India's Strategic Exclusions in UK FTA: No Duty Cuts for Sensitive Goods
India's FTA with the UK excludes duty concessions for sensitive goods like diamonds and smartphones. Import duties on specific British vehicles are quota-limited. The FTA, aimed to double bilateral trade by 2030, offers tariff reductions on Indian exports but safeguards domestic industries.
- Country:
- India
India has strategically excluded certain sensitive industrial goods from receiving duty concessions in its new free trade agreement with the UK. Goods such as diamonds, smartphones, and optical fibers remain without import duty benefits, an official revealed.
The India-UK FTA sets quotas for British petrol and diesel engine vehicles, including electric vehicles, to ensure a balanced impact on the local industry. This approach allows India to leverage its position as the fourth-largest global automobile producer, potentially boosting exports.
A landmark deal signed on Tuesday aims to halve tariffs on automotive imports and enhance overall trade, targeting a two-way commerce increase from USD 60 billion to double by 2030. Indian automotive exports expect a boost, navigating the global auto market's potential.
(With inputs from agencies.)
- READ MORE ON:
- India
- UK
- FTA
- trade
- sensitive goods
- diamonds
- automobiles
- tariffs
- export
- EVs
Google News