India, UK ready for talks on limited trade deal
NEW DELHI: India and the United Kingdom They are looking for an early harvest scheme or a limited trade agreement to reduce tariffs on a small set of goods, in addition to loosening the rules for select services in what is considered preparation for a free trade agreement.
The topic was discussed by the Joint Economic and Commercial Committee, co-chaired by the Minister of Commerce and Industry. Piyush Goyal and the UK Secretary of State for International Trade, Elizabeth Truss.
“Minister Goyal and SoS Truss affirmed their shared commitment to an FTA and towards that, early harvest agreements in an organized manner,” said an official statement. Indian officials said the government is seeking a period of about a year to close the early harvest deal with the junior trade minister. Hardeep Puri and his UK counterpart, Ranil Jayawardena, scheduled monthly meetings to intensify the dialogue.
An agreement with the United Kingdom, which comes just days after a fresh push for trade deals with the US and the European Union, is seen as signaling India’s keenness to move forward after it decided to exit the talks. for the Regional Comprehensive Economic Partnership agreement with ASEAN countries, Australia, New Zealand, Japan, Korea and China
The UK is also interested in closing bilateral trade deals after Brexit, and India wants to make sure it doesn’t end up on the losing side as its apparel manufacturers and several other labor-intensive sectors often win an unfavorable deal. compared to their counterparts in Bangladesh and other rival countries.
In return, he is willing to cut tariffs on products like Scotch, a taboo in the past, realizing that it won’t affect the UK’s domestic industry.