U.K. PREPARES FOR 14-WEEK TRADE NEGOTIATIONS WITH INDIA

NEW DELHI: The UK on Tuesday started preparations for trade negotiations with India, launching a 14-week consultation process to seek the views of the public and businesses ahead of negotiations on a free-trade agreement set to begin in the autumn.

UK trade secretary Liz Truss kicked off the preparations for the trade deal, under which Britain wants the lifting of barriers to doing business with India, including the removal of tariffs of up to 150% on whisky and 125% on British-made cars.

The UK government is seeking input from consumers and businesses across all sectors that will help it craft a deal that includes closer cooperation in future-focused industries such as science, technology and services, and creating high-value jobs across Britain.

The UK also wants to make it easier for British services firms to operate in India, thereby boosting the country’s status as an international services hub. India’s growing middle-income population and connected youth will be the target consumers for goods and services from the UK.

“We’re firing the starting gun on a free trade deal with India – the world’s largest democracy, fifth biggest economy, a nation of 1.4 billion people and a huge market for British goods like whisky, cars and services. We want an agreement that pushes new frontiers in industries of the future and helps us build a greener, more innovative and more services-led economy that will deliver higher-paying jobs across the country,” she said.

During a virtual summit between Prime Minister Narendra Modi and his UK counterpart Boris Johnson on May 4, the two countries launched an Enhanced Trade Partnership, which envisages facilitating market access in specific sectors, and unveiled plans to finalise an interim trade deal by mid-2022.