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Free trade agreement with India won’t be ‘free-for-all deal’, says UK minister | India News


LONDON: The Free Trade Agreement (FTA) being negotiated with India will not be “free for all” but something good for both countries, not one sector. Specifically, the UK government warned on Tuesday when the deadline Diwali set at the prime ministerial level for the treaty approach.
UK Foreign Secretary for International Trade Kemi Badenoch, who was in charge of FTA negotiations under the Prime Minister Liz Truss government, is addressing concerns surrounding the access of the country’s services sector to the Indian market in Conservatives annual conference in Birmingham.
Senior people Room The minister also pointed out that the Diwali timeline set by the former Prime Minister Boris Johnson is not “arbitrary” and may be met with other respects mentioned after that deadline.
“We wanted something comprehensive, but it had to be suitable for both countries,” Badenoch said.
“Prime Ministers have a deadline, which all previous Prime Ministers have. It’s a pretty long deadline, so it can’t be arbitrary, didn’t set it last week. But making a deal is not a simple and easy thing. So what we want to do is something that elevates both countries.It may not be everything the service industry wants, we may not achieve everything, we are not doing one unilateral agreement, free of charge,” she said.
“But just because we have a free trade agreement, doesn’t mean we can’t do more later,” she added. Diwali falls on October 24 this year.
The minister, who is leading the round of FTA negotiations between India and the UK with the UK side, pointed out that the aim is to reduce barriers to bilateral trade and balance the different requirements of each side. product and market access.
“What we shouldn’t pretend is that we’re doing a completely universal liberalization of everything that can be done and creating a single market and freedom of movement etc with India. That’s not must be what we’re doing…with every word you say.
“We talk about free trade agreements, but they’re not universal, unilateral free trade. I think freer trade is probably a more accurate description of what we’re doing on the ground. All these bilateral agreements. I’m optimistic that we’ll get a good deal. But sometimes there’s a lot of political things to be considered in the ring,” she noted.
Badenoch, who was participating in a panel discussion held at a party conference organized by the Policy Exchange think tank “Trade and the Indo-Pacific”, at the Department of International Trade (DIT) of the United Kingdom early last month and said she wanted to move the discussion beyond trade deals to broader cooperation.
“I’m in no rush to sign trade deals. I want good deals with these countries. We need to make sure every deal is great for the UK,” she said. .
Using patent protection as an example, the Minister pointed out that the UK needs to remember that India has different needs than other countries.
Aileen Keyes, Head of International Public Policy for DiageoThe panel on the panel marked the 150% reduction of India’s tariffs on Scotch whiskey as one of the priority areas that would be “win-win”.
“That’s what we’re going to get when we have a great deal with India,” agreed Badenoch.
She also agrees with the businessman of Indian origin, Lord Karan Bilimoriathat a comprehensive agreement with India would include security cooperation.
Commerce and industry minister Piyush Goyal Last month it was reported that negotiations for a proposed free trade agreement between India and Britain were progressing at a faster pace. The agreement aims to promote bilateral trade and investment between the two countries.
India and the UK mainly trade in services, accounting for about 70% of total trade. Both countries also aim to increase bilateral trade to $100 billion by the end of the decade.

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