India and UK launch free trade deal talks today | India News
LONDON (Reuters) – India and the United Kingdom are set to formally launch talks on an ambitious free trade deal at an event in New Delhi on Thursday, with Britain represented by its trade secretary visiting international, Anne-Marie Trevelyan.
An agreement would bring huge benefits to both countries, including increased access to each other’s markets, more goods and services for consumers, and increased jobs and wages.
Trevelyan, who landed in New Delhi on Wednesday, will meet Indian Trade and Industry Minister Piyush Goyal to begin talks, sources said.
Actual negotiations between the delegated teams are set to begin next week, making this the fastest start to formal trade talks involving the UK after a launch.
“These negotiations offer a great price for both countries. I would expect to see increased access to the UK market for Indian exporters, across a range of sectors – for example, food and drink and textiles. I I would also expect the deal to facilitate “Even more British investment in India, creating more quality jobs for India’s talented young population. And I expect the deal will give Indian consumers better access, at more affordable prices, to more British goods and services,” said Kevin McCole, UK chief executive. -India Business Council , said.
Indian business investment in Britain supports 95,000 jobs across the UK and is set to increase with a new trade deal. It is the UK’s strategy to refocus trade on the Indo-Pacific and India’s economy is expected to become the third largest economy in the world by 2050, with a larger population than the US and the united.
“By 2050, India will be the third largest economy in the world with a middle class of nearly 250 million shoppers. We want to unlock this huge new market,” Trevelyan said.
A deal would put British companies in the lead in supplying the Indian market of 1.4 billion consumers. A deal with India has the potential to almost double UK exports to India and boost total trade to up to £28 billion (Rs 282,000 crore) a year by 2035. UK exports to India, such as Scotch whiskey and cars, are currently facing huge tariffs. 150% and 125% respectively. Wind turbine parts from Britain have import duties of up to 15%.
The removal of duties alone would increase UK exports to India by up to £6.8 billion (68,000 crore rupees).
“India is one of the world’s fastest growing markets, with growing demand for personal mobility and long-term plans to transition to electric vehicles. This presents major opportunities for UK automakers,” said Mike Hawes, chief executive of the Society of Automobile Manufacturers and Traders. .
FICCI President Sanjiv Mehta said the “urgency and pace” shown by the UK illustrated the importance placed on India as a key economic partner. “The focus on promoting new frontiers in the future is remarkable. This will help both countries build greener, more innovative and more sustainable economies. The sectors, among others, would follow these discussions closely, for which they shared their recommendations with the Indian government. We hope this will help the Indian government negotiate a win-win deal with the UK.
Sources said India was seeking a more liberalized UK visa regime for Indian citizens in any deal.
The UK is free to negotiate and sign trade agreements with other countries following its exit from the EU. This year, the UK plans to launch trade talks with Canada, Mexico and the Gulf and secure membership in the CPTPP trade bloc.
During his visit, Trevelyan will co-chair a meeting of the UK-India Joint Economic and Trade Committee to discuss how businesses from both countries are benefiting from existing market access commitments. She is also expected to meet Foreign Minister S. Jaishankar, Finance Minister Nirmala Sitharaman and Environment Minister Bhupender Yadav.
An agreement would bring huge benefits to both countries, including increased access to each other’s markets, more goods and services for consumers, and increased jobs and wages.
Trevelyan, who landed in New Delhi on Wednesday, will meet Indian Trade and Industry Minister Piyush Goyal to begin talks, sources said.
Actual negotiations between the delegated teams are set to begin next week, making this the fastest start to formal trade talks involving the UK after a launch.
“These negotiations offer a great price for both countries. I would expect to see increased access to the UK market for Indian exporters, across a range of sectors – for example, food and drink and textiles. I I would also expect the deal to facilitate “Even more British investment in India, creating more quality jobs for India’s talented young population. And I expect the deal will give Indian consumers better access, at more affordable prices, to more British goods and services,” said Kevin McCole, UK chief executive. -India Business Council , said.
Indian business investment in Britain supports 95,000 jobs across the UK and is set to increase with a new trade deal. It is the UK’s strategy to refocus trade on the Indo-Pacific and India’s economy is expected to become the third largest economy in the world by 2050, with a larger population than the US and the united.
“By 2050, India will be the third largest economy in the world with a middle class of nearly 250 million shoppers. We want to unlock this huge new market,” Trevelyan said.
A deal would put British companies in the lead in supplying the Indian market of 1.4 billion consumers. A deal with India has the potential to almost double UK exports to India and boost total trade to up to £28 billion (Rs 282,000 crore) a year by 2035. UK exports to India, such as Scotch whiskey and cars, are currently facing huge tariffs. 150% and 125% respectively. Wind turbine parts from Britain have import duties of up to 15%.
The removal of duties alone would increase UK exports to India by up to £6.8 billion (68,000 crore rupees).
“India is one of the world’s fastest growing markets, with growing demand for personal mobility and long-term plans to transition to electric vehicles. This presents major opportunities for UK automakers,” said Mike Hawes, chief executive of the Society of Automobile Manufacturers and Traders. .
FICCI President Sanjiv Mehta said the “urgency and pace” shown by the UK illustrated the importance placed on India as a key economic partner. “The focus on promoting new frontiers in the future is remarkable. This will help both countries build greener, more innovative and more sustainable economies. The sectors, among others, would follow these discussions closely, for which they shared their recommendations with the Indian government. We hope this will help the Indian government negotiate a win-win deal with the UK.
Sources said India was seeking a more liberalized UK visa regime for Indian citizens in any deal.
The UK is free to negotiate and sign trade agreements with other countries following its exit from the EU. This year, the UK plans to launch trade talks with Canada, Mexico and the Gulf and secure membership in the CPTPP trade bloc.
During his visit, Trevelyan will co-chair a meeting of the UK-India Joint Economic and Trade Committee to discuss how businesses from both countries are benefiting from existing market access commitments. She is also expected to meet Foreign Minister S. Jaishankar, Finance Minister Nirmala Sitharaman and Environment Minister Bhupender Yadav.