Border, Buddhism, and Business: Jaishankar's First China Visit Since Galwan Aims Diplomatic Push
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Mint
21 minutes ago
- Mint
India-UK FTA: Big gains for Indians? New visa route, exemptions from social security payments
The India-UK Free Trade Agreement (FTA) was signed and formalised on Thursday. Commerce and Industry Minister Piyush Goyal and Secretary of State for Business and Trade Jonathan Reynolds signed the agreement in the presence of Prime Minister Modi and Prime Minister Keir Starmer of the UK. The India-UK FTA marks a significant milestone in India's engagement with major developed economies. "UK rolls out the red carpet for 'Made In India'," Piyush Goyal posted on X. The agreement is expected to boost the bilateral trade between the two countries by $34 billion annually. "Big overseas avenues open up for India's skilled workforce," the government said, adding that the agreement provides greater market access in IT and IT-enabled services, financial and legal services, professional and educational services, and digital trade. Indian professionals, including those deployed by companies to work in the UK across all service sectors, professionals deployed on contracts such as architects, engineers, chefs, yoga instructors, and musicians, will benefit from simplified visa procedures and liberalised entry categories, making it easier for talent to work in the UK. 1. 75,000 Indian professionals are exempted from UK social security payment for 3 years. Indian professionals can work in 35 UK sectors for 24 months, even without a UK office. More than 1800 chefs, yoga experts and musicians can work in the UK each year. 2. Independent professionals and service providers in sectors such as IT, engineering, and architecture will be allowed to work in the UK for up to 12 months. Applicants must meet UK immigration requirements, including salary thresholds and documentation, to be eligible. 3. Access to 36 service sectors with no economic needs test for Indian firms and freelancers 4. Indian investors and graduate trainees will also continue to benefit from existing UK schemes, with eligibility subject to prevailing immigration rules. Nearly 1000% of India's trade value will be duty free 1. Indian exporters, particularly in textiles and apparel, are expected to gain from tariff reductions. Firms such as Welspun India, Arvind Ltd, Raymond, and Vardhman may benefit from duty-free access to the UK market. 2. From 16% to zero: Duty free access for leather and footwear 3. Duty-free access to UK's gems and jewellery market 1. Zero duty market access for Indian generic drugs. 2. 'Made in India' medical devices will attract no duty. Surgical instruments, diagnostic equipment, ECG machines, X-Ray systems exports to gain. The government anticipates more income to farmers and increased rural employment. 1. 99% of Indian exports to the UK will enjoy zero-duty access 2. Indian farmers get access to the UK's $37.5 billion agri-market and premium buyers. The FTA also ensures duty-free exports on nearly 95% of agricultural products, while fisherfolk gain from Zero Duty on 99% of marine exports, boosting their incomes. 3. Duty-free access for our instant coffee, tea, spices, and rubber, and processed goods like mango, pulp, pickles, pulses and ready to eat meals. Exports of Darjeeling tea from West Bengal and Araku coffee from Andhra Pradesh are likely to soar. 4. No tariff concession on sensitive sectors (Dairy, oats, apples, edible oils). This agreement will also provide Indian consumers high-quality goods at competitive prices. 5. Zero-duty for 99% of marine exports. Coastal states such as West Bengal, Odisha, Andhra Pradesh, Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat to benefit from export-led job creation. 6. Indian fishermen to have greater expansion opportunity into the UK's $5.4 billion marine market.
Hindustan Times
24 minutes ago
- Hindustan Times
How much cheaper will whiskey be after India-UK FTA? What experts said
The India-United Kingdom free trade agreement is expected to lower import duties on spirits, potentially making premium international liquor brands more affordable for Indian consumers. The International Spirits and Wines Association of India (ISWAI) hailed the trade deal as a historic moment for the alcoholic beverage sector.(Representational Image) However, experts have cautioned that the impact may be modest, with price reductions likely capped at around ₹300 per bottle. India and the UK signed a historic bilateral Free Trade Agreement (FTA) on Thursday. The pact will boost bilateral commerce by $35 billion in the long run. The India-UK FTA was finalised in May after more than three years of negotiations and was signed by commerce minister Piyush Goyal and his UK counterpart Jonathan Reynolds during Prime Minister Narendra Modi's visit to Britain. As per the FTA signed in London between the two governments, India is reducing duty on UK whisky and gin from 150 per cent to 75 per cent and further to 40 per cent in the 10th year of the deal. Also Read | India, Britain seal trade deal to bring down tariffs, barriers; keep dairy out "Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next ten years - giving the UK an advantage over international competitors in reaching the Indian market," as per an official statement of the UK government. What experts said The International Spirits and Wines Association of India (ISWAI), which represents premium alcoholic beverage companies in India (mostly MNCs), hailed the trade deal as a historic moment for the alcoholic beverage sector. 'The deal will significantly benefit Indian consumers, as premium international spirits will become more accessible, thereby accelerating the ongoing trend of premiumisation,' ISWAI CEO Sanjit Padhi was quoted as saying by PTI. "It will also stimulate growth across ancillary sectors, such as hospitality, tourism, and retail, while potentially increasing the revenue for Indian states." Also Read | Visa, employment, insurance: What will change for Indians in UK under trade deal Industry experts, however, opined that while companies could benefit end-consumers, there would be very few benefits in terms of price reduction. 'Consumer prices for imported Scotch (whiskey) are not likely to change much,' liquor industry expert Vinod Giri said, according to PTI. "Most of the taxes on alcohol sit in states, and even if all customs duty reduction is passed on, the impact on consumer prices of imported Scotch whiskies will be in the range of ₹100-300 per bottle," he added.
Time of India
37 minutes ago
- Time of India
‘Confident India will get special treatment…': Piyush Goyal says trade deal talks with US making ‘fantastic' progress; ‘important to…'
India has hardened its stance on opening its agriculture and dairy sector - a consistent stand in all its trade deals so far. (AI image) India-US trade deal negotiations are making 'fantastic' progress according to Commerce Minister Piyush Goyal . His statement comes days ahead of US President Donald Trump 's reciprocal tariff deadline of August 1. Both India and the US are looking to seal a mini or interim trade deal ahead of that. Goyal has also expressed optimism about getting preferential treatment for India from the Trump administration, according to a Reuters report. In the last few days Trump has announced several trade deals with countries like Japan, Vietnam, Indonesia and Philippines. Earlier this month the US President sent out tariff letters to over 20 countries informing them of tariff rates effective August 1. Since then some of these countries have struck a trade deal with America. Notably, India has not received any letter so far. India Eyes 'Special Treatment' From US During his United Kingdom visit for the signing of the India-UK trade deal, Goyal downplayed the significance of deadlines in trade negotiations whilst expressing optimism about the discussions with the United States. "We're making fantastic progress with the United States, and I do hope we'll be able to conclude a very consequential partnership," Goyal said when asked about the trade deal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Compare Spreads: Bitcoin vs Ethereum CFDs IC Markets Learn More Undo Also Read | India-US trade deal: India wants Donald Trump administration to offer tariff rate lower than Indonesia; eyes competitive advantage India has hardened its stance on opening its agriculture and dairy sector - a consistent stand in all its trade deals so far. The US is pushing for access into these two sectors. When questioned about potential disagreements with Washington regarding agriculture, Goyal responded that "negotiations happen in the negotiation room", whilst indicating that India would consider accepting smaller sectoral achievements rather than insisting on a comprehensive agreement. Importantly, Goyal said that India is looking for preferential market access into the US compared to its competitors. "All options are on the table, and we will see how it plays out, but what is important is to get preferential market access over our competitors, our peers," he was quoted as saying by Reuters. Also Read | '10% is the new zero tariff': Trump seals trade deals with many countries - what do they mean for India? "And I'm very confident that India, having been the first country to start negotiating, will be given a special and preferred treatment,' he added. Earlier this week Reuters reported government sources as saying that an interim trade deal with the US ahead of the August 1 deadline for 26% reciprocal tariffs looks unlikely. Goyal expressed his view that negotiations have never been successful when constrained by timelines or predetermined restrictions. He emphasised his desire for an agreement that benefits all parties involved. "One has to have a broad mind and a package which is balanced and can give equity to both sides." What Trump Has Said In the last few weeks, the US President has repeatedly indicated that a trade deal with India is 'near'. Indian officials were in the US last week for the fifth round of talks for the bilateral trade agreement. According to a PTI report, US officials are likely to visit India in the second half of August for another round of trade talks. While both countries are targeting the first phase of the trade deal by fall, expectations have been there for an interim agreement being announced. While announcing a trade deal with Indonesia, Trump had indicated that the trade deal with India is being worked on similar lines in terms of market access. He has time and again asked major world economies to open their markets for US products, indicating flexibility in bringing down tariff rates. Also Read | Donald Trump's aggressive trade moves: US President indicates he won't go below 15% tariff rate; 'we'll have a straight…' Meanwhile, Trump has also suggested that a 15% reciprocal tariff would serve as the standard baseline for the majority of nations. His comments came after sealing a trade deal with Japan with 15% reciprocal tariffs on the latter. Prior to the August 1 deadline, the US President has specified a minimum tariff rate of 15%, indicating an upward shift in the baseline from 10%. "We'll have a straight, simple tariff of anywhere between 15% and 50%," Trump said Wednesday at an AI summit in Washington according to a Bloomberg report. "A couple of — we have 50 because we haven't been getting along with those countries too well." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
