Stakeholder talks begin on India-UK trade pact

India has initiated stakeholder talks on an Enhanced Trade Partnership (ETP) with the UK, with the commerce and industry ministry reaching out to businesses for suggestions on priority areas, sectoral thrusts and concerns the proposed pact would address. Stakeholders have until July 25 to send in their responses.The development comes a month after London announced its 14-week consultation with its industry until August 31 ahead of the formal trade negotiations. The ETP is a precursor to a full-fledged free trade agreement with the UK.“Stakeholders can give their comments on tariffs and market access issues in goods, rules of origin and certification issues, standards, intellectual property, geographic indications, government procurement, e-commerce, and trade and environment sustainable sustainability,” said an official.The ETP aims at reduction or removal of tariffs on whisky and automotive products, and removal of barriers to trade in food and drink, services, and healthcare and medical devices sectors.“An FTA with the UK will allow us to explore futuristic opportunities in trade and investment…and enable greater access to Indian service providers,” the official said.The two sides had decided earlier this year to launch an ETP to develop a roadmap that would lead to a potential comprehensive FTA including considerations on an interim pact on a preferential basis.India's goods exports to the UK shrank 6.4% in FY21 at $8.2 billion.

from Economic Times https://ift.tt/35WHu44