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"In the medical devices sector, a lot of issues related to rules of origin are still there. Demand for customs duty concessions is also there," the official said, adding negotiations are going on between the two countries to resolve the differences in both goods and services sectors.
The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven.
Piyush Goyal stated, "We've had several rounds of negotiations with the UK. Currently, we are in active dialogue on different tracks. The Free Trade Agreement has closed almost 20 chapters out of 26. Amongst the few issues pending, there's nothing impossible to navigate. Free Trade Agreements are crystal gazing into the future".
The government is hoping to diversify India's import basket in terms of essential metals and minerals by entering into a trade agreement with Peru
Focusing on the future can make space for some sensible give-and-take over an FTA. Confidence in the skills of its lawyers, choices of its consumers and quality of its pharmaceuticals would help India seize an opportunity for freer trade with the UK.