More opening up is required from India, says UK minister
NEW DELHI : India will have to do “more things" to match the UK’s far more open economy as they negotiate a free trade agreement (FTA), UK’s Secretary of State for Business and Trade, Kemi Badenoch said. Badenoch, who was in India for both a G20 trade and investment summit in Jaipur and FTA talks, said the deal will set a “precedence" due to its unique nature.“The UK has a relatively open economy compared to India. So of course, there will be more things that require movements on the Indian side..
if it was going to get full equivalence within the UK. I’m here to make sure that whatever deal we have, does not take anything away from the opportunities that are currently existing," Badenoch told Mint. While both countries have refrained from announcing a deadline after missing an ambitious Diwali target date last year, the union commerce ministry earlier this month said officials are going to continue negotiating till the end of August which will be followed by stock-taking at a “higher level".
Badenoch said India and the UK have closed most of the deal’s chapters. “But as is with any kind of negotiating, the last bit is the toughest bit... We need to make sure that when the deal is done, it is something that is mutually beneficial to both India and to the UK," Badenoch stated.
Mint had earlier reported that both countries are set to take up contentious parts of the agreement such Intellectual property rights (IPR), rules of origin and investment protection in August. Talks on IPR are crucial, as India is the world’s largest provider of generic drugs, accounting for a fifth of global supply, including to the UK’s National Health Service. Generics make up 70-80% of the domestic retail market.
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