India-UK Trade Pact: Secretaries Meet To Resolve Issues, Speed Up FTA

(MENAFN- AsiaNet News)

Commerce Secretary Rajesh Agrawal on Monday met UK Permanent Secretary Amanda Brooks on India-UK Comprehensive Economic and Trade Agreement implementation. He said in a post on X that they took stock of progress and worked though the sticking points. "Engaged in extensive discussions with UK Permanent Secretary Ms. Amanda Brooks on India-UK CETA implementation. Took stock of progress and worked though the sticking points, while exploring new pathways under India-UK CETA Global Trade Economic Partnership aligned with Viksit Bharat. Reaffirmed commitment to regular engagement with UK Government's Scotland Office for effective implementation," he said.

High-Level Meetings to Advance Trade Deal

UK Business and Trade Secretary Peter Kyle is in Delhi for progress in the trade relationship with India. According to a statement from the Government of the UK, the Business and Trade Secretary will meet India's Commerce Minister Piyush Goyal in New Delhi to advance the trade relationship. The two officials are scheduled to discuss bringing the bilateral Free Trade Agreement (FTA) into force as quickly as possible.

The push for implementation of the agreement comes amid widespread international trade volatility. Once implemented, the FTA is set to liberalize 99 per cent of UK tariffs and 90 per cent of Indian tariffs, aiming to make exports and trade between the two markets cheaper, quicker, and easier.

During his visit, the Trade Secretary will also meet with Indian and British industry leaders to help businesses prepare for the upcoming deal.

Significance of the India-UK FTA

"The UK-India FTA is the biggest and most economically significant bilateral trade deal the UK has agreed since leaving the European Union. It covers 30 chapters - including standalone chapters on gender, innovation, environment, and labour - making it one of the most comprehensive trade deals that India has ever signed," the UK government said in a statement.

This trip follows a trade mission to India late last year by the UK Prime Minister and the Trade Secretary, who were joined in Mumbai by 125 prominent British CEOs, entrepreneurs, and business leaders to secure corporate opportunities.

Speaking on the progression of the trade agreement, Business and Trade Secretary Peter Kyle said, "From whisky to automotives, this landmark deal will unlock massive opportunities for businesses and consumers in the UK and India."

"I'm here in New Delhi to progress implementing this win-win agreement, which is worth billions to our economies. I look forward to working with Piyush Goyal to make sure everybody can start to feel the benefits as soon as possible," the Trade Secretary said.

The UK Government stated that it remains committed to providing the certainty and stability businesses require to achieve growth during difficult economic periods. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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