India, UK commerce pact talks at advance stage; we wish a good deal: Comm Min Secretary Sunil Barthwal

“India ought to commercially achieve out of it and we also needs to be capable to safeguard the curiosity of our farmers, PLI (manufacturing linked incentive) scheme items. So, we’re there to see that the deal is a truthful deal,” he instructed reporters right here.

Further Secretary within the Commerce Ministry L Satya Srinivas mentioned the talks are at a sophisticated stage and occurring at a “very” excessive stage to iron out variations.

The 14th spherical of talks began on January 10.

The funding treaty is being negotiated as a separate settlement between India and the UK.

The bilateral commerce between India and the UK elevated to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. On the India-European Union (EU) free commerce settlement, the ministry knowledgeable that the seventh spherical of talks is scheduled from February 19-23 right here. In June 2022, India and the EU restarted the negotiations for the long-pending commerce and funding settlement on Friday after a niche of over eight years.

On the India-Pacific Financial Framework for Prosperity (IPEF), Further Secretary within the ministry Rajesh Agrawal mentioned that authorized scrubbing of textual content on clear and truthful financial system agreements is underway.

He mentioned the availability chain resilience pact will come into pressure from February 24 this yr.

To implement this, he mentioned, motion plans are being developed to optimise participation in institutional buildings underneath the availability chain pact.

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