Page 8 - Latest Updates on India UK Free Trade deal

India-UK FTA negotiations going on, making good progress: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible. "We are working hard, we are all committed to a fair, equitable, and balanced trade agreement, respecting each other's sensitivities, respecting the different levels of developments that both the countries have and respecting the future potential that each country brings to the table," Goyal told reporters here. Keeping all of these circumstances in mind, the two countries have made "good" progress and the 12th round of talks is undergoing, he added. When asked about the deadline for concluding the negotiations, the minister said no country in the world works through specific deadlines. "But I would like to see it happen tomorrow, the faster the better We are both committed to a good outcome, at the fastest possible speed," he added. UK Business and

India-UK FTA: Half the chapters in pact agreed on, says UK minister

The United Kingdom is keen that free trade pact being negotiated with India is completed at the earliest as it re-focuses its attention of the growing markets of the Indo-Pacific, however the financial powerhouse is not setting any deadlines for the agreements which will include deals on service sector and investments. UK's Minister for International Trade, Nigel Huddleston, in an exclusive interview to PTI said that half the chapters in the deal have already been concluded and work is on to complete the negotiations as soon as possible. We have made good progress on the FTA we have concluded negotiations on half the chapters in the pact. We want a comprehensive agreement on both goods and services. It (the pact with India) is going to be very important as part of our shift towards the Indo-Pacific, the UK Minister said. We are particularly keen to get this FTA with India as we have strong historic ties, he added. British Prime Minister Rishi Sunak had earlier last week indicated

India-UK FTA has to be win-win for both sides, says FICCI president

Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach. The delegation from India was briefed on areas of interest in the bilateral relationship over a series of discussions with businesses and parliamentarians. As far as Indian businesses are concerned, we are competitive, confident and looking to engage with the world, said Panda. I think what FTAs need to ensure is that they provide a level playing field and are rules-based. It's all about give and take. Clearly, both governments are engaged in intense discussions and 10 rounds have been completed, so I would look at it f

India-UK to sign pact to cut red tape for greater science, tech tie-ups

Minister of State for Science and Technology Dr Jitendra Singh arrived here on Wednesday for a five-day trip to the UK to enhance the scale of bilateral collaboration in the field of scientific research and development and will kick-start the visit by signing a memorandum of understanding with his British counterpart. The programmes covered by the new MoU, to be agreed at a ministerial-level Science and Innovation Council meeting, will include the establishment of a new UK-India Net Zero Innovation Virtual Centre focusing on industrial decarbonisation and launching the first ever UK-India scientific deep sea voyage. "The visit seeks to enhance scale of bilateral collaboration in diverse fields ranging from scientific R&D, Startups, Industry and Academia," Dr Singh tweeted. Following his meeting with UK Science Minister George Freeman within the UK Parliament complex in London, he is scheduled to sign the joint MoU on research between the two countries which the UK government said .

British Scotch companies seek safeguard against excise duty hikes

The organisation fears any import tariff liberalisation could be offset by increases in state-level taxes

UK industry body leads delegation to India to explore FTA opportunities

The Confederation of British Industry (CBI) has sent its first-ever business delegation to India on Monday aimed at unlocking opportunities from the Free Trade Agreement (FTA) being negotiated between London and New Delhi. The industry body, which speaks on behalf of 190,000 UK businesses of all sizes and sectors, began a three-day visit covering Mumbai and New Delhi with some of the biggest names from British and Indian industries including HSBC, ICICI Bank, fintech firm Tide and wine and spirits major Pernod Ricard. The CBI said the delegation will focus on key growth sectors where UK and Indian business can develop profitable partnerships, such as innovation and sustainability. The UK-India relationship is going from strength to strength, so it is fantastic that the CBI is sending its first-ever business delegation to India, said Greg Hands, UK Minister for Trade Policy at the Department for International Trade (DIT). India is on track to become the third largest economy with a

Sixth round of India-UK FTA ends with detailed draft treaty talks

The sixth round of negotiations between India and the UK to finalise a free trade agreement (FTA) concluded last week with detailed draft treaty discussions across 11 policy areas over 28 separate sessions, the British government said on Thursday. The UK's Department for International Trade (DIT) issued a joint outcome statement to confirm that the latest round, initiated by UK Trade Secretary Kemi Badenoch and Commerce Minister Piyush Goyal on December 12, concluded last Friday. The seventh round of talks, expected to be held in the UK, is due to take place in early 2023. "Technical discussions were held across 11 policy areas over 28 separate sessions. They included detailed draft treaty text discussions in these policy areas, the DIT statement reads. As with the previous five official-level rounds, the DIT said the latest round was conducted in a hybrid fashion during which a number of UK officials travelled to New Delhi for negotiations and others attended virtually. The joint

UK trade minister in India to kickstart sixth round of FTA talks

UK Trade Secretary Kemi Badenoch arrives in New Delhi on Monday to kickstart the sixth round of free trade agreement (FTA) negotiations and hold bilateral talks with her Indian counterpart Piyush Goyal. The new round marks the first formal meeting between the India-UK negotiating teams since July and the first since Rishi Sunak took charge as British Prime Minister. His Trade Secretary will address both teams of senior negotiators ahead of the sixth round of formal negotiations, scheduled to take place throughout the week. I'm here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart (Commerce and Industry) Minister Goyal in person to drive progress on this agreement, said Badenoch. Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I'm excited about the opportunities we can create for British business, she said. India and the UK are the 5th and 6th bigg

Sixth round of India-UK free trade agreement talks to begin from Dec 12

The sixth round of negotiations between senior officials of India and the UK for a proposed free trade agreement (FTA) will begin here on Monday with an aim to conclude the talks at the earliest, an official said. The negotiations are happening after a brief gap due to recent political developments in the UK. The last round of talks was held on July 29. "The sixth round of talks are starting from December 12," the official said. Trade in goods, including passenger vehicles, is one of the areas under the negotiations, which started on January 13, 2022. In a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. The UK side is demanding duty concessions in the automobile sector. Last month, Commerce and Industry Minister Piyush Goyal said the agreement is a high priority for both countries. He added that things are progressing well and it will yield good results. "We are all very well aware th

Next round of India-UK trade agreement talks in coming months: Com ministry

The next round of talks between India and the UK on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, is proposed to be held in the coming months, the commerce ministry said on Tuesday. India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. According to sources, the ministry has now fixed an internal deadline to conclude the talks on the trade agreement by March next year. Reduction or elimination of customs duty under the pact would help Indian labour intensive sectors like textiles, leather, and gems and jewellery to boost exports in the UK market. The UK is seeking duty concessions in areas like Scotch whiskey and automobiles. According to a presentation made b

India trade deal offers biggest hope for UK economy heading for a crisis

It has been anything but a smooth ride for the Rishi Sunak led UK government, with the latest official data released this week reflecting a shrinking economy and a looming two-year-long recession. The British Indian former finance minister, who took charge at 10 Downing Street last month with the promise to fix the fiscal errors of predecessor Liz Truss' disastrous mini-budget, has pledged to get a grip on the soaring inflation as a priority and warned of tough tax and spending decisions ahead. Economic experts agree on the massive scale of the challenge, even as they hold out the prospect of a free trade agreement (FTA) with India as a potential generator of much-needed economic growth. The economic crisis in the UK is caused by some new and some longstanding factors, explains Dr Anna Valero, Senior Policy Fellow at the London School of Economics (LSE) Centre for Economic Performance. High inflation, high interest rates and tightening fiscal policy occurs against the backdrop of .

Have completed most of India trade deal, will only sign once happy: UK

Britain has completed majority of sections of a free trade agreement with India but will only sign off on the deal once happy that it is fair and reciprocal, trade department minister Greg Hands said

We will have to wait and watch political developments in UK: Piyush Goyal

India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday. Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership. The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. "We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a v

UK's third female PM Liz Truss leaves office without India trade deal prize

Britain's third female Prime Minister, Liz Truss, is out of office on Thursday after one of the shortest tenures at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize. Truss, who until Wednesday insisted in Parliament that she was a "fighter and not a quitter", resigned after just six weeks after her position became untenable after a series of policy U-turns, Cabinet upheavals and an open revolt against her ability to lead a deeply divided Conservative Party. Truss, who in her innings as foreign and trade minister batted for stronger bilateral ties with India, took charge at 10 Downing Street last month after defeating Indian-origin ex-chancellor Rishi Sunak in the Conservative Party leadership race. The 47-year-old was faced with one of the toughest in-trays in the top job as a result of the spiralling cost-of-living crisis in the country, which rivalled any of the issues faced by her women predecessors in office

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No longer working to Diwali deadline for India trade pact: Kemi Badenoch

The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," External Affairs Ministry Spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA. A good conversation with UK Foreign Secretary James Cleverly. Reviewed various aspects of our bilateral relationship and committed to taking forward Roadmap 2030 ...

India-UK trade deal on verge of 'collapse' over visa comments: Report

The India-UK free trade agreement (FTA) is reportedly on the verge of collapse after the Indian government was angered by comments made by UK Home Secretary Suella Braverman questioning action over visa overstayers from the country, a UK media report claimed on Wednesday. The Times' newspaper quoted government sources to say that ministers in New Delhi were shocked and disappointed by the disrespectful remarks made by Braverman, who said she had concerns of an open borders offer to India as part of an FTA. The likelihood of meeting the Diwali deadline for the pact, set by former Prime Minister Boris Johnson, is now believed to be diminishing. There's still a lot of goodwill but if certain individuals are still embedded in the [UK] government it will paralyse the talks, the newspaper quoted a source as saying. Last week, Braverman, the Indian-origin Home Secretary said in an interview that she feared a trade deal with India would increase migration to the UK when Indians already ...

India-UK free trade deal stuck on free access to skilled workers

Any failure to conclude a trade accord with Britain will be a missed opportunity for India, a nation upon which many economies are pinning their hopes amid intensified geopolitical struggles

Indian carmakers propose tax cut on imports in Britain trade deal

It is the first time that car makers have backed such cuts, caving to pressure from a government that wants them to give up their protectionist position and lower entry barriers, said sources

India won't yield on national interest to meet FTA deadlines: Piyush Goyal

Comments come a day after UK home secretary cast doubts over the proposed FTA with India over the issue of migration, and branded Indians as the largest group who overstay their visas