Diwali deadline for India-UK commerce pact isn’t going to be missed: Commerce secretary

New Delhi:

Negotiations for the proposed free commerce settlement between India and the UK are on the final stage and the deadline of Diwali (in October) wouldn’t be missed, commerce secretary B V R Subrahmanyam mentioned on Saturday.

In April, either side had set the Diwali deadline for the conclusion of an India-UK Free Commerce Settlement (FTA).

“We’re on observe (to fulfill the deadline). We’re within the final levels. 19 out of 26 chapters are closed. There are a few areas the place we’re negotiating… Diwali deadline isn’t going to be missed,” he instructed reporters right here.

Talks are taking place on sure items like automobiles and spirits from the UK aspect and sure merchandise from the Indian aspect.

In January, each nations formally launched talks for a free commerce settlement to spice up bilateral commerce and investments.

In such pacts, two nations both remove or considerably scale back customs duties on the utmost variety of items traded between them apart from easing norms for selling investments and companies commerce.

India’s important exports to the UK embrace ready-made clothes and textiles, gems and jewelry, engineering items, petroleum and petrochemical merchandise, transport gear and elements, spices, steel merchandise, equipment and devices, pharma and marine objects.

Main imports embrace treasured and semi-precious stones, ores and steel scraps, engineering items, skilled devices, non-ferrous metals, chemical compounds and equipment.

Within the companies sector, the UK is without doubt one of the largest markets in Europe for Indian IT companies. The bilateral commerce has elevated to $17.5 billion in 2021-22 in comparison with $13.2 billion in 2020-21. India’s exports stood at $10.5 billion in 2021-22, whereas imports have been $7 billion.

He added that India can see $10-15 billion uptake in exports from this pact.

On the proposed commerce pact with Canada, the secretary mentioned talks are on observe and two rounds have already been concluded.

“The third spherical might be on the finish of September and the goal is that we are going to conclude it by December,” Subrahmanyam mentioned.

With the European Union, he mentioned that the second spherical will occur now and “we expect (it to conclude) in June-July subsequent 12 months”.

With Australia, he mentioned the commerce pact is anticipated to get approval from their parliament by the top of this month. It was signed in April this 12 months.

“We’re pushing our FTAs… FTAs are an essential a part of our commerce technique ..It’ll open new markets,” he mentioned.