India UK FTA different from previous trade deals, balances strengths, sensitivities of both countries

Noting that the commercial deal of India with the United Kingdom is the most common in recent years, the Minister of Commerce, Sunil Bartawal, said on Friday that it is different from other free trade agreements because it reflects India’s transition to a more mature economy.

“India is now a mature economy. We would like to get into the areas where we have not gone in other free trade agreements,” Bartawal told reporters. “No free trade agreement can be the model of the free trade agreement for any other negotiations,” he said.

Officials indicated that the commercial deal of India and the European Agency are among the two largest economies in the world. India and the United Kingdom are ranked fourth and sixth in the largest economies, respectively.

On July 24, India and the United Kingdom signed the Comprehensive Economic Trade Agreement, which was concluded in May this year. The deal, signed by the Minister of Trade and Industry, aims to Joach Joyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and Prime Minister Kiir Starmer, to double bilateral trade to about 130 billion dollars by 2030.

Bartawal pointed out that hundreds of meetings and consultations at the success of the ANN Union and the Free Trade Union said that he adds certainty to companies and stakeholders.

“Free Trade Conventions are bilateral agreements and cannot be unilaterally … The goal was to allow trade from strengths in both countries and protect each other’s sensitivities,” he stressed.

Accordingly, as part of the commercial deal, India has protected its sensitive-dairy sectors, grains, millions, legumes, and vegetables, to high-value things such as gold, jewelry, diamonds cultivated by the laboratory and some essential oils.

Strategic exceptions also cover critical energy fuel, marine vessels, worn clothes, critical and neutral polymers, smartphones, and optical fibers – a strong position to protect farmers, mainly, and national interests.

For strategic products – especially those in which local capabilities are built under leading initiatives such as Make in India and Enductive SCENTIVE PRACKES – concessions are made over periods of five and ten years.

Regarding alcoholic beverages, especially Scotch whiskey, which were seen as major risks by the Indian industry, India chose to gradually open its market. “Scotch is the GI product, and there is always the limit that can be produced,” the Minister of Commerce pointed out, adding that the Free Trade Agreement will help in mixed whiskey exports.

For Scotch whiskey, the duty will be reduced to 40 % over ten years. The limits limited in the service (up to 75 % over a period of ten years) were offered to other alcoholic drinks, with applicable concessions only above the minimum import price – $ 6 to packed in bottles and $ 5 for whiskey whisper.

Regarding reaching the market to cars, India has committed to the strategy of liberalizing calibration and directed to development. Under this, a total annual share of up to 37,000 cars was provided in a reduced tariff – with a gradual structure for both classes and definitions.