UK seeks a free trade agreement with India
After Brexit, one of the key tasks of the British administration is supporting its’ most important industries, such as Scotch whisky. The United Kingdom is negotiating a free trade agreement with India, the third largest Scotch whisky export market by volume, to cut 150% customs duty on Scotch whisky exports to India.
The British secretary for international trade, Liz Truss, published a report ”Global Britain, Local Jobs”, which indicates that after leaving the EU, the United Kingdom has gained full control of its trade policy and this is the right time to support trade with fast-growing emerging markets like India. It would also meet the long-standing demand of the Scotch Whisky Association (SWA), a trade organization representing Scotch whisky producers, to facilitate access to the lucrative Indian market.
Both countries are now engaged in deepening their trade ties as part of negotiations that will lead to a potential comprehensive free trade agreement.
The UK is currently negotiating post-Brexit trade partnerships with developed countries such as the United States and Australia, but is also committed to engaging with emerging countries such as India, Indonesia, Brazil and Mexico. In this report, it is clear that these are the economies that the UK sees as the 'economies of tomorrow' and key trading partners for Britain in the decades to come.
Source: www.livemint.com
