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India, UK may ink FTA by the end of this month.
Oct 12, 2023
India and the UK are likely to sign a proposed free trade agreement (FTA) in the last week of this month. It will be New Delhi's first such comprehensive deal with an industrialised nation, seeking to spur bilateral annual business beyond the current $20 billion.
India has extended an invitation to UK Prime Minister Rishi Sunak to visit India on October 28 and ink the ambitious pact, people aware of details told ET.
Senior commerce and industry ministry officials on Monday made a presentation to the Prime Minister's Office on the agreement, the people cited said.
UK sees Customs as bureaucratic
Trade negotiators met in the UK last week to finalise the contours of the pact, they said. The two contentious issues of rules of origin and intellectual property rights are still being discussed.
'India has invited the UK Prime Minister to sign the pact on October 28. Both sides are keen to ink it,' said one of the persons cited above.
The UK will be the first developed country with which India is seeking to sign a comprehensive FTA.
The pact will have 26 chapters. Product-specific rules, value addition, change in the chapter heading, and certification are being discussed in the rules of origin chapter, where an in-principle agreement has been reached.
Work in progress
India has sought assurance that the UK will not be used to route goods from other countries, as New Delhi is keen to check its overall burgeoning trade deficit that hit $263 billion in FY23, up from $191 billion the year earlier.
On the UK side, there is a perception that the Indian Customs apparatus is too bureaucratic, requiring elaborate paperwork.
Also, the UK's life sciences and biotech sectors had suggested 37 changes to India's intellectual property rights laws.
Separately, the UK and the European Union (EU) have sought amendments in India's Patents Act to allow the 'evergreening' of patents, especially in pharma. Section 3(d) of the Patents Act prohibits the grant of 'evergreening' patents, which are additional patents for a drug with no therapeutic benefit, and are seen to increase the term of a patent monopoly - a red line for India.
Experts also said that as elections are due in both countries next year, a difference of views on some points couldn't be entirely ruled out.
economictimes.indiatimes.com
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