negotiations will be concluded by the end of this month, the source said both the countries are continuously engaging on the remaining differences and We should wait till these negotiations are over". There were reports that the two countries may finalise the agreement by the end of this month. Commerce Secretary
Negotiations for the FTA are in the final stages, with both countries engaged in weekly discussions
Thirteen rounds of negotiations have been completed so far
Union Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt discuss collaborations in financial services, infrastructure, and trade
Meets Italy and Japan PMs on sidelines of G20
Ahead of his visit to New Delhi for the G20 Summit, UK PM Rishi Sunak said that he is heading to India with a clear focus. He also blasted Vladimir Putin for failing to show up for the mega-event
US raises concerns over India's decision to put import restrictions on laptops, PCs