{"id":236150,"date":"2023-04-04T20:15:03","date_gmt":"2023-04-04T14:45:03","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=236150"},"modified":"2023-04-05T13:22:36","modified_gmt":"2023-04-05T07:52:36","slug":"economic-winds-favour-an-india-uk-trade-agreement","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/economic-winds-favour-an-india-uk-trade-agreement\/","title":{"rendered":"Economic winds favour an India-UK trade agreement"},"content":{"rendered":"\n

Source-<\/strong> The post is based on the article \u201cEconomic winds favour an India-UK trade agreement\u201d published in the \u201cLive Mint\u201d on 4th April 2023.<\/p>\n

Syllabus: <\/strong>GS 2 – Bilateral groupings and agreements<\/p>\n

Relevance<\/strong>– Trade and economic relationship between India and UK<\/p>\n

News<\/strong>– The eighth round of India-UK free trade agreement (FTA) discussions will take place soon.<\/p>\n

What is the significance of a trade deal between the India and UK?<\/strong><\/h2>\n

Both countries are top exporters and importers of merchandise and services<\/strong>. Through the agreement, the UK wants wider access to the Indian market<\/strong> for its export items such as Scotch whisky premium cars and legal services.<\/p>\n

India is the third-largest services exporter<\/strong> to the UK. A trade deal would only widen market access for Indian service firms.<\/p>\n

Further, the two countries trade in similar but distinct products.<\/strong> Freer import of luxury cars from the UK does not present any significant threat to domestic car manufacturers. They primarily cater to middle-class buyers.<\/p>\n

In 2018, the top export industry between the UK and India was \u2018computer programming, consultancy, and related activities\u2019 <\/strong>for both countries. The two countries have different and possibly complementary capabilities <\/strong>within the same industry.<\/p>\n

What is the scope of trade deals for India and UK?<\/strong><\/h2>\n

India is likely to sign a trade deal that would lower tariffs on key products<\/strong>, subject to compliance with rules of origin<\/strong>. The UK may insist on relaxed regulations on customs procedures and easier regulations on doing business. <\/strong><\/p>\n

This may have wider benefits for India. It will make the country an attractive investment destination <\/strong>for other developed nations too.<\/p>\n

A trade deal is likely to boost the drugs and pharmaceutical industries<\/strong> of both. But, it will depend on mutually acceptable recognition of intellectual property rights.<\/strong><\/p>\n

What are the areas in the deal that need greater attention?<\/strong><\/h2>\n

The trade deal should look after the Indian economy\u2019s expanding needs.<\/strong><\/p>\n

There is a greater focus on students getting work experience and technical training<\/strong> in the New Education Policy<\/strong>. India should negotiate better terms for students to get such training in the UK.<\/p>\n

The two countries need to recognize the educational qualifications<\/strong> of their counterparts. The Skill India programme <\/strong>could benefit from the UK framework of Vocational Technical Courses.<\/strong><\/p>\n

An agreement on the mutual recognition of qualifications would help India-educated workers to become globally competitive<\/strong>. This will allow greater movement of skilled workers<\/strong> between both economies.<\/p>\n

Green technology <\/strong>presents another avenue for mutual gains between India and the UK. The Indian government has launched several programmes to boost domestic tourism. <\/strong><\/p>\n

However, with increasing tourism in Indian natural hotspots comes a need for environment-friendly initiatives<\/strong> to reduce waste generation in our rivers and mountains. This presents an opportunity for investment in green technology.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source- The post is based on the article \u201cEconomic winds favour an India-UK trade agreement\u201d published in the \u201cLive Mint\u201d on 4th April 2023. Syllabus: GS 2 – Bilateral groupings and agreements Relevance– Trade and economic relationship between India and UK News– The eighth round of India-UK free trade agreement (FTA) discussions will take place… Continue reading Economic winds favour an India-UK trade agreement<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,9492,10501],"class_list":["post-236150","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-india-uk-relations","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704756331},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=236150"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/236150\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=236150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=236150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=236150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}