Context
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Recently, The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, launched the Free Trade Agreement negotiations with the United Kingdom.
About India and UK FTA
- The India and UK FTA is expected to facilitate the target of doubling bilateral trade between India and United Kingdom by 2030.
- The FTA with UK is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.
Credit: Economic Times - The FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products.
- India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India.
- The Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access.
- There is also great potential for increasing exports in service sectors like IT/ITES, Nursing, education, healthcare, including AYUSH and audio-visual services.
- India would also be seeking special arrangements for movement of its people,
- India-UK FTA will also contribute in integrating value chains and help augment our mutual efforts to strengthen the resilience of supply chains.
- It was also agreed to explore during the FTA negotiations, the possibility of an Interim Agreement to provide quick gains for benefitting businesses in both nations.
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