New Delhi, May 25 (FN Agency) The UK India Business Council (UKIBC) on Tuesday hailed the launch of the UK government’s 14-week business consultation in preparation for FTA negotiations with India. The consultation, launched by UK Secretary of State for International Trade Liz Truss, will capture the views of businesses in the UK ahead of FTA (free trade agreement) negotiations which could start as early as autumn 2021, the council said in a statement.
UKIBC Chair Richard Heald said the voice of business will be crucial for successful trade negotiations. ‘Businesses are enthusiastic about the opportunities presented by the possibility of a comprehensive UK-India Free Trade Agreement. Business and the UKIBC will play their parts,’ he added. The export of goods and services, investment and employment between the UK and India binds the two countries together and produces innovation and excellence for the benefit of both populations, UKIBC said. ‘It is also hugely encouraging that lowering or removing current tariffs such as those of up to 150 per cent on whisky and up to 125 per cent on automotive have been highlighted as objectives of the ETP (enhanced trade partnership) and FTA negotiations,’ the council said.