The UK India Business Council (UKIBC) said it has submitted its pre-free trade agreement (FTA) to the island nation’s Department of International Trade, along with recommendations from the UK government. The FTA talks are set to begin later this year.
The council said the submissions capture input from around 200 companies from all parts of the UK, which are involved in applications such as digital and data, food and beverage, life sciences and healthcare, insurance and financial services, higher education, defense and aerospace, and energy. represent regions.
It recommended that negotiations should focus on reducing tariffs, including on alcoholic spirits and medical devices; Reducing non-tariff barriers to goods trade, such as aligning standards, simplifying cumbersome and costly customs procedures, and ensuring tax parity between UK and Indian businesses.
The council also recommended that governments sign a series of interim or minor agreements that, over time, would create a fully comprehensive FTA.
“The announcement and signing of the enhanced trade partnership between India and the UK in May represents the culmination of much effort and engagement between the two governments,” UKIBC President Richard Heald said in a statement. “The launch of the process in an FTA between the two countries is progressing rapidly, as is evident by the end of the consultation period today,” he said.
“I am particularly encouraged by Minister Piyush Goyal and Secretary of State Hon Liz Truss’ emphasis on “industries focused on the future” as the key to a sustainable new engagement. Signs for better UK-India synergies Encouraging enough which is truly future proof.