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UK Gets The ball Rolling For A Free Trade Agreement With India; Launches 14-Week Consultation Period
British Prime Minister Boris Johnson with Prime Minister Narendra Modi (@narendramodi/Twitter)
Beginning the preparations for a free trade agreement for India, prime minister (PM) Boris Johnson’s administration in the United Kingdom (UK) has announced a 14-week consultation period before the bilateral negotiations begin, reports Livemint.
This comes after PM Johnson and PM Narendra Modi had in April pledged a “quantum leap” in the relationship, seeking better cooperation on issues such as climate change and shared security threats.
It should also be noted that the two nations are eyeing to double the bilateral trade by 2030 from $33 billion recorded in 2019.
The UK’s International Trade Secretary Liz Truss had also emphasised, “We want an agreement that pushes new frontiers in industries of the future.” The UK Government has also said that it hopes for the removal of tariffs such as a 150 per cent levy on whisky and 125 per cent duty on British-made cars, as well as making it easier for British services companies to operate in India.
It should be noted that the UK is actively looking to conclude a free trade pact with India in the post-Brexit scenario. It is also hoping to secure such deals with Australia, New Zealand and the United States.
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