Representatives from the governments of India and the United Kingdom have agreed to deepen their trading relationship in the post-Brexit era during a Joint Economic and Trade Committee meeting held on Friday, the British High Commission in India said in a press release
NEW DELHI (Pakistan Point News / Sputnik - 24th July, 2020) Representatives from the governments of India and the United Kingdom have agreed to deepen their trading relationship in the post-Brexit era during a Joint Economic and Trade Committee meeting held on Friday, the British High Commission in India said in a press release.
During the meeting, which was led by UK International Trade Secretary Liz Truss and Indian Commerce and Industry Minister Piyush Goyal, it was agreed that both New Delhi and London should reduce trading barriers and maximize the potential of their digital economies, according to the press release.
"Today we agreed to look in detail at a framework for a deeper relationship. At this stage we want to keep all options on the table, including the possibility of a free trade agreement at some point in the future," Truss said in the High Commission's press release.
The UK is set to implement its new Global Tariff regime from January 1, following the conclusion of the Brexit transition period. By reducing tariffs, Indian exporters could stand to gain as much as 40 million Pounds ($51 million) annually, the diplomatic mission said.
The latest announcement follows in the wake of talks held by Indian Prime Minister Narendra Modi and his UK counterpart Boris Johnson in March. During the phone talks, both parties agreed to strengthen bilateral trade.
