Visiting UK secretary of state for foreign affairs Dominic Raab and his Indian counterpart S Jaishankar yesterday discussed bilateral trade and investment, a possible free trade agreement (FTA), Indo-Pacific defence and security, and cooperation for early recovery from the pandemic. Both sides agreed on a 10-year, 360-degree roadmap for upgrading India-UK partnership to the next level.
Raab listed enhanced trade partnership next year and a future free trade agreement as the top priority and confirmed Prime Minister Boris Johnson's participation as chief guest in the Republic Day next month. He also invited Prime Minister Narendra Modi to join the UK-hosted G7 summit next year.Visiting UK secretary of state for foreign affairs Dominic Raab and his counterpart S Jaishankar yesterday discussed bilateral trade and investment, a possible free trade agreement, Indo-Pacific defence and security, and cooperation for early recovery from the pandemic. Both sides agreed on a 10-year roadmap for upgrading the partnership to the next level.#
"I think that could unlock huge opportunities for British and Indian businesses, lowering barriers in areas like food and drink, healthcare and life sciences, IT, data, chemicals and financial services. I think there are some exciting possibilities ahead," said Raab.
The Indian government said in a statement that to tap the full potential of bilateral trade and economic relations, both sides recognised the importance of fast tracking the discussions on a trade deal as well as concluding a ‘comprehensive migration and mobility partnership agreement’ that can facilitate swifter movement of students and professionals in both directions.
Jaishankar, who spoke of a serious intent to take trade relations with the United Kingdom forward, said the talks focused on five broad themes: connecting people, trade and prosperity, defence and security, climate, and health.
Jaishankar was accompanied in the meeting by the principal scientific advisor who coordinates India's COVID vaccine response.
"Oxford University, AstraZeneca and the Serum Institute India have been working closely together. And the Institute is now planning to produce one billion doses of the Oxford vaccine by the end of next year, many of which will be destined for low and middle income countries," Raab said.
The Apparel Export Promotion Council (AEPC) appealed to the Indian government last month to enter into a preferential trade agreement (PTA) with the United Kingdom.
Apparel exports from India to the United Kingdom, which is India’s third largest export destination after the United States and West Asian countries, have been facing a tariff disadvantage of 9.6 per cent compared to countries like Bangladesh due to the European Union’s generalised scheme of preferences (GSP).
Fibre2Fashion News Desk (DS)
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