UK exports apple to India- 1st time in 50 years
United Kingdom exported apple to India for the first time in 50 years.
- Export of apple was welcomes by UK Secretary of State for International Trade Liz Truss, as a sign of strengthened trade partnership between the UK and India.
- Apples were exported under the Enhanced Trade Partnership, which was agreed by Prime Ministers of both the countries in May 2021. Enhanced Trade Partnership is considered as predecessor of Comprehensive Free Trade Agreement (FTA).
- Later, Truss and Minister of Commerce and Industry Piyush Goyal formally signed the agreement, setting the goal of doubling bilateral trade between the United Kingdom and India by 2030.
In May 2021, UK government started 14 weeks of talks, seeking public and corporate views before formally negotiating on UK-India FTA. According to UK, it wants to trade with India’s £ 2 trillion economy and the market of 1.4 billion consumers by removing barriers of doing business. Some of the measures include- elimination of tariffs of up to 150 percent on whiskey and 125 percent on British cars.
Purpose of FTA
Free Trade Agreement (FTA) with India was done with the objective of facilitating UK service companies to do business in Indian market and enhance UK’s position as an international service hub.
Trade between India and UK
As per latest statistics, trade between UK and India in 2019 was around £ 23 billion. Both the countries seek to double the trade value under roadmap 2030 timeline. India’s goods exports to UK reduced by 6.4% in Financial Year 2021 at $8.2 billion. Imports were also contracted by 26.17% to $4.95 billion. India is second largest investor in UK while UK has been second fastest growing G20 investor in India.
Month: Current Affairs - July, 2021
Category: International Current Affairs
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