 "UK-India FTA talks: Commerce Minister Goyal says easing visa issuance on the agenda, but...")
Discussions on a proposed Free Trade Agreement (FTA) between India and the United Kingdom resumed on Monday (February 24), after almost a year of pause.
Indian Commerce Minister Piyush Goyal has stated that key negotiations will include New Delhi’s demand for enhanced business mobility in Britain.
Easing work visa issuance on the agenda
Regarding visas and business mobility, Goyal said there is a need for faster and more liberal visa issuance to expand trade and investment between India and the UK. He clarified, however, that while business visas are part of the FTA discussions, immigration is not on the agenda, according to Moneycontrol.
UK’s secretary of state for business and trade Jonathan Reynolds, who is on a visit to New Delhi, agreed and said, “We deal with immigration separate to our FTA talks while business mobility is a separate issue altogether… as a service-based economy, business mobility is an ask from the UK in trade negotiations.”
UK, India flexible on tariff talks
On the topic of tariffs, Goyal indicated that many of India’s existing tariffs are in place to protect the country from non-market and non-transparent economies.
However, he also noted that both India and the UK are more flexible and willing to significantly reduce tariffs to enhance business competitiveness between the two nations
Boost to bilateral trade
The ongoing FTA negotiations are expected to boost bilateral trade, which currently stands at £41 billion ($52 billion). Key sectors set for growth include advanced manufacturing, clean energy, and professional services. The UK is particularly interested in opening up markets for British automobiles, Scotch whisky, and financial services.
During the course of the negotiations, both sides will have to resolve several outstanding issues. These include market access, rules of origin for goods, and the facilitation of professional mobility– topics that had created obstacles with previous Conservative government under Rishi Sunak. So far, 13 rounds of talks have been conducted.
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