India, UK affirm dedication in the direction of free commerce settlement

New Delhi, July 25

India and the UK have affirmed their dedication to barter a free commerce settlement (FTA) with a view to additional strengthen financial ties, the commerce ministry mentioned on Saturday.

The concern was mentioned within the 14th Joint Economic and Trade Committee (JETCO) assembly between the 2 international locations on Friday. It was co-chaired by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Elizabeth Truss.

They have been assisted by Minister of State for Commerce and Industry Hardeep Singh Puri and his UK counterpart Ranil Jayawardena.

Goyal and Truss “affirmed their shared commitment to an FTA and towards that, Early Harvest deals in a staged manner,” the Ministry mentioned in an announcement. It added that Puri and Jayawardena would have month-to-month conferences to accentuate the dialogue.

It was additionally determined {that a} assembly led by Goyal and Truss can be held in Autumn 2020 right here to hold ahead the dialogue.

In an FTA, two buying and selling companions remove or considerably scale back import duties on the utmost variety of items traded between them.

The assertion additionally mentioned that the co-chairs of business-led Joint Working Groups on life science and well being, ICT and food and drinks arrange over the past JETCO made their suggestions to the ministers.

“Both sides resolved to cooperate in the health sector especially in view of the present pandemic of COVID-19,” it mentioned.

The bilateral commerce between the 2 international locations stood at $15.5 billion in 2019-20 as towards $16.87 billion in 2018-19. PTI

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