India-UK trade deal is essential and important, ease of doing business is just as vital: Ukibc

India and the UK are about to start negotiations on a trade deal. The two sides hope to finalize an interim trade deal followed by a full FTA next year. In 2020, bilateral trade between the UK and India was $ 25.3 billion, down 22% from 2019. India’s imports from the UK were 6 , £ 6 billion and Indian exports to the UK at £ 11.6 billion. The UK India Business Council (UKIBC) urged both sides to quickly conclude negotiations. The UK wants better access for its businesses in the digital, data, tech, food and scotch whiskey sectors. Richard Heald, UKIBC Executive Chairman, shared his main expectations and recommendations to the UK government on the proposed trade deal.

“Closing a trade deal is absolutely essential and important, as is continuing to make progress in the ease of doing business,” he said.

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“Our key recommendations are driven by the consultations we have had with UK businesses. UK companies are eager to engage with India, eager to trade in key areas like defense, digital, scotch whiskey, but also other areas such as food and drink in general, as well as pharmacy, etc. “, did he declare.

At the same time, the UK and the Indian government were strongly recommended to focus on the ease of doing business alongside trade talks, he noted.

Sharing his views on the reform process in India, the issue of retrospective taxation coming to an end and the Indian government refunding amounts that had been collected under the retrospective tax, he replied: ” We are extremely positive. The legislation that was introduced by the Indian government has been extremely well received. This is a long standing problem and now it is clarified. We look forward to seeing a resolution to this. “

For the full interview, watch the accompanying video.

(Edited by : Thomas abraham)

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