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Diwali deadline for India-UK trade pact not to be missed: Commerce secy

Negotiations for the proposed free trade agreement between India and the UK are at the last stage and the deadline of Diwali (in October) would not be missed, commerce secretary B V R Subrahmanyam said on Saturday. In April, both sides had set the Diwali deadline for the conclusion of an India-UK Free Trade Agreement (FTA). "We are on track (to meet the deadline). We are in the last stages. 19 out of 26 chapters are closed. There are a couple of areas where we are negotiating Diwali deadline is not going to be missed," he told reporters here. Talks are happening on certain goods like cars and spirits from the UK side and certain products from the Indian side. In January, both countries formally launched talks for a free trade agreement to boost bilateral trade and investments. In such pacts, two countries either eliminate or significantly reduce customs duties on the maximum number of goods traded between them besides easing norms for promoting investments and services trade. Ind

Updated On : 03 Sep 2022 | 10:33 PM IST

India proposes retaliatory duties on UK imports for curbs on steel products

India has proposed to impose retaliatory customs duties under the WTO norms on about USD 250 million worth of goods imported from the UK if no agreement is reached on compensation in a case concerning the imposition of restrictions by Britain on steel products. India has raised concerns at the World Trade Organisation (WTO) over the UK's move to extend safeguard duty and quota restrictions on the import of certain steel products till 2024. New Delhi has stated that it has substantial trade interest in the sector. According to the WTO, India has submitted its concerns to the UK regarding the manner in which safeguard measures have been extended which is violative of the global trade provisions and the WTO's Agreement on Safeguards. New Delhi has requested compensation under the agreement, it said. The UK has disagreed with India's views on the measures but agreed to discuss adequate means of compensation. "India estimates that the safeguard measures have resulted in the decline of

Updated On : 01 Sep 2022 | 9:19 PM IST

Want to change UK-India relationship, make it 'more two-way': Rishi Sunak

Britain's prime ministerial candidate Rishi Sunak said he wants to change the UK-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India. During a campaign hustings event hosted by the Conservative Friends of India (CFIN) diaspora organisation in north London on Monday evening, the former Chancellor greeted the largely British Indian gathering with a mix of traditional greetings such as namaste, salaam, khem cho, and kidda. He even broke into Hindi: Aap sab mere parivar ho (you all are my family)." We know the UK-India relationship is important. We represent the living bridge between our two countries, he said, in response to a question about bilateral ties from CFIN co-chair Reena Ranger. We are all very aware of the opportunity for the UK to sell things and do things in India, but actually we need to look at that relationship differently because there is an enormous amount that we here in the UK can learn from India,"