India and the UK are expected to start negotiations on a trade deal. The two sides hope to finalize an interim trade agreement followed by a full free trade agreement next year. In 2020, bilateral trade between the UK and India was $25.3 billion, down 22% from 2019. Indian imports from the UK were £6.6 billion and UK exports were $6.6 billion, and Indian exports to the UK were £11.6 billion. sterling. UKIBC urged the two sides to complete the negotiations quickly. The UK wants greater access for its companies in the digital, data, technology, food and Scotch whiskey sectors. UKIBC CEO Richard Heald has shared his key expectations and recommendations to the UK government regarding the proposed trade deal.
“Clearing a business deal is critical and important, with continued progress in making it easier to do business just as important,” he said.
Our key recommendations are guided by our consultations with UK companies. British companies are looking to partner with India, looking to trade in key areas such as defense, digital whiskey and Scotch whisky, but also in other areas such as food and drink in general, as well as products, pharmaceuticals, etc. “
At the same time, he noted, there is a strong recommendation to the UK and the Indian government that the focus should remain on ease of doing business in parallel with the trade discussions.
Sharing his view on India’s reform process, the question of retroactive taxation is about to come to an end, and the Indian government, in the process of retroactive reimbursement, replied: “We feel very positive. The legislation introduced by the Indian government has been very well received. It has been This is a long-term issue and is now being clarified. We can’t wait to see a solution to this.”
For the full interview, watch the accompanying video.
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