There are good reasons for a Free Trade Agreement that will spell many opportunities for India and Britain. Explain (200 Words)
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· As part of that transformation, the two leaders declared their ambition to more than double bilateral trade by 2030, which totalled over £23 billion in 2019.
· They directed their governments to take rapid steps to reduce barriers to trade, and to complete the groundwork necessary to begin work on a Free Trade Agreement (FTA) by the end of 2021.
· Unlocking the export of British apples to India and enabling a greater number of Indian fisheries to export shrimp to the U.K. Small but meaningful steps by which both countries have demonstrated they can and have taken concrete measures to stimulate growth.
· The U.K. thrives on free trade. Having left the European Union’s common trade bloc after 47 years (in 2020), we are building a network of like-minded democracies committed to free trade.
· India has an extraordinary opportunity to transform its economy and society in the next 30 years, as it hits its demographic sweet spot, at the heart of the Indo-Pacific region where half the world’s people live and 50% of global economic growth is produced.
· It gives a new framework within which the two countries can grow and flourish together, putting the colonial economic relationship where it belongs.
Manish 3 years
Please Review !
IAS Parliament 3 years
Details about FTA are not required and provide comprehensive conclusion. Keep Writing.
