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Indian Express
10 minutes ago
- Indian Express
UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Saturday said the India-UK trade deal can serve as a gold standard for India's trade negotiations with other partners, as it opens India's doors for business while protecting sensitive sectors. He added that India will retaliate if the UK's carbon tax, set to come into effect on January 1, 2027, harms India's interests. 'Our effort is that the Indian industry gets preferential access over our competition, and I think this [UK FTA] can become a gold standard to ensure that India protects its sensitive sectors and opens the doors, particularly in highly labour-intensive sectors, and allows high-quality goods, technology and other products to come to India,' the minister said at a press briefing here. Goyal said most of India's free trade agreements (FTAs) are with countries that do not compete with India on anything, and that under the deal, the UK will be sending products which are in short supply in India. 'In every respect, this is an agreement which opens far greater opportunities for India than any other agreement,' the minister said. On concerns that the UK's Carbon Border Adjustment Mechanism (CBAM) could negate the tariff concessions India has received under the trade deal, Goyal said: 'Currently there is no CBAM in effect. So it cannot be addressed in the FTA. But India is a sovereign country, and if our export interests are hurt, we will react and retaliate, or 'rebalance'. I can assure everyone that no unilateral measure will go away without a proportionate response,' he said. 'There is a lot of opposition to CBAM in the EU as well, as the EU's cost of manufacturing and housing will become costlier, and so the sufferer will be the industry in the EU,' Goyal reiterated. A government official had said that India and the UK have arrived at a diplomatic understanding on CBAM, and that India will 'rebalance' the negative effect of CBAM by taking countermeasures. It has communicated its concern over CBAM in a 'note verbale'. However, the rebalancing measure is not part of the legal text, which has raised concerns over India's ability to address the CBAM issue legally. The Indian Express had reported on May 6 that CBAM was a major point of contention between the two countries and had been holding up the agreement. India had proposed a 'rebalancing mechanism' provision within the deal which would require the UK to compensate Indian industry for losses incurred due to the regulation. The paper reported that the 'rebalancing mechanism' article had been inserted into the 'general exceptions' chapter of the negotiating text between the two countries. This would have enabled India to claim compensation for its losses and ensure the UK does not raise a dispute against India at the World Trade Organisation (WTO). However, the UK likely did not agree to the same. Goyal said India and the UK plan to address the issue of critical minerals together, stating that 'concentration of certain supply chains in certain geographies' is a common problem, and both countries plan to work jointly on this. The India-UK Vision 2035, a document outlining the broader collaborative goals of the free trade agreement between the two, stated that both countries will work together to develop cutting-edge technology and research, building on the Technology Security Initiative. This will focus on future telecoms, artificial intelligence and critical minerals, laying the ground for future collaboration on semiconductors, quantum, biotechnology and advanced materials. To further cooperation in critical minerals, the two countries will also establish a UK-India Critical Minerals Guild to 'transform financing standards and innovation', according to a joint statement by the two. India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday. The pact will help boost exports of labour-intensive products like footwear, textiles, and gems and jewellery, he added. 'We have protected all the sensitive sectors of India… we have not opened those areas for the UK… Zero compromise and extensive benefits make it a phenomenal free trade agreement (FTA),' Goyal said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Hans India
10 minutes ago
- Hans India
Honoured to witness signing of free trade pact between India and UK: Ashish Kumar Chauhan
London: Ashish Kumar Chauhan, MD and CEO of National Stock Exchange (NSE), said on Saturday that it was an honour to witness the signing of Free Trade agreement between India and the UK, in the presence of Prime Minister Narendra Modi and his counterpart Keir Starmer. 'Honoured and privileged to be a witness to the signing of Free Trade agreement between India and UK on July 24,2025 with Hon'ble PM India and Hon'ble PM Uk at the country residence of UK PM Chequers outside London, UK,' Chauhan said in a post on X social media platform. The landmark India-UK Free Trade Agreement (FTA) is an indication of several such trade pacts in the near future under the leadership of PM Modi, he had said earlier on Friday. Speaking to IANS here, Chauhan said that the talks on the India-UK FTA were ongoing for three-four years. 'When talks first began 4–5 years ago, the UK was under a Conservative government. Since then, there have been regime changes but the way both the Conservative and the Labour parties supported finalising the FTA is commendable,' he emphasised. According to Chauhan, the India-UK FTA will pave the way for several such trade pacts with other nations, like the US, the EU and Japan etc, in the near future. India and the EU are aiming to reach an agreement on a free trade deal by the end of 2025. The coming months will be crucial for India's global trade relations, as the government intensifies negotiations with major partners such as the EU and the ASEAN bloc. Meanwhile, talks with the US are also gaining pace. 'The world has seen the tremendous progress India has achieved in the last 11 years under PM Modi, and the FTA will bring a better future for several industries,' said the NSE CEO.
NDTV
26 minutes ago
- NDTV
"One Of The Craziest Moments Of My Life": Akhil Patel On Serving Chai To PM Modi And Starmer
Indian-origin tea entrepreneur Akhil Patel had a day to remember at Chequers, the official country residence of the UK Prime Minister, on July 24. Mr Patel served a steaming cup of masala chai to Prime Minister Narendra Modi and his British counterpart Keir Starmer. Photographs shared by PM Modi on X (formerly Twitter) captured both leaders waiting for their tea at Patel's stall. Dressed in a traditional kurta and Nehru jacket, Mr Patel was captured pouring masala chai from a kettle into paper cups. 'Chai Pe Charcha' with PM Keir Starmer at stronger India-UK ties! @Keir_Starmer — Narendra Modi (@narendramodi) July 24, 2025 Now, in an Instagram clip, the founder of Amala Chai gave his followers 'a quick recap of a surreal day'. 'I just got on Modi's Instagram!' he began, clearly astonished. Detailing the invitation, Mr Patel said he was asked to serve tea at Chequers 'to celebrate the UK-India free trade deal.' 'As one of the few selected brands there, little did I know I'd be serving chai to huge UK and Indian ministers and Modi and Starmer,' he said. Among those who visited his stall were UK Business Secretary Jonathan Reynolds and Health Secretary Wes Streeting. 'They were loving it, coming back for multiple cups,' said Patel, adding that even India's National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar sampled his tea. Recalling the high point of the day, Patel said, 'Then the big boys started coming my way, walking by the side of me and standing right in front of me, asking for a cup of chai.' He was referring to PM Modi and Keir Starmer. 'I served the chai, and then I dropped the line, 'from one chaiwala to another',' he added. 'Possibly one of the craziest moments of my life, I just served chai to Modi and Starmer, and Starmer loved it,' he added. His Instagram caption read, 'A quick recap of a surreal day. Yesterday, I was invited by @10downingstreet to serve chai at Chequers — to @narendramodi, @keirstarmer, and Indian & UK ministers. Can we just take a moment to realise how mad that is? There I was, in the UK Prime Minister's house, serving masala chai — and not one person wanted coffee. From one chaiwala to another, that was a special day. Right… I'm getting off the internet now to make a cup of chai.' View this post on Instagram A post shared by Amala Chai | Masala Chai (@amala_chai) In 2019, inspired by his grandma's recipe, he founded Amala Chai. Described as "Chai That Feels Like Home," the brand's masala chai begins at the source, with single-origin tea and spices from family farms in Assam and Kerala. Since its launch six years ago, Patel's Amala Chai has grown and now serves customers at five locations across London.
