Friday, January 21, 2022

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    India and UK start FTA negotiations

    India and the United Kingdom yesterday are expected to promote the goal of doubling bilateral trade by 2030, as envisioned by Prime Ministers Narendra Modi and Boris Johnson in May 2021. (FTA) negotiations have begun. Piyush Goyal and Anne-Marie Trevelyan, Secretary of State for International Trade in the United Kingdom, have begun talks in New Delhi.

    Goyal said FTAs ​​are expected to provide certainty, predictability and transparency, and to build a more liberal, facilitating and competitive service structure.

    He reportedly said in an official announcement that India’s exports of leather, textiles, jewelery, marine products and processed agricultural products are expected to increase.

    India and the United Kingdom yesterday began negotiations on a free trade agreement that is expected to promote the goal of doubling bilateral trade by 2030, as the Prime Ministers of both countries envisioned in May 2021. Anne-Marie Treberian, a state for international trade, has begun talks.

    He said a mutual recognition agreement (MRA) on medicines could provide additional market access. There is also the potential for increased exports in service sectors such as information technology, nursing, education, healthcare and audiovisual services. India would also be seeking special arrangements for the movement of the people, he added.

    He said the FTA will also contribute to the integration of the value chain and strengthen mutual efforts to strengthen the resilience of the supply chain.

    It was also agreed to explore the possibility of a tentative agreement to provide immediate benefits to both companies.

    The planned FTA has nearly doubled UK exports to India, boosting UK-India trade by £ 28 billion annually by 2035, and could raise UK-wide wages by up to £ 3 billion. The announcement by the British government has stated. .. Investment from Indian companies already supports the employment of 95,000 people across the UK.

    International investment from Indian companies already supports 95,000 jobs across the UK and has the potential to grow with new trade agreements.

    The Government of India plans to install 175 GW of renewable energy capacity by 2022 and even more in the coming decades. The UK renewable energy industry is expected to benefit from contracts that significantly reduce barriers, including tariffs on imports of as much as 15% of wind turbine components from the UK, the UK government said.

    Fiber2Fashion News Desk (DS)

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    India and UK start FTA negotiations

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    The post India and UK start FTA negotiations appeared first on Eminetra.

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