Businesses eyeing fresh trade agreement between India and UK

Businesses are looking forward to India and the UK implementing an Enhanced Trade Partnership that would address market access barriers in the short and medium term and eventually lead to a potential comprehensive Free Trade Agreement (FTA), the UK India Business Council (UKIBC) said in a statement. The statement comes a day ahead of a virtual meeting between Prime Minister Mr. Narendra Modi and his UK counterpart Mr. Boris Johnson. The India – UK summit aims to lay a comprehensive road map to 2030.

The UKIBC¹ (UK India Business Council) expects to see a step-change in the volume and nature of the trade and investment relationship between the two countries. Alongside the reduction and removal of tariffs and non-tariff barriers to goods trade, it was important that the ETP (Enhanced Trade Partnership) recognized the critical importance, to both countries, of knowledge and technology-driven trade, such as digital, data and financial services.

Source: Business Standard

Jargons

1. UKIBC – The UK India Business Council (UKIBC) is a membership-based, non-profit organisation founded in 2007 to foster trade and business relations between the United Kingdom and India. The organisation works with businesses in both countries, as well as the UK and Indian governments, to promote and increase bilateral trade.