The ETP would create immediate opportunities for UK companies in India in sectors such as food and drink, life sciences and the service sector.
UK Trade Secretary Liz Truss and Trade and Industry Minister Piyush Goyal signed the Enhanced Trade Partnership Agreement (ETP) between the UK and India, aimed at doubling trade bilateral by 2030.
“Today I signed the UK-India Enhanced Trade Partnership with my friend @PiyushGoyal. Together we are committed to – negotiating a Comprehensive Free Trade Agreement, starting this fall , more than double trade by 2030 and lower trade barriers in key sectors, ”Ms. Truss said in a tweet Tuesday.
Prime Minister Narendra Modi and his British counterpart Boris Johnson on Tuesday launched the Enhanced Trade Partnership (ETP) to unlock trade potential between the 5th and 6th largest economies in the world and setting an ambitious target of more than doubling trade bilateral in 2030, the Foreign Ministry said in a press release on Tuesday.
Under the ETP, India and the UK agreed on a roadmap to negotiate a full and balanced FTA, including considering an interim trade deal for gains fast. The enhanced trade partnership between India and the UK will generate several thousand direct and indirect jobs in the two countries, he said.
ETP is said to create immediate opportunities for UK businesses in India in sectors such as food and drink, life sciences and the service sector. Non-tariff barriers on fruits and medical devices will be lowered, allowing UK companies to export more of their products to India and boost growth and jobs in the UK. It also urges both sides to remove immediate barriers to market access and to continue to seek new opportunities on the path to an FTA.
Trade barriers addressed by ETP include lifting restrictions to allow UK fruit growers to export UK apples, pears and quinces to India for the first time and better access for medical devices through the acceptance of UK certificates of free sale in India, removing the requirement for further accreditation of UK medical devices when exporting to the Indian market before they can be sold.
Bilateral trade between India and the UK amounted to $ 15.45 billion in 2019-20 compared to $ 16.87 billion in 2018-2019, according to data from the Indian Ministry of Commerce.