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breaking news India-UK Trade Agreement is Critical and Important, Ease of Doing Business Equally Vital – Ukibc


India and the UK are ready to start negotiations on a trade deal. Both parties hope to finalize an interim trade agreement followed by a full FTA next year. In 2020, two-way trade between the UK and India stood at $ 25.3 billion, down 22 percent compared to 2019. Indian imports from the UK were £ 6.6 billion and exports from India to the UK were £ 11.6 billion. The UK Business Council of India (UKIBC) has been urging the two sides for an early completion of the negotiations. The UK wants greater access for its companies in the digital, data, technology, food and scotch sectors. Richard Heald, UKIBC Chief Executive, shared his key expectations and recommendations to the UK government on the proposed trade deal.

“Having a business agreement is absolutely critical and important, and having continued progress in the ease of doing business is just as important,” he said.

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“Our key recommendations are driven by the consultations we had with UK companies. UK companies are looking forward to collaborating with India and trading in key areas such as defense, digital, scotch, but also other areas such as general food and beverage as well as pharmaceutical etc. “, said.

At the same time, a strong recommendation was made to the UK and the Indian government that the focus should remain on the ease of doing business in parallel with trade discussions, he noted.

Sharing his views on the reform process in India, the issue of retrospective taxes coming to an end and the Indian government in the process of reimbursing the amounts that had been collected as retrospective taxes, he replied: “We feel extremely positive. . The legislation that was introduced by the Indian government was very well received. This has been a long-standing issue and it is now clearing up. We hope to see a resolution of this. “

For the full interview, see the attached video.

(Edited by : Thomas Abraham)

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