&w=3840&q=100)
India-UK FTA nears completion with minimal tariff line exclusions, says MEA
The Prime Minister will leave for a four-day foreign tour to the UK and Maldives on Wednesday afternoon. Commerce and Industry Minister Piyush Goyal will accompany the PM, with anticipation that the two sides will sign the FTA on Thursday.
In response to a question about any tariff lines being excluded from the India-UK FTA, Misri said that his understanding is that it is a significant agreement, and the inclusions of tariff lines are likely to be equally significant. 'So, by implication, I think the exclusions may not be that many,' he said.
Asked whether issues relating to energy security, in light of the fresh Western sanctions targeting the Russian energy sector, would be discussed during the Modi-Starmer talks, Misri emphasized that India places the 'highest priority' on ensuring energy security for its people and stressed the importance of having a 'clear-eyed' perception of the broader global energy market.
Last week, the European Union unveiled new punitive measures targeting the Russian energy sector, which included restrictions on the Vadinar refinery in Gujarat, where Russian oil major Rosneft owns a 49.13 per cent stake. 'We have been very clear that energy security is the highest priority of the Government of India to provide energy security for the people of India,' Misri said.
'We will do what we need to do regarding that (energy security). On energy-related issues, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is with respect to the broader energy market,' he added.
Misri also pointed out the need for clarity on where energy providers are located, who needs energy at what time, and where energy is coming from. 'We do understand that Europe faces a serious security issue, but the rest of the world is also dealing with issues that are existential,' he said, urging balance and perspective when discussing these matters.
On the topic of extradition, Misri said New Delhi continues to make the case for the return of fugitives such as Nirav Modi, Lalit Modi, and Vijay Mallya. 'Obviously, there is a legal process that such requests go through in the other country, and we continue to follow up closely with our partners in the UK on these matters,' Misri said.
During his visit to London, apart from meeting UK Labour leader Sir Keir Starmer, PM Modi will also meet King Charles and engage with business leaders from both India and the UK. Misri noted that the India-UK partnership was upgraded to a Comprehensive Strategic Partnership in 2021 and continues to be a close one.
The University of Southampton recently opened a campus in Gurugram, becoming the first foreign university to do so under India's New Education Policy. Several other UK universities are also considering opening campuses in India, Misri said. Bilateral trade between India and the UK crossed $55 billion in 2023-24. The UK is the sixth-largest investor in India, with cumulative investments of $36 billion.
India is also a significant source of foreign direct investment (FDI) in the UK, with cumulative investments close to $20 billion. There are nearly 1,000 Indian companies in the UK, providing employment to nearly 100,000 people, with a combined revenue exceeding $91 billion. Misri described the 1.8 million-strong Indian diaspora in the UK as the 'living bridge' connecting the two countries.
In the Maldives, PM Modi is set to inaugurate and lay foundation stones for several infrastructure projects. This will be the first state visit by a head of government hosted by President Mohamed Muizzu since he assumed office in November 2023.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


India.com
27 minutes ago
- India.com
Free Trade or Colonial Bias? After India-UK FTA, Homegrown Liquor Makers Accuse British Market Of Discriminating Against Indian Brands
New Delhi: The ink was barely dry on the India-UK Free Trade Agreement (FTA) when a new unease began brewing, not in trade offices, but in the distilleries of India. A growing number of Indian liquor companies say they are feeling left out and locked out. While the FTA has opened India's gates wider for British gin and Scotch with reduced import duties, the doors to the U.K. market, they claim, remain unfairly barricaded for Indian-made spirits. At the center of the anger is the Confederation of Indian Alcoholic Beverage Companies (CIABC), a body that speaks for India's local liquor manufacturers. According to its Director General Anant S Iyer, what India removed in tariff walls, the United Kingdom has maintained in 'non-tariff barriers', rules that may not show up in price charts but block access all the same. 'The United Kingdom and even the European Union (EU) do not allow fair imports of most Indian-Made Foreign Liquor (IMFL) products into their markets due to non-tariff barriers related to maturation and ingredients. We only wish that the Indian government had stood firm on the issue of non-tariff barriers,' he said. The bone of contention is the UK's strict definition of what can be sold as whisky. The British standard mandates that whisky must be matured for a minimum of three years. This rule is applied to both domestic and imported spirits. But Iyer says what works in cold European cellars does not work in the Indian climate. 'In India, the maturation is much faster due to the tropical climate. If we keep it for three years, we lose almost one-third of the spirit to evaporation. That is a financial loss. It also changes the flavour profile. It is a punishment for making whisky in a warmer land,' he explained. Because of the three-year rule, Indian whiskies that mature faster due to heat are disqualified from calling themselves 'whisky' under British law. Instead, they must be labelled as 'Indian spirits', a description that, Iyer says, cuts them off from mainstream whisky shelves and consumer attention in the United Kingdom and Europe. 'We want to be allowed to call it Indian Whisky or Indian Rum or Indian Brandy. Let consumers decide. Let the market decide. Right now, we are kept out simply because we do not age our spirits in cold basements,' he added. The CIABC has now urged the Indian government to actively pursue the matter with the United Kingdom. They argue that without reciprocal access for Indian products, the billion-dollar export vision for the Indian liquor industry will remain out of reach. 'The government has set an ambitious target of achieving $1 billion in exports from the Indian alcobev (alcoholic beverage) industry by 2030. However, without ensuring proper market access, it will be difficult to meet this target. Though Indian whiskies, rum, gins, wines, etc. have been winning accolades globally, the lack of removal of non-tariff barriers and absence of reciprocal market access will make this export target hard to achieve,' Iyer said. There is also growing concern about what is flowing into India. While British spirits are now allowed in at lower duties, Indian manufacturers fear that Scotch whisky and other bottled-in-origin (BIO) liquors may soon dominate Indian shelves by being routed through third countries at cut prices, hurting the premium Indian market before it even matures. To counter this, the CIABC has recommended that the Indian government fix a Minimum Import Price (MIP) on such foreign products. 'The government has incorporated MIP in the India-UK FTA on rum, brandy and other liquor products. The only exception on this count being Scotch Whisky/other whiskies/Gin originating from the United Kingdom,' Iyer added. He urged the government to monitor billing data and use technology to trace each bottle from port to shelf. 'We hope the government will ensure that Scotch whisky and other BIO spirits are not dumped in India at low import prices or routed through any other country at cheaper rates. This will hurt the growth of premium and luxury Indian brands,' he said. For now, India's liquor makers are pouring their hopes into diplomatic channels. Their demands include recognition, fairness and a level playing field. 'We do not want favours. We just want the right to sell our products under the names they deserve,' Iyer concluded.


Time of India
an hour ago
- Time of India
India growing by leaps and bounds in space sector: PM Modi
NEW DELHI: Ahead of the National Space Day, PM Narendra Modi on Sunday highlighted India's growing capabilities in the space sector, citing Group Captain Shubhanshu Shukla's recent journey to International Space Station (ISS) and the emergence of more than 200 startups in the sector. Talking about Shukla, who was one of the four crew members of the Axiom-4 mission to ISS, Modi, in his 124th 'Mann Ki Baat' episode, said that when the astronaut landed back on Earth, a "wave of happiness rippled through every heart" and the "whole country was filled with pride". He also highlighted that the success of Isro 's Chandrayaan-3 mission had created an atmosphere of curiosity in the country for space endeavours. "I remember, when Chandrayaan-3 successfully landed in Aug 2023, a new ambience was created in the country. A new curiosity also arose among children about science, about space. Little children now say, we will also go to space; we will also land on the Moon - we will become space scientists," the Prime Minister said. He specially mentioned the 'INSPIRE-MANAK Abhiyan', which promotes innovation among children by providing them with a platform to develop innovative ideas rooted in science. "Under this, five children are selected from each school. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo Each child comes up with a new idea. So far, lakhs of children have joined, and since Chandrayaan-3, their number has doubled". On India's space startups, Modi pointed out that their number has quadrupled in the last five years. "Five years ago, there were fewer than 50 startups. Today, there are more than 200." As regards the upcoming National Space Day on Aug 23, he said, "How will you celebrate it..., do you have any new ideas? Do send me a message on the NaMo App". He also mentioned the recent achievements of students in science and mathematics, giving a shout-out to the country's brightest minds.


Mint
an hour ago
- Mint
Trump secures trade deal with EU, slashes tariffs to 15%; lands $750 billion energy deal and $600 billion investment
The United States and the European Union have reached a last-minute trade agreement that will impose a 15% tariff on EU goods entering the US, replacing the previously threatened 30% rate. The deal, reached just ahead of the August 1 deadline, was announced by President Donald Trump and European Commission President Ursula von der Leyen after a high-stakes meeting at Trump's Turnberry golf resort in Scotland. 'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. President Trump noted the long-standing friction in trade relations between the US and Europe, saying: "We've had a hard time with trade with Europe, a very hard time.' 'I think the main sticking point is fairness.' Under the deal, the US will impose a baseline 15% tariff on EU exports — the same level Japan recently agreed to — including autos, which were previously taxed at 25%. 'We are agreeing that the tariff straight across, for automobiles and everything else, will be a straight across tariff of 15 percent," Trump confirmed. As part of the agreement, the EU has committed to purchasing $750 billion worth of US energy and investing $600 billion more into the American economy. Trump called the outcome 'a good deal for everybody,' while von der Leyen added: 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The agreement reportedly mirrors the recent .S-Japan deal announced earlier in the week, which also featured a 15% import duty and avoided previously threatened higher tariffs. US Commerce Secretary Howard Lutnick emphasised the urgency to push both sides to reach a consensus: 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go.' With EU trade deal sealed, six countries including — Britain, Vietnam, Indonesia, the Philippines, and Japan — have reached agreements with the Trump administration ahead of the upcoming Friday deadline, as the US moves to reshape the global free trade framework by imposing tariffs on nations it accuses of unfair trade practices. While the tariffs agreed upon by these countries are generally higher than the 10 percent base rate the US has applied to most nations since April, they remain significantly lower than the steep rates the Trump administration had threatened if no deals were secured.