Before the Free Trade Agreement, the round of meetings between the commerce ministers of India and Britain has started. Many agreements will be discussed between the two countries and these agreements will be completed next week and after that both the countries will move forward on FTA.
Free Trade Agreement
Union Minister of Commerce and Industry Piyush Goyal (Piyush Goyal) met with the English Minister of Commerce Anne-Marie Trevelyan on Thursday. Free trade agreement between the two countriesfree trade agreement) These two leaders met before the launch. Piyush Goyal gave information about this meeting in a tweet. Goyal said that both India and Britain will benefit in business and trade with the introduction of free trade agreement. Through this agreement, both the countries will simplify their respective business laws and customs duty (custom duty) will decrease. This agreement is being done to promote investment and increase trade of goods and services between the two countries.
Earlier on Thursday, the UK government announced the launch of a Free Trade Agreement (FTA) with India. The British government called it a golden opportunity in the field of business. On this occasion, British Prime Minister Boris Johnson described this trade agreement with India as historic and said that the trade of both the countries will touch new heights. Johnson said that the free trade agreement with India will open new opportunities in the fields of Scotch whiskey, financial services and technology related to renewable energy.
Met with UK Secretary of State for International Trade @AnnieTrev for the launch of India-UK Free Trade Agreement Negotiations.
Deliberations will be held over an array of trade opportunities of mutual interest benefiting both sides. pic.twitter.com/9GPnyMtQIk
— Piyush Goyal (@PiyushGoyal) January 13, 2022
Before the Free Trade Agreement or FTA, different rounds of agreements are being done in India and Britain and for this the commerce ministers of both the countries are meeting. The first round of negotiations is expected to be completed next week. The British government says that after this agreement is reached, formal talks will start between the two countries to launch a free trade agreement.
what boris johnson said
According to PM Johnson, Britain’s business, workers and consumers will benefit greatly from India’s fast-paced economy. On the one hand, Britain’s partnership with India is constantly achieving new heights, while on the other hand, new jobs are being created in Britain due to a free trade policy, people’s earnings and salaries are increasing and new technology is getting a place. Used to be.
India is the third largest economy in the world
UK Commerce Minister Mary Trevelyan met Commerce and Industry Minister Piyush Goyal in Delhi and explained the relationship between the two countries. Before this meeting, Mary Trevelyan said, by 2050, India will be the third largest economy in the world, with about 2500 lakh shopkeepers. We want to open up this vast new market for our great British producers and manufacturers across a range of industries from food and beverage to services and automotive.
demand for removal of fee
According to DIT estimates, the removal of the duty alone would increase UK exports to India by up to GBP 6.8 billion, with Scotch whiskey and cars currently facing hefty duties of 150 per cent and 125 per cent respectively. India has also made a new trade strategy with Britain after Brexit. Britain wants to remove trade barriers with India’s $2 trillion economy and a large market of 1.40 billion customers.