New Delhi: India’s duty cuts on British automobile imports are largely in the premium segment and the Carbon Border Adjustment Mechanism (CBAM) is not part of the bilateral free trade agreement, a UK official said.Under the India-UK FTA, tariffs for a limited quota of vehicles will be lowered to 10% from the current more than 100%.The two sides have protected each other’s sensitivities, the official said, adding that the dairy sector is sensitive for India while sugar and milled rice are sensitive for the UK.”Legal scrubbing of thousand pages of the treaty will be done. It takes 2-3 months for legal checks and about a year to get it through parliament,” the official said.While the UK has offered mobility commitments to annually allow a combined 1,800 yoga instructors, classical musicians, chefs and independent professionals under the pact which was concluded early this month, the official said there is “no real effect on the UK’s migration system.”Live EventsThe FTA has a chapter on government procurement wherein eligible UK suppliers would be allowed to bid for domestic tenders. “There will be various projects where UK companies will be able to compete with Indian firms,” he added. The pact is expected to increase bilateral trade by £25 billion.
Source link
Follow Us:
https://facebook.com/gagab2b
https://youtube.com/gagab2b
https://gagab2b.com
