Page 10 - Fta

India trade deal offers biggest hope for UK economy heading for a crisis

It has been anything but a smooth ride for the Rishi Sunak led UK government, with the latest official data released this week reflecting a shrinking economy and a looming two-year-long recession. The British Indian former finance minister, who took charge at 10 Downing Street last month with the promise to fix the fiscal errors of predecessor Liz Truss' disastrous mini-budget, has pledged to get a grip on the soaring inflation as a priority and warned of tough tax and spending decisions ahead. Economic experts agree on the massive scale of the challenge, even as they hold out the prospect of a free trade agreement (FTA) with India as a potential generator of much-needed economic growth. The economic crisis in the UK is caused by some new and some longstanding factors, explains Dr Anna Valero, Senior Policy Fellow at the London School of Economics (LSE) Centre for Economic Performance. High inflation, high interest rates and tightening fiscal policy occurs against the backdrop of .

British officials may visit India next month for FTA talks: Govt sources

"It will take 3-4 months of steady negotiations to complete this agreement, with broad understanding over issues such as mobility and short-term work visas to the UK," the official said

Trade service officers to engage more in FTA negotiations, policy making

Indian trade service officers would be engaged more in the negotiations of free trade agreements (FTA), industry deliberations and policy-making, Commerce Secretary Sunil Barthwal said on Tuesday. He was addressing an Indian Trade Service Officers conference, which was held at Kevadia, Gujarat. It was conducted for brainstorming on future foreign trade policy (FTP), and to formulate sector-wise and state-wise export strategies to boost exports from India. Over 75 officers attended the conference. The secretary emphasised the importance of specialising in the specific area of international trade. He underlined the importance of institutional memory for any department and urged the trade service officers to specialise, and become a more effective resource for the Department of Commerce. "He also laid out the plans for deeper engagement of the cadre into FTA negotiations, industry deliberations and policy making," the commerce ministry said in a statement. Earlier, Director General

TMS Ep297: Elon Musk & Twitter, India's China trade data, markets, FTA

Is Elon Musk rewriting the HR rulebook at Twitter? How reliable is India's China trade data? Will the markets consolidate in this holiday-truncated week? What is a free trade agreement? Answers here

What is a free trade agreement?

Australia recently said that the free trade agreement with India has been tabled in its parliament, and is likely to be passed soon. But what is a free trade agreement? Watch this report to know more

FTA with India to be expedited in next few months: British envoy

India and the United Kingdom are set up for the final ascent on signing a Free Trade Agreement (FTA) and expediting the pact in the next few months is one of the main aims of the two sides, British High Commissioner to India Alex Ellis said on Friday. He said the two sides have got through the majority of the negotiations, but there are tough issues like the security of investments of British companies where some in the past had found difficulty in regard to the now-scrapped retrospective tax, in an apparent reference to the long-drawn Vodafone case. On extradition to India of economic fugitives like Vijay Mallya and Nirav Modi, Ellis said it is no longer a government matter. The British Home Secretary had signed the extradition of businessman Mallya over three years ago and it is the issue that now lies with the court, he said. The wheels of justice turn slowly, but they do turn, he said at the India Today Conclave here Mallya, accused of cheating and fraud in India, has been ...

India looking at greater market access for pharma products in UK under FTA

India is looking at greater market access for its pharmaceutical products in the UK as part of the proposed free trade agreement with Britain, an official said on Friday. The official also said that a leaked chapter of the agreement, which is floated on some portals, on intellectual property (IP) is edited, distorted, and is a manipulated version of an initial document of the UK. "The best part in the proposed agreement is that both sides have highlighted their red lines and sensitivities. Ever-greening and touching manufacturing of generic medicines is completely non-negotiable," the official added. India has already secured greater market access for the domestic pharma industry in a trade pact with the UAE. Under the pact, Indian pharmaceutical products and medical goods will get regulatory approval within 90 days that have been approved in developed jurisdictions such as the US, the UK, the EU, Canada, and Australia. Similarly, the India-Australia trade deal would provide ...

India, UK working sincerely for finalisation of free trade agreement: MEA

India on Thursday said it is working "sincerely" with the UK for finalisation of the proposed free trade agreement, days after Prime Minister Narendra Modi and his British counterpart Rishi Sunak agreed on the "early conclusion" of the deal. "Both sides are working sincerely on the free trade agreement," External Affairs Ministry Spokesperson Arindam Bagchi said. His comments came when asked about the FTA during a media briefing. "As we have said earlier, the matter of negotiations is best left to the trade ministers and their teams of officials. I cannot comment on the status. I certainly do not have any target date," Bagchi said. The issue of the FTA figured in the first telephonic conversation between the two prime ministers on October 27. In a tweet on his talks with Sunak, Modi said: "Congratulated him on assuming charge as UK PM. We will work together to further strengthen our Comprehensive Strategic Partnership. We also agreed on the importance of early conclusion of a ...

British PM Rishi Sunak committed to FTA with India, says Downing Street

Intensive negotiations continue towards a free trade agreement (FTA) between India and the UK and new British Prime Minister Rishi Sunak is committed to achieving a balanced deal, Downing Street said on Wednesday. Sunak, who took charge at 10 Downing Street last week, had a "very warm" introductory call with Prime Minister Narendra Modi during which both sides expressed their commitment towards an FTA. The UK Prime Minister's office also reiterated that the focus remains on a balanced trade deal that benefits both sides and therefore no timeframe is being specified after a proposed Diwali timeline had to be abandoned last month amid political turmoil in the UK. "Both sides are very committed to it, intensive negotiations are continuing led by the Department for International Trade (DIT)," a spokesperson told reporters at a Downing Street briefing. "The Prime Minister had a very warm, introductory call with Prime Minister Modi last week. In terms of the speed of it [FTA], we have be

Next round of trade talks with India expected shortly: UK Minister

No discussion on immigration visas, says Greg Hands in response to question about another minister's controversial comment

UK completed majority of sections of free trade agreement with India

Despite economic and political turmoil, the UK has completed most of the sections of the much-awaited free trade agreement with India.Trade Department Minister Greg Hands on Wednesday said that - Britain has completed the majority of sections of a free trade agreement with India but will only sign off on the deal once happy that it is fair and reciprocal."We have already closed the majority of chapters and look forward to the next round of talks shortly. We are working towards the best deal for both sides and won't sign until we have a deal that is fair, reciprocal and ultimately in the best interests of the British people and the UK economy," Hands told parliament.He further questioned Labour Party whether they will ever support any UK trade deal as the party earlier had blocked such deals in past."Good to be back at the dispatch box today answering a Labour Urgent Question on a trade deal with India. Now a question to Labour: when will they ever support any UK trade deal? They ...

India trade deal matters more than date, says UK trade minister

The Diwali timeline for a draft FTA had been announced by former British Prime Minister Boris Johnson during his meeting with Prime Minister Narendra Modi in New Delhi in April

Wait for India-UK free trade agreement likely to extend until mid-2023

One of the officials said that the trade deal between India and the UK is at the last stage

FTA with India no longer working to Diwali deadline: UK Trade Secretary

The free trade agreement (FTA) negotiations with India are no longer working towards a Diwali deadline, UK Trade Secretary Kemi Badenoch has confirmed. During a visit to a Scotch whisky distillery on Thursday, the Cabinet minister in charge of the FTA negotiations at the Department for International Trade (DIT) said the deal being lined up with India would bring great wins for the industry as the steep tariffs of up to 150 per cent are set to be slashed. However, while the negotiations are progressing well, signing a draft agreement by October 24 is no longer the goal. "We are close. We're still working on a deal. One of the things that has changed is that we are no longer working to the Diwali deadline, Badenoch told the BBC. We've closed a lot of chapters (the sections for the negotiating text). The negotiations are progressing well. But we want to focus on the quality of the deal rather than the speed of the deal. Given the changes that have taken place not just in government b

UK home secy and her remarks on Indian migrants: Who is Suella Braverman?

Braverman's remarks on Indians overstaying in the UK have reportedly annoyed the officials in New Delhi and the India-UK FTA is on a verge of collapse

Govt considering forming units to build expertise in Free Trade Agreements

The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

FM radio broadcasting policy relaxes recasting and ownership norms

The centre has also accepted the long pending demand of the radio industry to remove the 15% national cap on channel holding

Invest in India story, MSME sector must be promoted: Goyal to industry

Goyal's comments come after Union Finance Minister, Nirmala Sitharaman, recently asked India Inc what is stopping them from investing

India-UK free-trade agreement: Carmakers object to sharp import duty cut

India's auto industry push for a phased duty reduction to protect interests