Tag: FTA

Categories
-Top News Business India News

India, UK businesses hope for win-win deal with launch of FTA talks

FTA TALKS (Picture: Anne-Marie Trevelyan/Twitter)

With both India and the UK home to thriving services sectors firms, will be keen to see negotiations focus on making it easier for them to practice, invest and grow in India, the spokesperson said…reports Asian Lite News

As UK Secretary of State for International Trade, Anne-Marie Trevelyan, arrives in New Delhi this week to formally kick-start Free Trade Agreement (FTA) negotiations, business and industry chiefs on both sides on Tuesday expressed optimism for a win-win deal.

Trevelyan is scheduled for meetings with Commerce and Industry Minister Piyush Goyal on Thursday when the ball is expected to be set rolling on an FTA, which the UK’s Department for International Trade (DIT) hopes will yield a bold new deal with an economy set to become the world’s third-biggest by 2050.

Having declared her plans to drive forward an ambitious trade agenda that represents the UK’s Indo-Pacific tilt in action, the UK minister is expected to offer some attractive trade terms to India.

The Confederation of British Industry (CBI) believes that easier movement of professionals between the two countries will be an important aspect of the negotiations.

Trade and mobility are intrinsically interconnected. Businesses’ ability to move people across borders is crucial to expand their pool of talent, drive productivity and go global, a CBI spokesperson said, on the eve of the visit.

With both India and the UK home to thriving services sectors firms, will be keen to see negotiations focus on making it easier for them to practice, invest and grow in India, the spokesperson said.

While British Prime Minister Boris Johnson was recently forced to deny in Parliament that easier visa norms for Indians will form part of the FTA negotiations, the mobility of students and professionals is expected to be on the agenda for talks.

The Federation of Indian Chambers of Commerce & Industry (FICCI) welcomed the very reassuring visit of the UK Trade Secretary, following its own inputs to the government towards securing a win-win deal.

The urgency and pace exuded by the UK to fast-track the FTA negotiations, illustrates the importance accorded to India as a key economic partner, said FICCI President Sanjiv Mehta, Chairman & Managing Director of Hindustan Unilever Limited (HUL).

Emphasis on promoting new frontiers in the future is noteworthy. This will help both countries to build greener, more innovative and more sustainable economies,” he said.

“FICCI members from the Agri, pharma and life sciences, renewables and electric vehicles, financial services and healthcare sectors, amongst others, would be closely following these discussions, towards which they have shared their recommendations with the government of India. We hope these would help the Indian government to negotiate a win-win deal with the UK, he added.

Rahul Roy-Chaudhury, Senior Fellow for South Asia at the International Institute for Strategic Studies (IISS) in London, believes that defence industrial cooperation is essential in elevating the bilateral relationship between the two countries to a truly Comprehensive Strategic Partnership.

The India-UK Roadmap 2030, unveiled virtually eight months ago by both Prime Ministers, highlighted collaboration on key military technologies including combat aircraft, maritime propulsion systems and complex weapons through co-development and co-production.

ALSO READ-Trade minister set to launch FTA talks in Delhi

Categories
-Top News

IP, tariffs, data protection to dominate UK-India FTA talks

McCole said custom procedures and tariff rates on some products, notably, automotive and automotive components and Scotch Whiskey are among the major concerns of UK businesses doing trade with India…reports Asian Lite News.

Intellectual Property (IP) protection and enforcement, standards, tariffs on several products, and data protection are among the key issues that would dominate the Free Trade Agreement (FTA) talks between India and the United Kingdom (UK), which are set to being early next year.

Managing Director of UK India Business Council Kevin McCole said there is a strong political will and desire from the two countries to conclude a comprehensive free trade agreement as soon as possible.

McCole said UK India Business Council has identified key areas of concern of the business community that needs to be addressed during the talks. “During the last summer, we conducted a round table. We engaged with around 200 business leaders. A number of priority areas came up,” McCole said.

He said business leaders of both the UK and India want a defined standard of rules for trade and investment. “Having defined standards is very important. If we have a defined standard it will become easier for the Indian companies to export to the UK, and the UK companies to export to India.”

McCole said custom procedures and tariff rates on some products, notably, automotive and automotive components and Scotch Whiskey are among the major concerns of UK businesses doing trade with India.

“On automotive components, India increased tariffs from 7.5 per cent to 15 per cent in 2020. Those tariffs are cost to UK exporters and Indian importers,” he said. Tariff on UK-made Scotch Whiskey stands at around 150 per cent. Another area of concern is the ban on the sale of UK-made Scotch Whiskey in CSD canteens, which are operated by the Indian Armed Forces.

When asked about the ideal rate of tariffs on these products, McCole said: “I don’t want to give a number, but there should be a parity.”

McCole said Intellectual Property (IP) protection and enforcement regime, and data protection are other major areas of concern of UK businesses. “One major area of concern that comes up time and again is data protection rules. The future trade is going to be data-driven. It’s going to be technology-driven. I think it’s going to be the main driver of trade in the decades to come,” he said.

India and UK announced their intention to have a comprehensive free trade agreement during a virtual summit held in May 2021 between Prime Minister Narendra Modi and his British counterpart Boris Johnson. During the May summit, the two countries agreed on a preliminary “Enhanced Trade Partnership” deal and start the FTA negotiation “in the autumn”.

However, the formal FTA negotiation between the two countries has not started yet.

Following the Prime Minister level summit in May the two countries started the “pre-negotiation”. It was led from the Indian side by Commerce and Industry Minister Piyush Goyal and from the UK side the then British Secretary of State for International Trade Liz Truss.

However, the negotiations got delayed after Truss was replaced by Anne-Marie Trevelyan. In September, there was a change in the UK cabinet. Truss was appointed Foreign Secretary, while Trevelyan took charge as Secretary of State for International Trade.

Speaking at the 94th annual convention of industry body FICCI on December 17, India’s Commerce and Industry Minister Goyal said the negotiations on the free trade agreement between India and UK would start in January 2022. Earlier this month, a UK government spokesperson also announced that the two countries would start the FTA negotiations early next year.

Asked about the expected timeframe to conclude the FTA deal, McCole said: “There seems to have political will and commitment from both the governments. Negotiating teams are in regular contact. Momentum is there, and I hope the momentum further picking up in the new year.”

McCole expressed hope that the issues of the business community of the two countries would be addressed through strong political will and commitment for the deal expressed by the Prime Minister of the two countries.

India and UK share strong economic engagements. Merchandise trade between the two countries stood at USD 15.45 billion in 2019-20 with the trade balance in favour of India.

UK is the 6th largest inward investor in India, after Mauritius, Singapore, Netherlands, Japan, and the US with a cumulative equity investment of USD 28.39 billion (April 2000-June 2020), accounting for around 6 per cent of all foreign direct investment into India.

India invested in 120 projects and created 5,429 new jobs in the UK to become the second-largest source of foreign direct investment after the US in 2019, according to the UK Department for International Trade (DIT) inward investment statistics for 2019-2020.

ALSO READ-UK, India natural partners, says PM

Categories
-Top News India News

Restoring transportation links, FTA next stage of India-Bangladesh ties

According to the World Bank, seamless transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 per cent in Bangladesh and 8 per cent in India…reports Mahua Venkatesh and Sumi Khan

Amid celebrations marking December 16 — Vijay Diwas — not just for Bangladesh but also for India, the two neighbours reiterated the need to work closely on issues relating to connectivity and economic co-operation.

Prime Minister Narendra Modi who earlier described Bangladesh as a “soho jatri” or a co-traveller, tweeted, “On the 50th Vijay Diwas, I recall the great valour and sacrifice by the Muktijoddhas, Biranganas and bravehearts of the Indian Armed Forces. Together we fought and defeated oppressive forces. He added that President Ram Nath Kovind’s presence in Dhaka to be part of the celebrations honouring 50 years of independence “is of special significance to every Indian.”

“The future of India and Bangladesh are tied and intertwined with each other,” Ishfaq Ilahi Choudhury, who served as air commodore in Bangladesh’s Air Force said.

The focus for the governments of both countries has been on a host of bilateral issues relating primarily to connectivity including resuming transboundary rail links and opening up inland waterways which would in turn boost trade. Analysts said that these initiatives need to be formalised and concluded at the earliest.

According to the World Bank, seamless transport connectivity between India and Bangladesh has the potential to increase national income by as much as 17 per cent in Bangladesh and 8 per cent in India.

Future relationship between the two countries that share a 4,096-kilometre-long border have to be based in mutual understanding and progress. “Ours is a joint celebration,” Bipul Chatterjee, Executive Director, CUTS International told India Narrative. “It has to be a two-way process and a win-win for both nations, for India to prosper economically and socially, Bangladesh has to be taken on board and vice versa,” he added

In 2020, India and Bangladesh resumed rail services between Haldibari in West Bengal and Chilahati located across the border after 55 years.

The two countries are looking at starting train services between Agartala in India and Akhaura, Gede (India), Darshana, Singhabad (India)-Rohanpur (Bangladesh), Radhikapur (India)-Birol (Bangladesh). Besides, connectivity through waterways is also on the cards.

A boost in rail and road links between India and Bangladesh will not only enhance bilateral ties but will also enhance connectivity for New Delhi with the north-eastern part while reducing emerging geopolitical vulnerabilities for both nations.

Besides connectivity, a trade agreement between the two is also expected to be signed. The World Bank report revealed that in East Asian and Sub-Saharan African economies, intraregional trade accounts for 50 per cent and 22 per cent of total trade, respectively. “In fact, it is about 15-20 per cent less expensive for a company in India to trade with a company in Brazil or Germany than with a company in Bangladesh,” the report said.

‘Inspired by Bangabandhu’s courage’

Visiting Indian President Ram Nath Kovind said here that as a youth, he was inspired by the “moral courage” of Bangabandhu Sheikh Mujibur Rahman, Bangladesh’s Father of the Nation, to liberate the country from an oppressive regime 50 years ago.

Bangladesh on Thursday celebrated its Golden Jubilee of Independence with a Victory Day parade in which President M. Abdul Hamid and his Indian counterpart Kovind were present along with Prime Minister Sheikh Hasina.

Addressing the celebrations, the Indian President said: “Like millions of others, I was electrified by his (Bangabondhu) powerful voice, and the understanding that it carried the aspirations of 70 million people of Bangladesh at that time. Like millions of Indians of my generation, we were elated by the victory of Bangladesh over an oppressive regime and were deeply inspired by the faith and courage of the people of Bangladesh.

“Fifty years ago, the vision of an independent Bangladesh inspired millions. But it seemed a remote and impossible dream then to naysayers, sceptics and detractors. The international context and realpolitik seemed to rule out the prospects of Liberation. Set against a brutal, determined, and well-armed foe who would stop at nothing, the odds were very much against Bangladesh.

“But the inspiring statesmanship of Bangabandhu; his clear-sighted moral conviction and his unflinching determination to seek justice for the people of East Pakistan were truly the game-changers. As a result, the world learnt a valuable lesson: that the will of the majority of people cannot be subjugated by any force, however brutal.”

He added that although Bangabandhu and his family members were brutally killed, the anti-liberation forces failed to realise that bullets and violence cannot extinguish an idea that had captured the imagination of the millions of people

Kovind further mentioned that the anti-liberation forces did not count on the determination and resilience of Sheikh Hasina, the incumbent Prime Minister who has faced assassination attempts and dictatorships with remarkable courage.

“She has been driven by the strong conviction to realise the dream of Bangabandhu, and his spirit of the ‘Bidrohi’ (or rebel).”

During the occasion, President Kovind paid tributes to the memory of the untold suffering of tens of millions of people of Bangladesh.

“It is their sacrifice, and the righteousness of the cause of Bangladesh, that has transformed the region. As our nations develop and our friendship further deepens, let us continue to work together towards realizing the dreams of our peoples.”

President Kovind said history will always bear witness to the “unique foundation” of friendship between India and Bangladesh, forged in the people’s war that liberated Bangladesh.

ALSO READ-India’s Role in Bangladesh Liberation War

Categories
-Top News London News UK News

Britain, India set to begin FTA talks

A source close to the process said both Boris Johnson and Narendra Modi are strenuously behind the move, which could mean flexibility where otherwise if left to bureaucrats, there would be rigidity, reports Ashis Ray

India and Britain are provisionally scheduled to embark on ambitious negotiations later this month, with the objective of arriving at a services-driven Free Trade Agreement (FTA) between the two countries by early 2024.

UK India Business Council (Twitter)

A source close to the process stated that there is “a meeting of political minds”; in other words, both Boris Johnson and Narendra Modi are strenuously behind the move. This could mean flexibility where otherwise if left to bureaucrats, there would be rigidity.

An upbeat UK India Business Council (UKIBC) posted on its website: “We believe it is both the right ambition and is eminently achievable.”

The UKIBC, however, added: “An open dialogue between businesses and government will be critical for successful FTA negotiations.”

18 pre-FTA talks roundtable

It has already held 18 pre-FTA consultation roundtables with businesses as part of the consultation and gathering intelligence. These took place in partnership with the British government’s Department of International Trade (DIT).

The DIT said: “Preparations for the launch of negotiations for the UK-India FTA remain underway, and DIT continues to engage counterparts in the government of India.”

It confirmed that bilateral working groups had met face-to-face in Delhi in October.

The new British Secretary of State for International Trade, Anne-Marie Trevelyan, met Indian Commerce Minister Piyush Goyal for the first time at the G20 trade ministers’ meeting in Sorrento, Italy, in October. The DIT indicated that at this dialogue, they discussed “final preparations for the launch of UK-India FTA negotiations”.

Goyal and Liz Truss, who was Trevelyan’s predecessor and is now the Foreign Secretary, had reportedly got along very well. The Cabinet reshuffle, an observer felt, was unlikely to make a difference and described Trevelyan as “determined and enthusiastic” about getting an FTA done.

Long road ahead

FTA negotiations are generally long and tortuous. India and the European Union, for example, have been grappling with the issue for 14 years without a positive outcome. However, the source close to the upcoming Indo-British talks disclosed the intent on both sides is to announce a deal by early 2024, as both countries are due to hold general elections in the spring of that year. It is feared that a multi-government involvement on either side could scuttle negotiations.

The DIT on the one hand and the Ministry of Commerce and Industry of the Indian government on the other are expected to issue their respective mandates, which will form the basis of negotiations for the two sides. The mandates will set out priorities and red lines.

The negotiations will in the foreseeable future be held virtually. Information trickling out from insiders suggest that it will be a service rather than goods driven approach by both parties.

“Data, Fintech and Information Technology” are the buzzwords doing the rounds.

There is discussion as to whether the FTA should be phased in or proclaimed all in one go. Goyal is said to be keen on “a limited early harvest agreement by March 2022”.

At a virtual summit on May 4 last, Johnson and Modi had unveiled what they called a “transformational” Comprehensive Strategic Partnership, with the signing of a UK-India Enhanced Trade Partnership. This committed the two nations to double trade — which in the last financial year was at around 20 billion pounds — by 2030. Covid-19 has obviously come in the way of progress on this front.

ALSO READ-India offers support to Africa in fight against Omicron variant

Categories
-Top News Europe

NZ secures historic FTA with UK

More than 260 environmentally beneficial products have been prioritised for tariff elimination – the largest environment goods list ever agreed, O’Connor said…reports Asian Lite News.

New Zealand and the UK have agreed in principle the details of a historic Free Trade Agreement (FTA), which will see a boost of almost NZ$1 billion ($720 million) to Wellington’s GDP and unprecedented access for Kiwi exporters to the British market, Prime Minister Jacinda Ardern said on Thursday.

The FTA will also see an elimination of all tariffs by the UK on New Zealand exports, with over 97 per cent being removed the day the deal comes into force, Xinhua news agency quoted the Prime Minister as saying.

As a result, New Zealand exporters will save approximately NZ$37.8 million per year on tariff elimination alone, statistics show. Elimination of tariffs covers all honey, wine, kiwifruit, onions, a range of dairy and meat products, and most industrial products.

The deal will also see significant increases for beef and sheep meat market access, Ardern said, adding Working Holiday arrangements for young people from both countries are to be improved and extended.

New Zealand is the second country to secure a new FTA with the UK after Brexit, Ardern said, adding the FTA will further accelerate New Zealand’s Covid-19 economic recovery and substantially cuts costs for exporters and businesses immediately.

She said New Zealand’s export beef volumes will increase from 12,000 tonnes to 60,000 tonnes, and those of sheep meat will rise from 149,205 tonnes to over 164,000 tonnes, with free market access after 15 years – putting more money back into the pockets of Kiwi farmers while presenting them the opportunity for further growth.

The UK was New Zealand’s seventh largest trading partner pre-Covid, with two-way trade worth nearly NZ$6 billion to March 2020, statistics show.

Trade Minister Damien O’Connor said pre-Covid estimates also projected that New Zealand goods to Britain will increase up to 40 per cent and that New Zealand GDP will benefit up to NZ$970 million due to the FTA.

More than 260 environmentally beneficial products have been prioritised for tariff elimination – the largest environment goods list ever agreed, O’Connor said.

The agreement in principle sets out the key elements of the FTA, with the text to be finalised over the coming months, he said.

ALSO READ-India, Israel To Renew FTA Talks Next Month

READ MORE-FTA calls on Expo participants to avail VAT refund scheme

Categories
-Top News India News

India, Israel To Renew FTA Talks Next Month

Jaishankar, who is on a three-day visit to Israel, met Lapid and the two also agreed on mutual recognition of vaccination certificates as well as to expand cooperation in the areas of water and agriculture, reports India Daily Newsdesk

External Affairs Minister Dr S. Jaishankar and his Israeli counterpart Yair Lapid on Monday decided to renew negotiations on a free trade area agreement between the two countries in November, with the aspiration that the agreement will be ready for signature by the middle of 2022.

Jaishankar, who is on a three-day visit to Israel, met Lapid and the two also agreed on mutual recognition of vaccination certificates as well as to expand cooperation in the areas of water and agriculture, which in recent years have become a central anchor of bilateral relations.

“I thank my friend, Dr. Jaishankar, for his visit to Israel, a visit which is a precursor of events which will take place next year to mark thirty years of bilateral relations between India and Israel,” Lapid said after the meeting.


“We are continuing with our policy of connections, and we have seen in India a very important ally for many years. India also brings with her new opportunities for cooperation.

“In the last year, we have dealt, India and Israel, with the Covid-19 pandemic, and we have helped one another during this crisis. This is how friends and partners behave,” he added.

Following the meeting, a signing ceremony was held marking Israel’s accession to the the International Solar Alliance, founded in 2015 on the initiative of India and France, which will allow Israel to contribute its knowledge and experience to the organisation.

Israeli Energy Minister Karine Elharrar participated in the meeting and signed the agreement on behalf of her country.

“Membership in the ISA, alongside more than 80 countries blessed with sun and promoting solar energy, will enable the State of Israel to contribute to the global struggle against climate change and to advance together solutions for a greener future,” she said.

Thanking India for the support, Elharrar said that she is hopeful that membership in this organisation which has engraved on its flag investment in research and development in the field of solar energy will encourage Israeli entrepreneurs to bring forth developments in the field and to bring her country to the global forefront in this field as well.

Lapid and Jaishankar, accompanied by their spouses, later visited the Shalva Centre, which cares for children with disabilities and provided support to their families.

Israeli firms invited to invest in India

Dr Jaishankar has invited Israeli companies to invest in India, taking advantage of the expected post-Covid boom in the economy, which is already showing poitive signs of revival.

“Many post-Covid priorities including digital, health, agriculture and green growth are natural areas for our collaboration,” said the minister after having elaborate discussions with the Israeli chambers of commerce and the innovation ecosystem.

Jaishankar lauded the “visible enthusiasm” for doing business with India, which he said had already unveiled a slew of new business-friendly measures.

Ambassador Yael Ravia-Zadok, the head of the Economic Diplomacy Division of Israel’s Ministry of Foreign Affairs, nailed innovation, water, health, energy among several other sectors as areas of collaboration.

Jaishankar’s visit takes forward the joint efforts made by New Delhi and Jerusalem since 2017 to engage the talent pool of the two countries in pursuit of path-breaking technological solutions that can be commercially exploited.

Jaishankar to rope in more hi-tech industries

EAM Jaishankar’s meetings with the business community working on the Israel-India route are expected to significantly increase cooperation between the two countries.

With bilateral meetings with the Israeli Alternate Prime Minister and Foreign Minister Yair Lapid, President Isaac Herzog, Prime Minister Naftali Bennett, the Knesset Speaker and several other political and business leaders scheduled during the four-day trip, the special relationship between India and Israel is expected to witness a high level of cooperation in economic activity, trade and commerce.

“With Diwali just around the corner, the visit of MEA Dr S Jaishankar is an opportunity to highlight the elements of India-Israel growing partnership that bring light and hope of prosperity to both people and their respected regions: water, agriculture, healthtech and education,” tweeted Froim Ditza, the Head of Policy Planning at the Israeli MFA, after Jaishankar’s interaction with the business community in Jerusalem Sunday evening. (includes report from Ateet Sharma)

ALSO READ-UK, UAE agree to drive sustainable development

READ MORE-Aim for $450-$500 bn exports next year: Goyal

Categories
-Top News India News UK News

India, UK Set To Launch FTA Talks On Nov. 1

Indian Commerce Ministry said the proposed FTA between India and United Kingdom is expected to unlock extraordinary business opportunities and generate jobs, reports Asian Lite News

India and UK aim to launch negotiations on free trade agreement (FTA) by November 1 this year. The two sides look for an Interim agreement by March 22 and later a comprehensive agreement.

The matter came up during the discussions held between Piyush Goyal and his British counterpart Secretary of State Elizabeth Truss on FTA and other trade matters.

A Commerce Ministry release said proposed FTA between India and United Kingdom is expected to unlock extraordinary business opportunities and generate jobs.

Both sides have renewed their commitment to boosting trade in a manner that benefits all.

Speaking on the occasion, Union Commerce Minister Piyush Goyal said there is tremendous interest in the business community in both countries India and UK about the FTA.

He said that since the ‘Declaration’ on launch of Enhanced Trade Partnership, announced by Prime Ministers on May 4 this year, both countries have made substantial progress on various aspects of the partnership.

The Minister said that there is a keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides.

He added that substantial work has already been done and extensive stakeholder consultations and consultation paper was also made public for wider participation.

The Minister said that BWGs for different tracks have been formed to understand the ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by the end of this month.

Goyal said he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and “would put us in a better position” when both sides begin their joint scoping discussions, beginning on 1st October 2021, for finalizing the TORs for the launch of negotiations in November.

Goyal said that an Interim Trade Agreement, as the first step of an FTA “would allow both of us to immensely benefit from the early gains of the partnership”.

In services, certain services of mutual interest may be included in the Interim Agreement through request offer approach “wherein we may include priority sectors which are immediately deliverable”.

“If necessary, we may also explore signing of few Mutual Recognition Agreements in selective services like nursing and architecture services,” he said.

Goyal emphasised the need to strike a balance between commitments and concessions in goods and services. (ANI)

ALSO READ-Jabs for kids as UK accelerates vaccine programme

READ MORE-UK education sector set to thrive globally

Categories
-Top News Business World News

Brexit Britain Seeks Free Trade Agreement With India

Indian Minister Piyush Goyal discusses FTA matters with his British counterpart Secretary of State  Ms Elizabeth Truss. Interim Agreement to allow both the countries to harvest early gains in some select commodities and services … reports Asian Lite News

Brexit Britain and India are keen to strike a deal on trade. They are aiming to launch talks on FTA by November 2021.

The proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner that benefits all.

Mr Piyush Goyal, Indian Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution

Two sides looking for an Interim Agreement as a priority and later a Comprehensive Agreement.

The matter came up during the discussions held between Indian Minister Piyush Goyal and his British counterpart Secretary of State, Elizabeth Truss on FTA and other trade matters.

Speaking on the occasion Mr Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, said that there is tremendous interest in the business community in both countries India & UK about this FTA.

British Minister Truss tweeted sharing talks with Mr Goyal. “Today Piyush Goyal and I launched trade working groups to lay the groundwork for our forthcoming UK-India trade deal, which will boost access to more than a billion consumers; bolster our science and tech industries and support jobs in both countries.”

Mr Goyal said that since the ‘Declaration’ on the launch of Enhanced Trade Partnership, announced by Prime Ministers on 4th May 2021, both countries have made substantial progress on various aspects of the partnership.

The Indian Minister said that there is a keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides. Shri Goyal added that Substantial work has already been done and extensive stakeholder consultations have been held involving   Industry / Business associations, Export Promotion Councils, Buyers/Sellers Associations, Regulatory Bodies, Ministries/Departments, public research bodies, etc. The consultation paper was also made public for wider participation as well.

Mr Goyal said that BWGs for different tracks have been formed to understand the ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by September 2021.

He said that he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and would put us in a better position when both sides begin their Joint Scoping discussions, beginning on 1st October 2021, for finalizing the TORs for the launch of negotiations in November.

Mr Goyal said that an Interim Trade Agreement, as the first step of an FTA would allow both of us to immensely benefit from the early gains of the partnership.

Union Minister of Railways and Commerce, Piyush Goyal (Photo: Kuntal Chakrabarty/IANS)

In services, certain services of mutual interest may be included in the Interim Agreement through a request offer approach wherein we may include priority sectors that are immediately deliverable. If necessary, we may also explore the signing of few Mutual Recognition Agreements in selective services like nursing and architecture services.

Mr Goyal emphasised the need to strike a balance between commitments & concessions in goods and services.

READ MORE: The Annual Investment Meeting 2022 to focus on startups

READ MORE: Discussions on FTAs with several countries on fast mode: Goyal