Tuesday, May 11, 2021
Home India India-UK free trade agreement to be signed once it exits the European...

India-UK free trade agreement to be signed once it exits the European Union in 2 years Time

New Delhi, March 28, 2017: With Britain set to launch the formal process of its exit from the EU on Wednesday, a prominent British entrepreneur has said that a joint working group of officials from both countries is working on an India-UK free trade agreement to be signed once it exits the EU in two years time.

“One of the very important steps forward of Theresa May’s (India) visit last November was that we now have a government-to-government working group with the Commerce Secretary and the International Trade Secretary in charge that is looking at the totality of the relationship,” Patricia Hewitt, Chair UK-India Business Council, told BTVi in an interview.

NewsGram brings to you latest new stories in India.

“What I found since the referendum is the great enthusiasm on the part of India’s political and business leaders as well as Britain’s political and business leaders, for…it may be a free trade agreement…perhaps more accurately a comprehensive economic partnership. This was discussed further during Finance Minister Arun Jaitley’s very successful visit to London recently,” she said.

“And the aim there is not only to identify things that both governments could act on immediately even before Brexit actually happens, but also to lay the groundwork for a more formal agreement..a bilateral agreement that could happen once the UK actually leaves the European Union,” she added.

British Prime Minister Theresa May plans to trigger Article 50 – the step that starts the process of negotiations for Britain’s formal exit from the EU – on Wednesday.

Go to NewsGram and check out news related to political current issues.

There is consequent uncertainty over what will happen once Britain leaves the EU because it needs to make new trade agreements with the rest of the world.

Indian Commerce Minister Nirmala Sitharaman had announced this joint working group last year following talks here with UK’s then Secretary of State for International Trade Liam Fox after Britain voted in a referendum to exit the EU.

Sitharaman said formal talks on a bilateral free trade agreement could only begin once the UK formally exited the EU.

Bilateral trade between the two countries stood at $14 billion in 2015-16, as compared to $14.33 billion in 2014-15. (IANS)

STAY CONNECTED

19,511FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Knowledge Sharing Social Media Platform For Medical Students: MedBound

We've already been using major social networking sites for different purposes. Well, there are also some social networking sites that aren't to be missed...

Covid19 In India Brought Automation Technologies And IA To The Forefront

The Covid-19 pandemic has brought automation technologies to the forefront and the Intelligent Automation (IA) market in India is estimated to grow at a...

Corset: A Brief History

By- Khushi Bisht Corsets have existed for a very long time. It first originated in Italy and was brought to France in the 16th century...

Hybrid Work Is The Next Big Disruption In US Society

By Dora Mekouar Hybrid schedules could be the next monumental shift in the American workplace after last year's sudden move to remote work. More than 70%...

An Overview Of Bipolar Disorder

BY- JAYA CHOUDHARY Bipolar disorder, also known as bipolar depressive disorder, is a neurological disorder that causes mood and behavior changes. Bipolar disorder is characterized...

Cancer Immunotherapy Approach Targets Common Genetic Alteration

By Blake Jones Researchers have found a prototype for a new kind of immunotherapy for cancer. This therapy uses modified T-cells to target and attack...

Outlook Into Wellness Tourism Growth During Pandemic

The roller coaster ride that was 2020 brought the biggest dip in modern history, forcing individuals to adapt to major lifestyle changes while the...

Strengthen Your Immune System Against Foreign Pathogens

At the personal level, the fight against the Covid-19 virus begins with strong immunity. As the second wave turns out to be more alarming...

Recent Comments