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India–UK FTA paves way for £25.5 bn trade boost: SBI report
Business Today
·
3m ago
Medial
India and the UK have reached a landmark Free Trade Agreement (FTA) after about three years of negotiations. This agreement reduces tariffs on 90% of goods, significantly impacting bilateral ties in the post-Brexit and post-globalisation context. The FTA is noteworthy as it involves two of the world's largest economies and occurs amidst a challenging global trade environment influenced by previous tariff decisions by the US.
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FTA with India brings 'genuine' competitive advantage, UK Parliament told
Economic Times
·
1m ago
Medial
The Free Trade Agreement (FTA) between India and the UK grants the UK a competitive edge in the manufacturing sector, according to UK Business and Trade Secretary Jonathan Reynolds. The pact, expected to enhance bilateral trade by GBP 25.5 billion annually, is hailed as the best deal India has offered. The agreement significantly reduces tariffs, promoting economic growth and investment. The upcoming UK-India Week will further spotlight these developments as part of the India Global Forum summit.
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India-UK FTA signed: Whisky, EVs, cosmetics and jewellery to get cheaper — Here’s what each side gets
Economic Times
·
15d ago
Medial
India and the UK have signed a Free Trade Agreement (FTA) promising duty-free access for 99% of Indian exports, including engineering goods, chemicals, and pharmaceuticals. Indian consumers will benefit from reduced tariffs on UK imports like Scotch whisky and electric vehicles. The FTA aims to boost bilateral trade by $34 billion, fostering economic cooperation with tariff cuts, enhanced mobility for professionals, and expanded market access. Additionally, the UK secures access to India's government procurement market.
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BP India Chief: India-UK free trade agreement to boost energy cooperation, investments
Economic Times
·
15d ago
Medial
The newly signed India-UK Free Trade Agreement (FTA) is expected to boost energy cooperation and investments, particularly in renewables. This landmark deal, signed during Prime Minister Narendra Modi's UK visit, aims to significantly enhance trade between the two nations by eliminating tariffs on various goods. The FTA will enable seamless flows of talent and expertise, with India benefiting from zero duties on 99% of its exports to the UK, while Britain will enjoy substantial tariff reductions on its exports to India.
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India–UK FTA: PM Modi announces historic trade deal with major tariff eliminations in many sectors; check details
Business Today
·
3m ago
Medial
Prime Minister Narendra Modi announced a historic Free Trade Agreement (FTA) between India and the UK, enhancing economic partnership through significant tariff reductions. Key features include zero-duty access for many Indian exports to the UK and the reduction of tariffs on UK whisky, gin, and automobiles imported to India. This FTA aims to boost India's export competitiveness while presenting challenges to Indian liquor companies due to increased competition in the premium segment.
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India, UK to resume talks on proposed trade agreement from Feb 24
YourStory
·
5m ago
Medial
India and the UK are set to resume free trade agreement (FTA) negotiations after an eight-month hiatus. Talks, starting February 24, aim to bridge gaps and finalize the deal. The FTA, launched in January 2022, seeks to boost bilateral trade by reducing customs duties and easing service and investment norms. Key issues include market access for Indian professionals and goods, while the UK seeks reduced tariffs on items like scotch whiskey and enhanced service opportunities.
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Nasscom terms India-UK FTA landmark, welcomes removal of double contribution burden
YourStory
·
3m ago
Medial
The India-UK Free Trade Agreement (FTA) is hailed as a landmark by the Indian tech industry. It eliminates double contribution burdens, enhancing trade in services and cross-border innovation. The FTA facilitates collaboration in AI, cybersecurity, and digital transformation, boosting opportunities for startups and skilled professionals. The agreement strengthens India's role as a global services provider and promotes Indian talent in the UK. NASSCOM pledges to leverage the FTA to bolster bilateral trade and innovation.
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India, UK FTA to benefit textiles, leather, pharma, engineering goods exports: FIEO
Economic Times
·
16d ago
Medial
The proposed India-UK free trade agreement (FTA) is anticipated to benefit sectors like textiles, apparel, leather, pharmaceuticals, and engineering goods, according to the Federation of Indian Export Organisations (FIEO). Expected to finalize during Prime Minister Narendra Modi's UK visit, the agreement could double bilateral trade by 2030, enhance job creation, and boost investment flows. Benefits include tariff eliminations and streamlined pharmaceutical approvals, while it may open opportunities for Indian IT and professional services.
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Will India escape the UK's carbon border tax? There's reason for optimism
Livemint
·
14d ago
Medial
Though the India-UK Free Trade Agreement (FTA) doesn’t mention the UK's Carbon Border Adjustment Mechanism (CBAM), it has been agreed that the tax won’t apply to India. This understanding exists outside the FTA, reflecting mutual recognition of concerns. However, if the UK proceeds with implementing the tax, India might take counter-measures. This decision is seen as addressing concerns over CBAM being a disguised trade barrier affecting developing nations like India.
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UK-India Week hears how FTA concluded over ice creams in London's Hyde Park
Economic Times
·
1m ago
Medial
India and the UK concluded a landmark Free Trade Agreement (FTA) during a walk in London's Hyde Park, where Indian Commerce Minister Piyush Goyal was treated to ice cream by his UK counterpart, Jonathan Reynolds. The FTA, expected to double bilateral trade to USD 120 billion by 2030, ensures stable tariff rates and encourages investment and collaboration. Goyal emphasized the FTA’s benefits and addressed misconceptions about temporary workers related to social security taxes.
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India-UK trade: Co-equal rule to aid claiming of benefits
Economic Times
·
15d ago
Medial
The India-UK Comprehensive Economic and Trade Agreement introduces a 'co-equal' rule, providing flexibility through product-specific origin norms for goods like chemicals and pharmaceuticals. This allows producers to meet any criteria of origin to claim FTA benefits. These rules are crucial for preventing the circumvention of FTA regulations and blocking substandard imports. This system is more complex compared to India's earlier trade pacts, incorporating elaborate rules similar only to its pact with Australia.
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