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In the presence of British International Trade Secretary Anne-Marie Trevelyan, Union Minister of Commerce and Industry Piyush Goyal inaugurated the discussions between India and the UK for a Free Trade Agreement (FTA) between the two nations on Thursday.
The FTA talks in New Delhi are anticipated to help India and the United Kingdom achieve their goal of tripling bilateral trade by 2030, which was established by the Prime Ministers of both countries, Narendra Modi and Boris Johnson, in May 2021.
According to him, the diversified Indian diaspora in the UK, which acts as a "Living Bridge," adds to the dynamic of the two nations' ties.
According to the minister, the FTA with the United Kingdom would give clarity, predictability, and transparency, as well as a more liberal, facilitative, and competitive services environment.
Also read: Modi in UK: 3rd largest investor India
"We expect our exports of leather, textiles, jewellery, and processed agricultural items to expand as a result of the FTA discussions with the United Kingdom." The registration of 56 marine units in India is also projected to result in a significant increase in the export of marine items.
In the pharmaceutical industry, mutual recognition agreements (MRAs) might enable extra market access. Exports in service industries such as IT/ITES, nursing, education, and healthcare, including AYUSH and audio-visual services, have a lot of room to grow. India will also seek specific provisions for the mobility of its citizens, according to Goyal.
Goyal noted that the UK is India's largest trading partner.Business Upturn/wikipedia
Following the announcement of the FTA, the minister stated that the two countries will engage in proactive and frequent dialogue to discuss the scope and breadth of the trade agreement.
Goyal noted that the UK is India's largest trading partner, with significant bilateral trade in goods and services. He added that the two countries are looking forward to a mutually beneficial trade deal with balanced concessions and market access in a wide range of sectors, with cooperation extending across areas such as tourism, technology, startups, education, and climate change.
Goyal stated that improving sectoral collaboration by addressing market access challenges and abolishing trade impediments will assist both countries generate direct and indirect jobs.
"We want to unlock this big new market (provided by India) for our great British producers and manufacturers across a wide range of industries from food and drink to services and automotive," Trevelyan said before departing London.
"India marks the start of our ambitious 5-star year of UK trade, and it will demonstrate how the agreements we reach will benefit all nations' economy."
(Keywords: India-UK, free trade negotiations, mutual recognition agreements (MRAs), FTA)
Rishi Sunak, the Indian-origin Chancellor of the Exchequer, is tipped as the bookmakers' favorite to succeed the current incumbent Boris Johnson as Prime Minister of the United Kingdom. The odds on Sunak are 9/4, according to Oddschecker, a comparison site compiling prices from leading British bookmakers.
Liz Truss, the present Foreign Secretary, is second favorite at 22/5. The others in the running as per the betting opportunities are senior backbench MP and former foreign secretary Jeremy Hunt, who put up a good fight against Johnson in the Conservative party leadership contest in 2019. He is quoted at 11/1.
Holding a drinks party at his 10 Downing Street garden during the height of the Covid-19 lockdown in the UK in May 2020. Sabrina Mazzeo / Unsplash
Sunak and Truss have been neck-and-neck for a while in public opinion surveys. On Wednesday, when Johnson tendered a conditional apology (because he apologized for the function, but not for his presence at it or for its illegality under prevailing legislation) in the House of Commons for his office holding a drinks party at his 10 Downing Street garden during the height of the Covid-19 lockdown in the UK in May 2020, Truss sat next to him, often nodding her head in support of the statement. On the other hand, the Chancellor was conspicuously absent from Parliament, 225 miles away from London in the south-western English county of Devon.
Political commentators saw this as Sunak distancing himself from Johnson. In the evening he tweeted: "I've been on a visit all day today continuing work on out #PlanFor Jobs as well as meeting MPs to discuss the energy situation." He added: "The PM was right to apologize and I support his request for patience while Sue Gray (a senior civil servant) carries out her enquiry." A YouGov poll carried out within hours of Johnson's apology indicated 89 per cent of respondents did not accept his expression of contrition, while only 4 per cent supported it. The rest didn't have an opinion.
Johnson tendered a conditional apology. Wikipedia
Sunak is of East African Punjabi origin. His father has been a general practitioner and his mother a pharmacist in the southern English coastal city of Southampton since they migrated to Britain. He is also the son-in-law of N.R. Narayan Murthy, one of the founders of the software giant Infosys. He was educated at Winchester school, Oxford and Stanford Universities. An MP for less than seven years, his rise up the Conservative political ladder has been meteoric.
A powerful body within the Conservative parliamentary party known as the 1922 Committee has to receive 54 letters from its party's MPs (out of around 365) to call for a leadership contest. As Johnson fights to save his political career, the big question is when will such a battle take place? (IANS/SP)
(Keywords : Rishi Sunak, United Kingdom, Indian, Prime Minister, comparison, opinion, public, Parliament, Chancellor, apology, opinion, committee, political.)
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- UK is in the state of mourning and there’s an atmosphere of politic toxicity
- Brexit was a boiling pot waiting to explode, that the resentment of the public in UK had reached its ‘Breaking Point’
- There’s a petition doing the rounds that is demanding for a second EU referendum
Brexit- Britain exit- a final act by the UK to seal shut their borders, to put an end to the growing fears of Terrorism, to retain the 350 mn pounds a week, which went as Membership fees to the EU and well, to be in charge of making their own laws and relationships. All the above and then some more were the reasons cited by some civilians and the far right parties for being Pro-Brexit.
There are always two sides to a coin. In this case there was a side, which resulted in Sensex plummeting down, Pound dropping down to levels not seen since 1985 and then the silver lining -Immigration being controlled. And then there was the side of the progressive citizens, the ones believing in Co-operation and not confrontation, a side, which believed in pulling together because without immigrants UK will collapse. On Thursday, June 23, UK saw the former being voted by 51.9% of the population.
Currently, UK is in the state of mourning and there’s an atmosphere of politic toxicity. While the world was still trying to wrap their head around the recent separation, David Cameron, British Prime minister announced his resignation saying, “I do not think it would be right for me to try to be the captain that steers our country to its next destination”. Nigel Farage, leader of the UK Independence Party publicly retracted his claim that there’d be £350M a week set out for NHS (National Health Service) after the outcome of Brexit, after 17 million people voted to leave, some solely based on that piece of information. And all of the above happened in 24 hours. Phew!
Some would argue that Brexit was a boiling pot waiting to explode, that the resentment of the public in UK had reached its ‘Breaking Point’- headline of a controversial poster showing a vast queue of refugees which was unveiled by Nigel-and that the wrong doing of the government, the unemployment scene and the anti-immigrant feeling, all of it together had resulted in what UK stands as today. Separated but failed.
Impact on the Indian Market
“India remains a haven of stability in the risk environment” says Jayant Sinha, Minister of State for Finance. Even as he spoke, the fact that Brexit knocked off Rs. 4 Lakh crore from Indian Stock market remained a fact. Tata Motors and Tata Steel have the most significant exposure to UK and fell over 10% on Thursday,June 23, due to Brexit snowball effect. Needless to say Indian owned Businesses in the UK would also feel the heat.
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There’s a petition doing the rounds that is demanding for a second EU referendum. This petition was introduced by William Oliver Healey and it reads, “We the undersigned call upon HM Government to implement a rule that if the Remain or Leave vote is less than 60 per cent based a turnout less than 75 per cent there should be another referendum.” It’s already signed by more than a million people and the numbers just seem to be going up. The response of the Government on the above matter is still pending.
As of now we can simply go by the statement, ‘The British people have spoken and the decision shall be respected.’
-This report is compiled by a Staff-writer at NewsGram.
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London: Prime Minister of India Narendra Modi on Friday, the second day of his three-days long UK visit, said that the fact that the world’s confidence in India is increasing is proved by the fact that foreign direct investment into India has increased by 40 percent.
“ FDI into India has increased by 40 percent. It shows the increasing international confidence in India,” Modi said in Hindi in his much-awaited address to 60,000 wildly cheering British Indians at the iconic Wembley Stadium
Two dreams that we are working towards — a clean India and India with 24/7 electricity,
Earlier, British Prime Cameron and his wife Samantha, dressed in a sari, welcomed Modi as he arrived at Wembley Stadium.
After Modi met with organizers of the much-hyped event, the two leaders interacted with a group of schoolchildren of Indian origin who had performed in the cultural extravaganza that preceded Modi’s speech.
(Inputs from IANS)