Trade between India and Britain will be easy, agreement on free trade agreement can be done soon - Newztezz Online

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Sunday, February 26, 2023

Trade between India and Britain will be easy, agreement on free trade agreement can be done soon

Both the countries have agreed to take forward the ongoing negotiations on the Free Trade Agreement (FTA) between India and Britain and to expedite the next bilateral economic and financial dialogue. The British government has said this.

Both the countries have agreed to take forward the ongoing negotiations on the Free Trade Agreement (FTA) between India and Britain and to expedite the next bilateral economic and financial dialogue. The British government has said this. Recently the seventh phase of talks between India and Britain has been completed.

Britain's finance minister said this

Britain's Finance Minister Jeremy Hunt had arrived at the end of the meeting of G-20 Finance Ministers and Central Bank Governors chaired by India. He discussed strengthening bilateral economic and financial ties in talks with India's Finance Minister Nirmala Sitharaman here.

Britain's Finance Department said on Saturday that during talks with Finance Minister Sitharaman, both sides agreed on the UK-India FTA and to further strengthen bilateral economic and financial ties. The department said that they have agreed to move forward in the direction of the next UK-India economic and financial dialogue.

During his first international trip as Britain's finance minister, Hunt met business leaders in Bengaluru and visited the offices of multinational technology company Wipro. About 4,000 people work in Wipro in Britain.

What is FTA?

Let us tell you that the full name of FTA is Free Trade Agreement i.e. Free Trade Treaty. Through this, an agreement is made between two countries and work is done to ease the trade between the two countries. When an FTA is signed between two countries, customs duties, regulatory laws, subsidies and quotas etc. are exempted or rules are simplified on products under import-export between those countries.

This reduces the cost between the two countries and reduces the rate of both the countries at the global level. Due to this, there is a lot of increase in business. In history, many countries have made this treaty among themselves and have also benefited from it.

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