British Trade Secretary Liz Truss and Commerce Minister Piyush Goyal sign U.K.-India ETP agreement

- Advertisement -

The ETP is said to create immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector

British Trade Secretary Liz Truss and Commerce and Industry Minister Piyush Goyal have signed the UK-India Enhanced Trade Partnership (ETP) agreement, aimed at doubling bilateral trade by 2030.

“Today I signed the U.K.-India Enhanced Trade Partnership with my friend @PiyushGoyal. Together, we have committed to – negotiating a comprehensive free trade deal, starting this autumn, more than doubling trade by 2030 and reducing barriers to trade in key industries,” Ms. Truss said in a tweet on Tuesday.

Prime Minister Narendra Modi and his British counterpart Boris Johnson on Tuesday launched the ‘Enhanced Trade Partnership’ (ETP) to unleash the trade potential between the 5th and 6th largest economies of the world and by setting an ambitious target of more than doubling bilateral trade by 2030, the Ministry of External Affairs said in a press release on Tuesday.

As part of the ETP, India and the U.K. agreed on a roadmap to negotiate a comprehensive and balanced FTA, including consideration of an Interim Trade Agreement for delivering early gains. The enhanced trade partnership between India and U.K. will generate several thousands of direct and indirect jobs in both the countries, it said.

The ETP is said to create immediate opportunities for British businesses in India across industries including food and drink, life sciences and the service sector. Non-tariff barriers on fruit and medical devices will be lowered, allowing British businesses to export more of their products to India and boosting U.K. growth and jobs. It also commits both sides to addressing immediate market access barriers as well as continuing to seek further opportunities on the road to an FTA.

The trade barriers addressed by the ETP include lifting restrictions to enable fruit producers across the U.K. to export British apples, pears and quince to India for the first time and improved access for medical devices through the acceptance of U.K. Certificates of Free Sale in India, removing the requirement for additional accreditation of U.K. medical devices when exporting to the Indian market before they can be sold.

The bilateral trade between India and the U.K. stood at $15.45 billion in 2019-20 as against $16.87 billion in 2018-19, according to India’s commerce ministry data.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link


RSS founder’s speech now part of Kannada textbook

In a clear sign of Hindutva ideology entering school curriculum in Karnataka, the State government has adopted the Rashtriya...

35 years later, Maliana’s wounds may have healed but the ache...

Petition filed in High Court has sought reinvestigation into the massacre of Muslims in the U.P. village in 1987 Petition filed in High Court has...

Subhiksha Hotel launched

Food and Civil Supplies Minister G.R. Anil has said the government will continue its various schemes to ensure the State remains hunger-free. The Food...

Youth spends 3 days with mother’s body in apartment

A man in his early 20s spent about three days with his mother’s body at their apartment at Vimala Devi Nagar in Malkajgiri police...

Bandi is enough to throw out KCR: Amit Shah

Making light of the perceived strength of the TRS government, Union Home Minister Amit Shah said the State BJP chief Bandi Sanjay can single-handedly...
- Advertisement -

More Articles

- Advertisement -