Working towards best FTA with 'economic superpower' India: UK's Mr. Greg Hands
- IBEF
- October 27, 2022
Britain stated on Wednesday that it was working toward the "best" Free Trade Agreement (FTA) that is advantageous to both countries, referring to India as a "economic superpower."
With a goal of wrapping up talks by Diwali, India and Britain began negotiations for the FTA in January. However, the deadline was missed due to a lack of agreement on key topics.
Mr. Greg Hands, the secretary of state for international trade, responded to a query from Mr. Nick Thomas-Symonds, the shadow secretary for international trade, by saying, "We have already concluded the majority of Chapters and look forward to the next round of discussions shortly."
According to him, the FTA can reduce red tape, make it more affordable for UK businesses to sell into India's vibrant market, support jobs across all countries and regions, and assist drive growth.
Greater access could benefit UK businesses by giving them an advantage over nations without an agreement with India by providing them with access to over a billion more consumers, including members of India's expanding middle class, which is expected to number a quarter of a billion by the year 2050.
Taking advantage of the UK's position as an independent trading nation, an FTA with India would help the government's growth agenda while advocating free trade for the benefit of the entire UK, he said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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