India-UK FTA: Centre Plans 1,000 Outreach Programmes in 20 Days
The deal aims to double the $56-billion trade between the world's fifth and sixth largest economies by 2030
New Delhi: After a successful India-UK trade agreement, the government is mulling for over 1,000 outreach programmes, including stakeholder meetings, workshops, awareness drives and feedback sessions, in the next 20 days across the country. The exercise is aimed at ensuring effective implementation and maximising benefits from the comprehensive economic and trade agreement or CETA, which was signed on July 24.
As per the sources, there is a plan to hold sector-wise outreach programmes with several ministries, key officials and industry leaders in the country. “Over 1,000 outreach events have been planned and teams will also visit different states to inform them about the benefits of this trade agreement,” the sources said.
To start with, commerce and industry minister Piyush Goyal will hold a meeting with the leather and textiles sector on the trade pact here on Monday. “Prime Minister Narendra Modi has already instructed me to talk to specific industry segments that will become far more competitive now after the implementation of this pact. I will be having sectoral meetings with every sector till the Parliament is going on and after that I will go to all states,” he said.
The deal aims to double the $56-billion trade between the world's fifth and sixth largest economies by 2030. While India has opened its market to various consumer goods, including chocolates, biscuits, and cosmetics, it will gain greater access to export products such as textiles, furniture, footwear, gems and jewellery, sports goods, and toys.
Also, Indian companies, such as TCS and Infosys, operating in the UK won't have to make social security contributions for up to three years for employees who move from India. Under the pact, tariffs on Scotch whisky will be reduced from 150 per cent to 75 per cent immediately, and further lowered to 40 per cent by 2035. On automobiles, India will reduce import duties to 10 percent over five years, down from the current rate of up to 110 per cent, under a gradually liberalised quota system.
