Govt to hold 1,000 stakeholder meetings, workshops, outreach programmes on India-UK trade pact

Time of India

6 days ago

The government will conduct 1,000 outreach events over 20 days to raise awareness about the India-UK trade agreement signed on July 24. The pact enables 99% of Indian exports to enter the UK duty-free, reduces tariffs on British goods, and boosts market access for Indian agriculture, textiles, and IT services. It aims to double bilateral trade to $112 billion by 2030.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The government will organise as many as 1,000 outreach programmes, including stakeholder meetings, workshops, awareness drives and feedback sessions, in the next 20 days across the country to sensitise industry and states on the India-UK trade agreement, sources said.The exercise is aimed at ensuring effective implementation and maximising benefits from the comprehensive economic and trade agreement ( CETA ), which was signed on July 24.They said that there is a plan to hold sector-wise outreach programmes.Teams will also visit different states to inform them about the benefits of this trade agreement.Commerce and Industry Minister Piyush Goyal will hold a meeting with the leather and textiles sector on the trade pact here on Monday.The pact will see 99 per cent of Indian exports enter the UK duty-free, when it comes into force. It will also reduce tariffs on British products such as cars, cosmetics, and whisky.The deal aims to double the USD 56-billion trade between the world's fifth and sixth largest economies by 2030.While India has opened its market to various consumer goods, including chocolates, biscuits, and cosmetics, it will gain greater access to export products such as textiles, furniture, footwear, gems and jewellery, sports goods, and toys.Also, Indian companies, such as TCS and Infosys , operating in the UK won't have to make social security contributions for up to three years for employees who move from India.Under the pact, tariffs on Scotch whisky will be reduced from 150 per cent to 75 per cent immediately, and further lowered to 40 per cent by 2035.On automobiles, India will reduce import duties to 10 per cent over five years, down from the current rate of up to 110 per cent, under a gradually liberalised quota system.India has provided duty concessions to the UK auto exporters only on large petrol and diesel vehicles and high-priced EVs, while protecting sensitive segments of the domestic automotive industry, especially mid and small cars and low-priced EVs, under the trade pact.India will also get duty-free access to several agri goods in the UK, such as fruits, vegetables, cereals, turmeric, pepper, cardamom, and processed goods like ready-to-eat food, mango pulp, pickles, and pulses.Marine products such as shrimp, tuna, fishmeal, and feeds, currently taxed between 4.2 per cent and 8.5 per cent , will become duty-free once the pact comes into force.In the textiles segment, India is facing a duty disadvantage vis-a-vis Bangladesh, Pakistan and Cambodia, which have duty-free access to the UK market. Now this FTA would eliminate the tariff on textile imports from India, thereby enhancing its price competitiveness in the UK market.On the services front, the agreement will enable Indian financial services players to expand their footprint in Britain, enhance their competitiveness and serve the Indian diaspora and businesses.For digitally delivered financial services, the UK has provided market access with respect to the various sub-sectors under both insurance and insurance-related, and banking and other financial services.