India-Britain Trade Agreement: The negotiations for the proposed free trade agreement between India and Britain are expected to resume from February 24. An officer gave information about this. He told that Delhi’s Business Minister is going to come to Delhi soon in this regard. The talks for this proposed FTA started in January 2022, but then the 14th round of talks stopped due to the general election in both countries. The purpose of this agreement is to promote bilateral trade and investment.
These are the demands of both countries
Explain that under the free trade, business transactions between the two countries are done without any tariff or government restriction. Due to this, economic relations between the two countries are strong and competition in the global market also increases. India wants to have maximum demand for their professionals in Britain’s ID and health sector. Apart from this, India demands that some of their goods in Britain markets have zero tariff fee.
Here Britain is demanding a huge cut on import duty on Scotch whiskey, electric vehicles, lamb meat, chocolate and some confectionery things. With this, Britain is looking for more opportunities for their service in sectors like telecommunications, legal and financial services including banking and insurance in Indian markets.
The agreement may be talked soon
The agreement between the two countries is likely to be done as soon as possible as Finance Minister Nirmala Sitharaman on Saturday mentioned the country’s general budget to increase the limit of foreign investment in the insurance sector to 100 %.
The Finance Minister said that the limit of foreign direct investment in the insurance sector will be increased from 74 percent to 100 %.
Along with this, the bilateral investment treaty (BIT) is also being discussed between the two countries. Explain that there are 26 chapters in this agreement, including goods, service, investment and intellectual property rights.
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