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Context:
The India–United Kingdom free trade agreement
Timeline and developments in the UK-India Free Trade Agreement (FTA) negotiations: ●May 2021: Prime Ministers from both the countries agree on an Enhanced Trade Partnership, aiming towards a free trade agreement by removing trade barriers. ●January 2022: Official negotiations for the UK-India FTA commence. ●December 2023: The UK and India reach the 13th round of negotiations, fast-tracking discussions to conclude before upcoming elections in both countries. ●January 2024: The 14th round of negotiations begins. Issues include India's push for social security provisions for Indian workers in the UK, which the UK government is cautious about. ●March 2024: UK negotiators make a final attempt in India to finalize the FTA before India's election campaign pauses negotiations. UK officials believe a Labour government might be more open to India's demands on visas and social security. ●March 12, 2024: PM’s agrees to accelerate efforts for an early conclusion of the FTA during a phone call. ●March 15, 2024: Negotiations are paused until after India's elections conclude in spring, reflecting India's focus on domestic politics. ●April 2024: India places the completion of the FTA as a priority for the first 100 days after the new government takes charge. Issues like exemptions from the UK’s carbon tax and visa concessions remain unresolved. ●May 28, 2024: A British delegation cancels its visit to New Delhi due to the UK's snap election announcement, impacting negotiation schedules. ●Spring 2024: Most chapters of the FTA covering goods, services, investments, and intellectual property are completed. Remaining issues include rules of origin, concessions on electric vehicles and Scotch whisky, social security agreements, carbon border tax, and liberalisation of financial services. ●June 4, 2024: Current Party’s reelection sets a positive tone for UK-based experts, affirming India's commitment to concluding the FTA negotiations within the first 100 days of the new term. ●July 4, 2024: Post the UK general election, negotiations are set to resume for the FTA. ●June 14, 2024: PM’s reaffirm their dedication to finalising the FTA during a bilateral meeting at the G7 summit. |
Benefits of the FTA
Conclusion:
For more details please refer:
https://www.iasgyan.in/daily-current-affairs/india-uk-trade-relations
Source:
PRACTICE QUESTION Q) Consider the following statements:
Which of the above statements is/are correct? A.1 only B. 2 only C. Both D. None Answer: D Explanation: Statement 1 is incorrect: ●India is the UK's 12th largest trading partner and accounts for 1.9% of the UK's total trade, not the 7th largest. The UK is the seventh largest export destination for India. Statement 2 is incorrect: ●The trade balance maintained by India with the UK has largely been a surplus, not a deficit. Top three services exported from India to the UK are technical, trade-related and other business services, professional and management consulting services and travel. |
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