Last week, Goyal held “productive discussions” with his UK counterpart Anne-Marie Trevelyan on the FTA negotiations…reports Asian Lite News
A free trade agreement (FTA) between India and the UK may be clinched by Diwali in October without the requirement of an interim deal, commerce and industry minister Piyush Goyal said.
“Canada is progressing well towards an early harvest agreement. With the UK, we had agreed to do an early harvest agreement — basically, to grab the low-hanging fruit and leave the more difficult elements for the next stage and give the people of both countries the confidence that this agreement is a win-win,” the minister said. “But the way things are progressing, we’ll actually land up doing a full FTA with the UK by Diwali. I have had very good meetings on it,” he said. The minister was speaking at a curtain raiser event on Thursday evening for the annual UK-India Week by the India Global Forum, scheduled from June 27.
Goyal highlighted the “relentless work” and “engagement with stakeholders” that are needed before hammering out an FTA. “When you do a trade deal, you are crystal-gazing 30-50 years into the future, so you have to be very careful. I can’t afford to make a mistake… everybody has to be very cautious. Lot of modelling has to be done,” he said.
Last week, Goyal held “productive discussions” with his UK counterpart Anne-Marie Trevelyan on the FTA negotiations. The discussions centred round opportunities to unlock the full potential of bilateral trade and opening up new areas for businesses from both the sides.
During his India visit in April, British Prime Minister Boris Johnson had pitched for wrapping up the FTA by as early as Diwali. Prime Minister Narendra Modi had then highlighted the “good progress” being made in the talks and offered to move “at the same pace and with the same commitment” with which New Delhi had hammered out trade deals with the UAE and Australia. Both India and the UK launched formal negotiations in January for the FTA, which could ultimately cover more than 90% of tariff lines.
They aim to double bilateral trade of both goods and services to about $100 billion by 2030. The India-UK trade is dominated by services, which make up about 70% of the overall annual commerce. Johnson has favoured more visas to Indian skilled IT professionals to tide over a shortage in the UK.
Grant Thonton, CII launch India meet Britain tracker report as Indian companies’ contribution to the UK economy has increased manifold despite pandemic disruption, reports Rahul Laud
In the background of the visit of the Indian Minister for Commerce and Industry Piyush Goyal slated for round table meets end on this month , with nearly 1bn£ investments by India in the UK, and Serum Institute Poonawala’s plan inspired by Wockhardt here to invest 240 mn£ investment in the UK, the Grant Thornton’s India Meets Britain Tracker report comes as an encouraging document for Indian companies.
Climate, trade and Defence continue to remain three keys for relationships between the two nations said, Gayatri Issar Kumar, Indian High Commissioner to the UK. Based on the roadmap designed for 2030 the speed and targets for the Indian diaspora has been accelerated by the Government of India , she pointed out at the Tracker launch held last Thursday at the swanky Edwardian Suite , St James Court , Hotel Taj in London. Top CEOs of the leading Indian banks in UK – the ICICI and the State Bank of India and leading businessmen attended the VIP diner and launch. Kumar added, ‘’The growth in the number of Indian-owned companies in the UK, identified by this research, is remarkable and reflects the increasing appetite and appeal for Indian businesses to invest and set up operations in the UK.”
As the relationship between the UK and India continues to grow, following the launch of Free Trade Negotiations at the start of the year and the Prime Minister’s official visit last month, the latest research from the 2022 Grant Thornton India meets Britain Tracker in its 9th Edition finds that the number of Indian companies operating in the UK has increased, with 900 companies identified, up from 850 in the 2021 research. Grant Thornton India meets Britain Tracker is developed in collaboration with the Confederation of Indian Industry, which analyses the data of UK-incorporated limited companies that are either owned or controlled by Indian interests.
The UK-India relationship has continued to grow 📈from kick-starting FTA negotiations this year to @BorisJohnson visit last month, our strong ties are reflected in @GrantThorntonUK report, which finds that Indian firms have employed💼 over 140,000 people in the UK. https://t.co/auvqpl8xlf
— Lord Gerry Grimstone (@GerryGrimstone) May 10, 2022
This year’s report finds that the 900 companies identified:
– reported combined revenues of £54.4billion, up from £50.8billion in 2021 research
– employed 141,005 people, up from 116,046 in 2021 research
– paid £304.6million in corporation tax, compared with £459.2million in 2021 research
The research also identifies the fastest growing Indian companies in the UK, measured by those with a turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK. This year, 37 companies met the qualifying criteria for appearing in the Tracker – achieving an average growth rate of over 38%.
The three fastest growing companies by year-on-year revenue growth were: MSSL (GB) Ltd (248%), Prodapt (UK) Ltd (114%) and Route Mobile (UK) Ltd (98%). Of the 37 fastest-growing companies in this year’s research, 33 have featured in previous Trackers, demonstrating the sustainable growth being achieved by Indian companies.
The majority of the fastest growing companies included in this year’s Tracker are based in London (46%), continuing the trend seen in recent years. This is followed by the North (22%) and the South (14%). This clearly demonstrated the fact that the regions outside London, technology and telecoms sectors are hotspots for growth. The Manchester India Partnership and West midlands India Partnership had played a stellar role in this growth said, Laxmi Kaul, Head and Representative at The CII in UK. Hero Cycles (Insync Bikes Ltd) based in Manchester winner ranked 7th as a fast track company in the auto sector is a testimony to this fact.
For the ninth year in a row, technology and telecoms companies dominate the Tracker, accounting for 35% of those who qualified for inclusion this year. This is followed by the pharmaceuticals and chemicals sector (27%) and engineering and manufacturing (14%).
Ina passionate speech, Minister for Investment Gerry Grimstone said:
“As one of our closest trading partners, Indian companies make an impressive contribution to the UK. I am confident our partnership will go from strength to strength as we advance negotiations for an ambitious, modern Free Trade Agreement and meet our goal to double trade between our nations by 2030.” Turnover figures have been annualised where periods of less or more than 12 months have been reported. As the research relies on published and filed accounts, there is inevitably a time lag between the recording of the performance of the companies and the publication of this report.
Anuj Chande, Partner and Head of South Asia Business Group, Grant Thornton UK LLP, also echoed similar sentiment. He commented:
“Our latest research finds that the number of Indian companies operating in the UK has increased and that many continue to grow at a rapid rate, with some recording triple digit growth. While London continues to dominate as the location of choice, for the first time, more of the fastest-growing companies are also starting to be located outside of the city, highlighting the appeal the whole of the UK holds to overseas investors.’’
“A free trade agreement, once concluded, would confirm the two nations as true partners. It paves the way for an enduring economic relationship that benefits the people of both countries and brings exciting opportunities for businesses in India and the UK for many years to come.”
Chandru Iyer, Head of Business Development, South Asian Business at Grant Thornton hosted the evening with absolute dignity, grace and professionalism. He shared that The UK GT member firm is part of a global network that employs 58,000 people in 135 countries. ‘’We combine global scale with local insight and understanding to build relationships and deliver the services you need to realise your ambitions,’’ he assured.
The agreement is estimated to double India-UK bilateral trade to about $100 billion by 2030…reports Asian Lite News
India and the UK concluded the third round of talks for the proposed free trade agreement in New Delhi on Friday covering ground on key areas. The two sides hope to sign the interim deal by October.
“Third round of India-UK FTA negotiations concluded in Delhi with two weeks of intense discussions, teams working extra hours to make good progress in policy areas resolving to continue positive conversations,” India’s chief negotiator Nidhi Mani Tripathi tweeted on Sunday.
The third round of talks were likely to focus on issues including tariff concessions on alcoholic beverages and movement of professionals, among other things. India and the UK had covered significant ground in the last two rounds with the UK agreeing to eliminate duty on Indian rice and textile goods, while India is likely to allow duty-free entry of British apples, medical devices and machinery. The interim or early harvest agreement aims to cover 65% of goods and up to 40% of services, with the coverage in goods expected to go up to 90% in the full agreement.
The agreement is estimated to double India-UK bilateral trade to about $100 billion by 2030. An agreement is also expected on mutual recognition of higher education qualifications, a person aware of the development said. In the two rounds of negotiations that began in January, India and the UK have managed to close four out of 26 chapters in the FTA.
Prime Minister Boris Johnson during his India visit three weeks ago expressed his support for more skilled visas for Indians saying the UK is facing a shortage of experts in IT and programming.
Prime Minister Boris Johnson is welcomed by the Prime Minister of India, Narendra Modi at Rashtrapati Bhavan. Picture by Andrew Parsons / No 10 Downing Street
Prime Minister Narendra Modi said the situation in Ukraine and Afghanistan were also discussed during the meeting…reports Asian Lite News
Prime Minister Narendra Modi on Friday said that India and the UK are working on closing the negotiations for a free trade agreement by the end of the year,
Addressing the joint media address after the bilateral talks with British Prime Minister Boris Johnson held at Hyderabad House, Modi said, “Recently we have concluded FTA talks with UAE and Australia. We wish to go for FTA with the UK with the same spirit and commitment.
“Last year, we established the strategic partnership and we have added the important Roadmap-2030 and during our talks, we reviewed the progress made in this direction and also set some goals,” Modi said.
He further said both countries have decided to enhance cooperation in the defence sector. “We welcome the UK as support in manufacturing, technology, design and development and other sectors for Aatmanirbhar Bharat,” Modi said.
Referring to the recent reforms initiated by India in infrastructure modernisation plan and National Infrastructure Pipeline, Modi said that India welcomes the increasing investments here by the UK companies and “we have seen such an example in Halol in Gujarat on Thursday.
“Around 1.6 million UK nationals of Indian origin have been making a positive contribution in the Indian economy and society as well. We are proud of those people of Indian origin, we want to further strengthen this bridge and in this direction, Prime Minister Johnson has personally helped a lot, I greet him for this,” the Indian Prime Minister said.
He also said that India has shown its commitment to fulfil the commitments made in COP-26 in Glasgow and decided to further enhance the partnership for climate and energy. “I invite the UK to join India’s National Hydrogen Mission and express my gratitude for setting up Strategic Tech Dialogue between the two countries,” Modi said.
“The conclusion of the implementation arrangements of the Global Innovation Partnership will prove to be a very important initiative between us today. This will further strengthen our partnership with other countries. Under this, India and the UK will co-finance up to $100 million for the transfer and scaling-up of “Made in India” innovations to third countries.
“These will also help in the achievement of the Sustainable Development Goals, and efforts to tackle climate change. This will prove to be very useful for our startups and MSME sector to explore new markets, and to globalise their innovations,” Modi said.
“We also discussed the many developments taking place at the regional and global level. We emphasised on maintaining the Indo-Pacific region based on a free, open, inclusive and rules-based order. India welcomes the UK’s decision to join the Indo-Pacific Oceans Initiative,” the Indian Prime Minister said.
Prime Minister Narendra Modi said the situation in Ukraine and Afghanistan were also discussed during the meeting.
“During our talks,” Modi said, “We stressed on dialogue and diplomacy in Ukraine for an immediate ceasefire and resolution of the problem. We also reiterated the importance of respect for the territorial integrity and sovereignty of all countries.
“We reiterated our support for a peaceful, stable and secure Afghanistan and for an inclusive and representative government,” Prime Minister Modi said, adding, “It is necessary that Afghan land should not be used to spread terrorism in other countries.”
Earlier, while addressing the media, British Prime Minister Boris Johnson said, “I felt like Sachin Tendulkar upon my arrival and also felt like Amitabh Bachchan when I saw hoardings everywhere.”
The British Prime Minister had arrived in Ahmedabad on Thursday.
Clean Energy Push
The two countries also discussed new cooperation on clean and renewable energy, aimed at supporting India’s energy transition away from imported oil, increasing its resilience through secure and sustainable energy, and addressing climate change in both the countries.
The UK and India are launching a virtual Hydrogen Science and Innovation hub to accelerate affordable green hydrogen, setting up new funding for the Green Grids Initiative announced at COP26, and initiating collaboration on joint work on the electrification of public transport across India.
“As well as boosting our domestic energy and economic resilience, the UK and India are collaborating as a force for good globally. Our governments are committing up to £75 million to roll out adaptable cleantech innovations from India to the wider Indo-Pacific and Africa, and working together on international development and girl’s education,” the British government said.
External Affairs Minister S Jaishankar, who met Johnson just before the bilateral meeting, said, “Delighted to call on UK PM @BorisJohnson during his India visit. Discussed our expanding partnership and implementing the #IndiaUK Roadmap 2030.”
Johnson came to New Delhi last night, after visiting Gujarat. He was accorded a ceremonial reception at the Rashtrapati Bhawan in the morning.
After sealing big deals with UAE, Australia, India is eyeing FTAs with 5 GCC countries, Canada, EU, and UK, reports Asian Lite News
After its conclusion of free trade deals with the UAE and Australia, India is stepping up efforts to clinch free trade agreements (FTA) with five other Gulf Cooperation Council (GCC) countries, the European Union (EU), Canada, the United Kingdom and Israel as the world’s sixth-largest economy doubles down on securing its ambitious export target of $1 trillion by 2030.
GCC push
In April, India marked a key milestone of surpassing $1 trillion in its global goods trade as exports grew at the fastest pace since 1989-90 to a record $418 billion, while imports scaled the $610-billion mark, also an all-time high.
Piyush Goyal said recently that India had started the scoping exercise of deciding the type of framework of FTA with GCC to provide jobs, growth, and enhance the country’s economic trade between the two sides.
According to commerce ministry officials, New Delhi is set to begin deeper engagements with the GCC countries as early as May-June to finalise the FTAs. Goyal said he was very hopeful of concluding “a good, free trade, fair and equitable agreement” the rest of the GCC states that will provide opportunities for jobs, growth and boost India’s economic and trade ties with the region. The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which will be operationalised on May 1, 2022, will open huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, he said.
India looks to EU
After FTA talks with the EU fell through in 2014, the preliminary round of fresh negotiations is expected to prepare the ground for ironing out the differences, and even attempt to crack an early-harvest deal before India goes to polls in 2024.
The EU’s key demands include duty concessions for automobiles, dairy products, and wines and spirits. India, meanwhile, is batting for greater market access in financial services and mobility for professionals. The EU also wants India to cover concessions extended to other FTA partner nations.
India is on a pretty strong wicket — India’s merchandise exports grew by 42.7% in FY22 over the previous year to cross the $400 billion mark for the first time.
rime Minister Boris Johnson talks with India Prime Minister Narendra Modi, Australia Prime Minister Scott Morrison and Canada Prime Minister Justin Trudeau as they attend day one of the G20 Summit in Rome, Italy. Picture by Andrew Parsons / No 10 Downing Street
Canada calling
India and Canada are set to resume negotiations to finalise a trade pact to strengthen economic ties between both countries.
Towards this, an interim trade deal will be finalised, which will be followed by a full-fledged free trade agreement (FTA) or a comprehensive economic partnership agreement (CEPA). India and Canada have been negotiating CEPA since 2010, with the latest round of negotiations held in August, 2017.
An interim or an early progress trade agreement (EPTA) will include discussions on goods, services, rules of origin, sanitary, and phytosanitary measures, technical barriers to trade, and dispute settlement.
“Canada and India agreed to promote and protect bilateral investment, including through the intensification of negotiations toward a bilateral investment Agreement, while considering options to achieve this goal alongside CEPA,” a joint statement released by both countries said.
The announcement comes in the backdrop of the fifth ministerial dialogue on trade and investment (MDTI) that was chaired by Commerce and Industry Minister Piyush Goyal. Mary Ng, Canadian minister of small business, export promotion and international trade, is the co-chair of MDTI.
Talks with Israel gather pace
The Free Trade Agreement with Israel is aimed at broadening the basket of India-Israel trade which is currently dominated by defence, high tech and agriculture collaboration. Union Commerce and Industry Minister Piyush Goyal had said earlier that the pact will be one of the major bilateral trade initiatives that India is aiming at.
The Ministry of External Affairs said the visit by Prime Minister Benett would be his first to India in his capacity as the Prime Minister of Israel. The two leaders had met in November last year in Glasgow on the sidelines of the COP26 summit. They had a telephonic conversation before that on August 16, 2021.
On January 13, 2022, India’s Minister of Commerce and Industry Piyush Goyal launched the Free Trade Agreement (FTA) negotiations with the United Kingdom along with Anne-Marie Trevelyan, UK Secretary of State for International Trade in New Delhi.
The big deal with Britain
Since Brexit, India and the UK have been trying to strengthen ties further. Now relations have been elevated to a ‘comprehensive strategic partnership’, which is based on ‘shared commitment to democracy, fundamental freedoms, multilateralism and a rule based international order’. Last year, at a virtual summit, Modi and his British counterpart adopted an ambitious ‘Roadmap 2030’. It highlights growing convergence in trade, defence, climate action, and people-to-people contacts.
Johnson is visiting at a time when Indian goods and services exports are at all-time high and touched $670 billion in 2021-22. Besides, New Delhi has recently signed trade agreements with the United Arab Emirates (UAE), and Australia. Although strategically India has not aligned with the West on the Ukraine issue, it has suddenly re-oriented its approach towards trade deals. These factors have brightened the prospects of an early India-UK trade agreement.
“A trade deal with India’s booming economy offers huge benefits for British businesses, workers and consumers,” Prime Minister Johnson said at the formal launch of Free Trade Agreement (FTA) talks earlier this year.
“The UK has world-class businesses and expertise we can rightly be proud of, from Scotch whisky distillers to financial services and cutting-edge renewable technology.”
“We are seizing the opportunities offered in growing economies of the Indo-Pacific to cement our place on the global stage and deliver jobs and growth at home,” he said in January.
However, UK India Business Council (UKIBC) managing director Kevin Cole said a reduction in tariff on Scotch whisky could prove to be a “win-win” for both the countries…reports Asian Lite News
Indian whisky makers are making a surprising and spirited bid to break into the British market, the home of Scotch, pushing the amber nectar to the forefront of “sticky issues” in India-UK free trade talks.
While India has agreed to slash the import duty on high-end Australian wines, a similar tariff cut for Scotch whisky may not be easy to negotiate for the Brits. The domestic alcoholic beverage industry is demanding that the UK remove a key requirement for whiskies and spirits to enter the UK market: three-year maturation.
The two countries concluded the third round of talks for the proposed FTA last week, and are exploring the possibility of an interim deal. The UK has long sought a tariff reduction on its premium spirits including Scotch, which currently stands at a stiff 150%.
The Indian alcoholic beverage industry is looking for access to the UK market by demanding the withdrawal of the maturation requirement in UK law. The UK has a three-year maturation condition for imports, but India’s hot climate means spirit evaporates during the maturation process, causing losses and increasing costs.
“Whisky is likely to become a sticky point in the India-UK free trade agreement negotiations. The UK asks for a three-year maturation for whiskies. We don’t mature to that extent due to the warmer climate in India. They should create a different category called Indian whisky, which is not ‘aged’ in view of the technical reason,” said Vinod Giri, director general, Confederation of Indian Alcoholic Beverage Companies (CIABC).
However, UK India Business Council (UKIBC) managing director Kevin Cole said a reduction in tariff on Scotch whisky could prove to be a “win-win” for both the countries.
Further, CIABC has suggested the Centre should allow selling Indian whiskies in the UK as ‘Indian Whisky’, irrespective of whether they were made from malt, grain spirits or molasses-based spirits. Same must be the case for all other alcohol categories.
“We reiterate that the domestic alcoholic beverages industry only seeks just and fair level playing field for Indian producers and helps them achieve global scale and success. Today India produces internationally acclaimed single malt whisky brands such as Paul John, Amrut, Rampur, Solan Gold, gins such as Jaisalmer, and wines like Sula which are being exported across the globe,” it said.
“These products confidently and proudly showcase their Indian heritage to the world. Back home, the alcoholic beverages industry contributes Rs 2.5 lakh crore annually in taxes to the states, employs 20 lakh people and supports 50 lakh farmers,” it added.
It is vital for the greater interests of the domestic industry and will thereby create opportunities for Indian products to mark their presence globally, the confederation said.
India welcomes the UK’s Indo-Pacific strategy and its desire to deepen engagement in the region as reflected in the deployment of the Carrier Strike Group to the Indo-Pacific last year, he said…reports Asian Lite News
India and the UK are committed to delivering a comprehensive and balanced free trade agreement (FTA) by the end of this year along with an interim deal for early gains, Foreign Secretary Harsh Vardhan Shringla said on Wednesday.
Addressing the First India-UK Strategic Futures Forum, Shringla said the Roadmap 2030 launched by both countries details comprehensive plans for the relationship over the next 10 years and also serves as a useful instrument to actively monitor and pursue agreed priorities.
“The potential for a transformative change is most evident in our economic relationship. India and the UK are the 5th and 6th largest economies in the world that enjoy huge complementarities and offer tremendous opportunities for growth on both sides,” Shringla said.
A major step in this direction was taken last year when Prime Minister Narendra Modi and his British counterpart Boris Johnson launched the India-UK Enhanced Trade Partnership that aims to more than double bilateral trade by 2030.
“Bilateral trade negotiations that began early this year have been put on a fast track. Two rounds have already taken place with the last round in mid-March witnessing good progress. Both sides are committed to delivering a comprehensive and balanced FTA by the end of this year along with an interim deal for early gains,” Shringla said.
“We are also building a strong financial partnership with closer cooperation in fintech, market regulation, and sustainable and green finance,” he said.
Noting that defence and security is another key element of the India-UK renewed partnership, Shringla said the focus is on research and innovation and joint industrial cooperation to develop advanced defence capabilities and strengthen collaboration in tackling new threats in the cyber, space, counter-terrorism and maritime domains.
“We are keen to overcome legacy issues and engage in a robust dialogue to promote greater alignment on defence and strategic issues, including in the context of the Indo-Pacific,” he said.
India welcomes the UK’s Indo-Pacific strategy and its desire to deepen engagement in the region as reflected in the deployment of the Carrier Strike Group to the Indo-Pacific last year, he said.
This interest of the UK has the potential to contribute to regional stability and support shared prosperity, he added.
“Our interests are also aligned in securing trusted and resilient supply chains for strategic technologies like 5G,” Shringla said.
He noted that as the world faced a pandemic of unprecedented proportions, India and the UK joined hands in bringing in game-changing solutions.
A notable success was the collaboration between Oxford Astra Zeneca and the Serum Institute of India, he said.
“We are partners in the Coalition for Epidemic Preparedness Initiative (CEPI) that has an ambitious 100-day plan to develop vaccines to deal with future pandemics and strengthen global preparedness,” Shringla said.
In today’s highly charged international security situation, India and the UK have worked closely in the UN Security Council to address global challenges that threaten international peace and security, he said.
“We also work together on other areas of interest in the multilateral arena, including sustainable development, protecting the environment, blue economy and maritime security, health etc.,” he said.
This mutual cooperation defines our modern partnership and has allowed India and the UK to take leadership in tackling global challenges in areas like climate change, clean energy and global health, Shringla said.
The FTA was signed in London by New Zealand Minister for Trade and Export Growth Damien O’Connor and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan….reports Asian Lite News
New Zealand and Britain signed a Free Trade Agreement (FTA) on Tuesday that unlocks unprecedented access to the British market and accelerates New Zealand’s Covid-19 recovery, said New Zealand Prime Minister Jacinda Ardern.
“Virtually all our current trade will be duty-free from entry into force, including duty-free quotas for key products like meat, butter and cheese, helping to accelerate our economic recovery,” Ardern said in a statement.
The deal will boost New Zealand’s GDP by up to NZ$1 billion ($680 million), supporting business and jobs, he added, Xinhua news agency reported.
Pic credits Twitter@annietrev
This is New Zealand’s first bilateral trade agreement to include a specific article on climate change and includes provisions towards eliminating environmentally harmful subsidies, such as harmful fossil fuel subsidies, and prohibiting fisheries subsidies which lead to overfishing, she said.
The FTA was signed in London by New Zealand Minister for Trade and Export Growth Damien O’Connor and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan.
It’s estimated New Zealand goods exports to Britain will increase by more than 50 per cent through the agreement, O’Connor said, adding the agreement will enter into force by the end of 2022 after both partners ratify the agreement through respective parliaments.
Britain was New Zealand’s seventh-largest trading partner pre-Covid, with two-way trade worth NZ$6 billion ($4.06 billion) to March 2020, he said.
Israel and the UK have agreed to upgrade the free trade agreement (FTA) between the two countries…reports Asian Lite News
Agreed at a meeting held in Jerusalem between Israeli Economy Minister Orna Barbivai and the UK’s Secretary of State for International Trade Anne-Marie Trevelyan, the new trade deal will lead to the removal of barriers in the goods and services trade between the two countries, Xinhua news agency reported citing the statement as saying.
The FTA between Israel and the UK was signed in 2019 and took effect at the beginning of 2021.
Since the agreement was based on Israel’s trade agreement with the European Union signed back in 1995, the two countries are interested in a more up-to-date and modern agreement, according to the statement.
The Ministers also discussed the creation of joint platforms for businesses and the details of a planned Britain-Israel innovation summit this spring, with the participation of senior government officials, business representatives, chambers of commerce and more.
With a trade volume totalling $7.7 billion last year, the UK is Israel’s third largest trading partner, as China and the US top the list.
Union Minister Piyush Goyal expressed his hope that the deliberations will be held over an array of trade opportunities of mutual interest benefiting both sides…reports Asian Lite News
Union Minister for Commerce and Trade Piyush Goyal met UK Secretary of State for International Trade Anne-Marie Trevelyan for the launch of India-UK Free Trade Agreement Negotiations here on Thursday.
“Met with UK Secretary of State for International Trade @AnnieTrev for the launch of India-UK Free Trade Agreement Negotiations,” said Goyal in a tweet on Thursday.
“Deliberations will be held over an array of trade opportunities of mutual interest benefiting both sides,” he added.
The agreement aims to create huge benefits for both countries and could boost our total trade by up to euro 28 billion a year by 2035 and increase wages by up to euro 3 billion across the UK, said the UK Department for International Trade in a press release on Wednesday (local time).
Pic credit Twitter
The agreement will create huge benefits for both countries and could boost our total trade by up to euro 28 billion a year by 2035 and increase wages by up to euro 3 billion across the UK
Britain wants an agreement that slashes barriers to doing business and trading with India’s euro 2 trillion economy and market of 1.4 billion consumers, including cutting tariffs on exports of British-made cars and Scotch whisky, the release added.
“A trade deal with India’s booming economy offers huge benefits for British businesses, workers and consumers, said UK Prime Minister Boris Johnson in the statement on Wednesday, adding, “As we take our historic partnership with India to the next level, the UK’s independent trade policy is creating jobs, increasing wages and driving innovation across the country.”
According to the UK Department for International Trade, India is one of the world’s biggest and fastest-growing economies and a bold new deal would put UK businesses at the front of the queue to supply India’s growing middle class, forecast to increase to a quarter of a billion consumers by 2050. India is set to become the world’s third-biggest economy by 2050, with a bigger population than the US and EU combined. (ANI)
