Negotiations for free trade agreements with the UK and the European Union are set to get a big push this week, with meetings lined up with India's Commerce Ministry, amid US President Donald Trump's tariff orders.
Union Minister of Commerce and Industry, Piyush Goyal, and UK's Secretary of State for Business and Trade Jonathan Reynolds are set to meet on Monday, to resume the 15th round of negotiations of the FTA. This is after a gap of about eight months, due to elections in both countries and political instability in the UK.
Talks with the UK delegation are set to revolve around visas, tariffs on EVs, liquor, financial and professional services.
Commerce Ministry officials are also set to meet EU Trade Commissioner Maros Sefcovic and European Commission president Ursula von der Leyen this Friday, to resume the 10th round of India-EU FTA talks.
Talks with important European trading partners come at a time when India has already begun talks for a Bilateral Trade Agreement with the US.
The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth 41 billion pounds.
Under the proposed FTA, India has demanded for greater access in terms of work visas for its skilled professionals in IT and healthcare sectors in the UK market, besides market access for several goods at nil customs duty.
Mineral fuels, machinery, precious stones, pharmaceuticals, apparel, iron and steel and chemicals lead India's export basket to the UK, contributing a 68.7% share of total exports.
While, UK is looking at significant cuts in import duties on goods such as whiskey, EVs, lamb meat, chocolates and certain confectionary items. It is also looking to promote UK companies in Indian telecom, legal and financial industries.
India is also expected to show its reservations on the carbon border adjustment mechanism, or CBAM, which has the potential of negating trade deal benefits against high carbon taxes.
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