{"id":75832,"date":"2021-01-07T18:31:02","date_gmt":"2021-01-07T13:01:02","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=75832"},"modified":"2021-02-05T11:19:47","modified_gmt":"2021-02-05T05:49:47","slug":"uk-india-free-trade-relations-and-cairn-energy-plc-issue","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/uk-india-free-trade-relations-and-cairn-energy-plc-issue\/","title":{"rendered":"UK-India Free Trade relations\u202fand Cairn Energy PLC issue"},"content":{"rendered":"<p><b><span data-contrast=\"none\">Synopsis:<\/span><\/b><span data-contrast=\"none\">\u00a0With the conclusion of UK-EU trade agreement, now there is an opportunity to work towards UK-India Free Trade Agreement but resolving\u00a0<\/span><b><span data-contrast=\"none\">Cairn Energy issue\u00a0<\/span><\/b><b><span data-contrast=\"none\">must be a priority for that.<\/span><\/b><b><span data-contrast=\"none\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Introduction\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Present developments provide an opportunity for both India and UK to move the bilateral economic plan forward.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Both countries have\u00a0<\/span><b><span data-contrast=\"none\">common interest in the issues,\u00a0<\/span><\/b><span data-contrast=\"none\">such as climate change and the green economy, economic recovery of both the countries from COVID-19.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">After the conclusion of\u00a0<\/span><b><span data-contrast=\"none\">UK-EU trade agreement,<\/span><\/b><span data-contrast=\"none\">\u00a0UK can now focus on concluding trade agreements with key partners like India.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">The\u00a0<\/span><b><span data-contrast=\"none\">Oxford\/AstraZeneca vaccine<\/span><\/b><span data-contrast=\"none\">\u00a0which has been approved in the UK was developed in collaboration between the Pune-based Serum Institute of India and the\u00a0Wockhardt\u00a0factory in the UK.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Importance of resolving Cairn Energy PLC issue<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The recent ruling of arbitration court in the favour of Cairn Energy PLC marks an end to the long-running dispute between Cairn Energy PLC and the Indian government over a retrospective $1.2 billion tax demand imposed in 2015.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">For India-UK trade to move forward and save the cost of arbitration, this issue need to end here.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"none\">Cairn Energy PLC was one such global investor whose\u00a0<\/span><b><span data-contrast=\"none\">belongings in India were held in an Indian company in which Indians sat on the board<\/span><\/b><span data-contrast=\"none\">, which had Indian senior management, where many of the engineers were Indian.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The Cairn India got success from a significant calculated risk<\/span><\/b><span data-contrast=\"none\">. The resources which Cairn Energy PLC bought from an international major had failed to find hydrocarbons on the land.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><span data-contrast=\"none\">The purchase came with a major capital risk to drill several wells to totally explore the fields in Rajasthan.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:1440,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"2\"><span data-contrast=\"none\">After the oil discovery, Cairn Energy PLC then developed these fields and installed new technology to extract the oil and transport it to refineries.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:1440,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"2\"><span data-contrast=\"none\">During this entire period Cairn Energy PLC paid all taxes and dues on time and also invested in the local community, creating valuable infrastructure and jobs.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:1440,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Thus, there is no reason for dragging this matter any further.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"none\">Why resolving cairns India issues will be beneficial for India?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The Indian government has publicly stated in the past that the decision of the court would be honoured, so the decision of the court should end the matter.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Firstly,<\/span><\/b><span data-contrast=\"none\">\u00a0timely and logical settlement of this dispute would lead to an instant validation of the desirability of India as an investment destination and also to India\u2019s status in the international and domestic debt and equity markets.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Secondly,<\/span><\/b><span data-contrast=\"none\">\u00a0a practical solution to the Vodafone and Cairn Energy judgments would improve India\u2019s position at the top table of global economic powers.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:720,&quot;335559737&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276,&quot;335559991&quot;:360}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\u25aa\" data-font=\"Noto Sans Symbols\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Third,\u00a0<\/span><\/b><span data-contrast=\"none\">as stated above, it was one of the thorny issues in the India-UK relations and good relations with UK will open many opportunities for India in the EU region.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis:\u00a0With the conclusion of UK-EU trade agreement, now there is an opportunity to work towards UK-India Free Trade Agreement but resolving\u00a0Cairn Energy issue\u00a0must be a priority for that.\u00a0\u00a0 Introduction\u00a0\u00a0 Present developments provide an opportunity for both India and UK to move the bilateral economic plan forward.\u00a0\u00a0\u00a0 Both countries have\u00a0common interest in the issues,\u00a0such as climate&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/uk-india-free-trade-relations-and-cairn-energy-plc-issue\/\">Continue reading <span class=\"screen-reader-text\">UK-India Free Trade relations\u202fand Cairn Energy PLC issue<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":75848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,1351,1310,9],"tags":[1354,1474,1574,1333],"class_list":["post-75832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-9-pm-daily-articles","category-daily-news","category-daily-news-updates","category-public","tag-eco_3","tag-foreign_policy_india","tag-india_uk_relations","tag-ir_0","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/01\/Opportunity-to-push-forward-UK-India-Free-Trade-Agreement.jpg?fit=1280%2C720&ssl=1","views":{"total":0,"cached_at":"","cached_date":1704594731},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/75832","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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=75832"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/75832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/75848"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=75832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=75832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=75832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}