India-UK FTA: For a long time, there is talk for a free trade agreement between the seeds of India and Britain. Now a big statement of the British High Commissioner has come in this regard. Britain’s High Commissioner Alex Ellis has said that the Free Trade Agreement (FTA) between the two countries is likely to be completed by Diwali. In such a situation, it can prove to be very good for both the economic superpowers. Along with promoting economic growth, it can also help in creating new employment opportunities in both the countries. This was given by the British High Commissioner in a program held yesterday.
Agreement can be done till Diwali
The British High Commissioner said that on the special occasion of Diwali, people of both countries can get the gift of FTA. Along with the British High Commissioner, Rajendra Ratnu, Joint Secretary, Ministry of Commerce and Industry, was also present at the event. He said that this free trade agreement is likely to be completed soon. Both countries have shown a lot of positivity on this issue. Most of the issues of this agreement have been agreed between the two countries and this agreement will be signed in October. Diwali It is expected that a settlement will be reached before that. This agreement will improve the behavior between the two countries and it will also be in the interest of both.
Labor incentive sector will get benefit
Joint Secretary Rajendra Ratnu also told that with this free trade agreement growth will be registered in India’s export sector. Along with this, the country’s labor incentive sector such as processed agro, leather, textile and jewelery products will also get a lot of boost. This will also increase employment opportunities in the country. It is worth noting that FTA is an international law according to which two or more countries try to overcome the problems of import-export to increase trade between each other. For this a free trade agreement is signed between them.
Emphasis on increasing trade between the two countries
At present, there is a trend of $ 50 billion between India and Britain, which is targeted to increase to $ 100 billion. The trade between India and Britain is largely dependent on the service sector, which accounts for 70% of the total trade. India is the 12th largest trade partner of the UK. Wherein India’s UK is the 7th largest trade partner. In such a situation, both the countries want to accelerate their economic growth by removing the problems in business through FTA.