In the context of Brexit, India has a huge opportunity to strengthen the ties with United Kingdom. Explain (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 4 years
KEY POINTS
· United Kingdom would sever trade ties with the European Union. India assumes importance, as UK explores trade and investment opportunities
· The deal is that it allows for free trade in goods, without tariffs or quotas, provided they are locally produced.
· Several UK-based Indian pharma firms will get tariff-free access, though these companies face more paperwork.
· The UK is a favoured destination for Indian firms (after the US, India was the second-largest investor in the UK in 2019-20).
· India’s software-services sector has a lot of UK business, but has been busy opening new European offices.
· On immigration, Britain’s now introduced a points system, which should make entry easier for Indian professionals.
· India and the UK may strike a limited accord in 2021 covering sectors like pharma, fintech, petroleum and food.
· The UK’s efforts to push the EU-Canada trade and investment pact as its negotiating framework has not met with much success so far.
· Its $15-billion trade with India generates a surplus of about $2 billion in India’s favour.
· The UK’s outreach to the rest of the world will also be influenced by post-pandemic trade patterns.
SAVITA SINGH 4 years
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IAS Parliament 4 years
Good attempt. Keep Writing.
Dev 4 years
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IAS Parliament 4 years
Avoid listing out points and try to explain them. Keep Writing.
aswin 4 years
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IAS Parliament 4 years
Good attempt. Keep Writing.
