LONDON: India and Britain are arranged to officially launch negotiations in ambitious free trade agreements at an event in New Delhi on Thursday, with England represented by the international trade secretary visiting Anne-Marie Trevelly.
The agreement will spell big benefits for both countries, including increasing access to each market, more goods and services for consumers and encouragement for work and wages.
Trevellyan, who landed in New Delhi on Wednesday, will meet the Minister of Trade and Indian Industry Goyus Piyush to start talks, said source.
The actual negotiations between the representative team are expected to begin next week, making it the fastest start for formal trade talks involving England after launch.
“This negotiation offers a great prize for both countries.
I hope to see an increase in access to the UK market for Indian exporters, in various sectors – for example, food and drinks and textiles.
I also hope to see an agreement that facilitates even more investment in the UK India, creating more quality work for a talented young Indian population Business, said.
Investment from Indian companies in the UK supports 95,000 jobs in the UK and is likely to grow with a new trade agreement.
This is a British strategy to focus on trade in Indo-Pacific and the Indian economy will be the third largest economy in the world in 2050, with a larger population than the US and the EU combined.
“In 2050, India would be the third largest economy in the world with the middle class of nearly 250 million buyers.
We want to unlock this new market,” Trevelly said.
The agreement will place the British business in front of the queue to supply the Indian market of 1.4 billion consumers.
The agreement with India has the potential to almost export UK to India and increases total trade of £ 28 billion (RS 282,000 Crore) per year in 2035.
British exports to India such as scotch whiskey and cars currently face a big task of 150% and 125% respectively -Masing.
Section of the wind turbine from the UK has a 15% import tariff.
Releasing tasks will only increase English exports to India up to £ 6.8 billion (Rs 68,000 Crore).
“India is one of the fastest growing global markets with the increasing demand of personal mobility and long-term plans for transition to electric vehicles.
It presents the main opportunity for British automotive companies,” said Mike Hawes, a motorcycle manufacturer society and chief executive manager, said.
President FICCI Sanjiv Mehta said “The Urgency and Pace” shown by the UK illustrates the importance given to India as the main economic partner.
“Emphasis on promoting new borders in the future, it is worth noting.
This will help both countries build a greener, more innovative and more sustainable economy.
FICCI members from Agri, Pharma and Life Sciences, Financial and Health Services, Sector Financial Services , among others, will be careful after this discussion, in which direction they have shared their recommendations with the Indian government.
We hope this will help the Indian government to negotiate Win-Win’s agreement with England For Indian citizens in any agreement.
Britain is free to negotiate and sign a trade agreement with other countries as a result of leaving the EU.
This year British plans to launch trade negotiations with Canada, Mexico and Gulf and secure accession to the CPTPP trade block.
During his visit, Trevellyan would jointly hold a meeting of the Indian Economic and Trade Committee and India to review how businesses in both countries benefited from the existing market access commitment.
He is also expected to meet the Minister of External Affairs S.
Jaisankar, Minister of Finance Nirmala Sitharaman, and Minister of Environment Bhupender Yadav.