Indian Economy News

New UK India Industry Taskforce launched to facilitate free trade deal

The UK-India Industry Taskforce, a joint commission tasked with increasing cross-industry engagement and advancing the UK-India Free Trade Agreement (FTA), was established. The new taskforce was established as part of a MoU between the Confederation of British Industry (CBI) and the Confederation of Indian Industry (CII) to provide a "critical venue" for dialogue to ensure the FTA benefits firms in both countries.

An agreement based on lowering tariffs and enhancing the capacity to move talent and data across borders will unleash plenty of rewards across a variety of sectors, from services and health sciences to tech and innovation. Reduced tariffs on green exports including solar, onshore, and offshore wind. According to the CBI this might offer up new prospects for Indian companies, with an FTA with India likely to roughly quadruple UK exports to India.

The negotiating teams have recently finished the third round of discussions in New Delhi, with a focus on lowering trade obstacles, lowering tariffs, and assisting enterprises in exporting.  According to industry estimates, a trade pact could enhance Britain's total trade by as much as £28 billion (US$ 34 billion) every year by 2035, and raise salaries across the UK by £3 billion (US$ 3.6 billion).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.