UK-India Trade Talks- Key Facts
Commerce and Industry Minister of India, Piyush Goyal hold a virtual meeting with his UK counterpart, Liz Truss, on September 13, 2021. During the meeting, both the ministers agreed on the next steps to launch negotiations for UK-India trade agreement.
Highlights
- According to UK’s Department for International Trade (DIT), talks between both the ministers were focussed on the scope & ambition for a UK-India free trade agreement (FTA) in the backdrop of UK’s formal consultation process ahead of the negotiations on August 31.
- Ministers also discussed the findings from the consultation and agreed on the steps for the launch of negotiations in 2021 itself.
- They also discussed the steps for the start of a series of trade working groups from September.
- Newly established Enhanced Trade Partnership was also discussed and they confirmed their commitment for timely implementation of the market access package.
Significance of ministerial dialogues
As per UK, these regular ministerial dialogues help in understanding each other’s position on potential chapter areas of any trade deal such as tariffs, standards, IP & data regulation, in a better manner.
Views of International Trade Secretary
International Trade secretary noted her ambition to negotiate a trade agreement in order to deliver results for British people and businesses including in digital & data, tech, food and drink.
FTA with India
As per UK trade ministry, preparations for an FTA with India are progressing. This deal would represent a major boost for UK exporters. It will lower the tariffs, ease the regulation, and drive up the bilateral trade that stands at GBP 23 billion as of 2019.
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Month: Current Affairs - September, 2021