The UK expects to conclude a free trade agreement with India this year, says International Trade Secretary Kimi Badnoch. She visited the country late last year for talks on removing trade barriers between the two countries and is optimistic about the chances of success.
The British hope, among other things, to reach agreements on reducing duties at the border. Companies from the UK should also be given more opportunities to provide services in the Asian country, which was a British colony until 1947. “I expect to succeed this year. But I will not set a deadline because we have set artificial deadlines before and this has hindered negotiations rather than helped them.” “.
The United Kingdom left the European Union three years ago. That Qatari bloc has also been in talks for a long time about a trade agreement with India, which still protects its economy from foreign parties in many areas. In June, the European Commission said it wanted a deal with India before the end of 2023.
In the run-up to Brexit, Brexiteers scrutinized the best chances for a trade deal with the United States. But Badenoch tempers those expectations, with the UK and US still without a deal after three years. “Now they are looking more inward about what they want to do with their economies,” Badenuk says of Americans. “If they don’t want to have free trade agreements with anyone, we can’t force them.”
US President Joe Biden’s government has received a lot of criticism from European corners about the so-called inflation reduction law. This is a multi-hundred billion dollar support package for the greening of the US economy. But because there are many tax and financial advantages for companies that produce in the United States, it creates unfair competition between countries in attracting and retaining companies, according to critics.
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