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Ease of doing business, he said, “underpins not only trade itself but also the investments that India makes to the UK and the UK makes to India”. “The Diwali date isn’t too far away,” he said.Īlso Read: India-US bilateral trade disputes at multilateral IPEF? USTR’s meeting triggers alarm in DelhiĪccording to Heald, discussions are going on between both sides with a particular focus on diminishing technical barriers to trade. He added that he did not see the purpose of an early harvest agreement when “the target for signing the FTA is relatively in proximity”. But that doesn’t seem to have developed in the rounds of negotiations that we have had so far,” he said. “Businesses are supportive of early harvest agreements. India signed an early harvest deal with Australia in April this year. Heald hinted that India and the UK could conclude the entire agreement in one go instead of opting for an interim deal, also known as an early harvest deal. Commerce and Industry Minister Piyush Goyal said earlier this week that both sides are sticking to the Diwali deadline set by prime ministers Narendra Modi and Boris Johnson. However, these talks are now going to be accelerated. India and the UK have had four rounds of negotiations since the FTA talks were launched between both sides in January 2022. Both sides relaunched the negotiations in Brussels earlier this week with the target of concluding it by 2023.
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India and the EU have been discussing a similar trade pact since 2007 but negotiations were suspended in 2013. “So, I would strongly urge the focus of the FTA to be bilateral, and let the EU and India make their multilateral arrangements afterwards on the back of it.” “It’s about encouraging trade between the two parties.”Īn FTA on a bilateral basis - that particularly focuses on issues such as technical barriers to trade, and not necessarily purely on tariffs - “will act as a catalyst, not only to those Indian companies who are already invested in the UK but those who have aspirations to come to the UK”, he said. You are looking at how a relationship between two parties will evolve … When you are looking at an FTA, you’re looking into the future for the next 30 years,” Heald added.Īlthough discussions are under way between the two countries on specific areas of concern, such as high tariffs on alcohol, it is not “purely about a bottle of whisky coming to India”, Heald said. “When you are looking at an FTA, you are not necessarily looking at a snapshot in time.
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It will also address areas of concern for India, such as high import duties on alcohol, he said. In an interview with ThePrint, Heald said the FTA, the negotiations for which are expected to be concluded by Diwali, will look at addressing issues such as obtaining permissions, licences to set up operations in each other’s jurisdictions, and create a conducive business environment.
ANOTHER WORDOR ADDRESS FREE
New Delhi: The proposed free trade agreement (FTA) between India and the UK will seek to address bilateral issues between the two countries to create a more robust framework for trade and investment, and not so much to help Indian businesses access the European market, Richard Heald, Executive Chair of the UK-India Business Council (UKIBC) - a trade body - has said.