Despite Potential Costs to Rishi Sunak’s Win, UK and India Forge Ahead with Trade Deal Negotiations: An Inside Look at the Key Issues and Stakes
In recent news, former Australian Prime Minister Tony Abbott didn’t mince his words when he criticized Republicans for blocking aid to Ukraine, calling their actions “shameful.” He specifically pointed fingers at U.S. House Speaker Mike Johnson, accusing him of putting politics above statesmanship.
On a different note, the UK and Switzerland have reached a groundbreaking financial services deal, signaling a commitment to boosting choice and competition in the industry. This move could have significant implications for both countries’ economies.
Shifting focus to the UK, the Labour Party has completed its transition towards “Bidenomics,” with Jonathan Reynolds outlining a vision for trade and industrial strategy that aligns with the policies of the Biden administration.
However, the Tories are facing backlash for seeking investment from the Middle East, with concerns raised about a potential sale of the conservative Telegraph newspaper to a UAE-backed fund. This move has raised eyebrows and sparked debates about foreign influence in the UK media landscape.
In other news, Rishi Sunak has taken a tough stance on UK-India trade negotiations, prioritizing national interests even if it means making sacrifices for a win. The ongoing discussions between India and the UK cover a range of topics, including goods, services, and rules of origin, with a proposed bilateral investment treaty also on the table.
The free-trade agreement (FTA) negotiations between India and the UK, initiated in January 2022, encompass various aspects such as goods, services, investments, and intellectual property rights. India is pushing for greater market access for skilled professionals in sectors like IT and healthcare in the UK, while the UK is seeking reduced import duties on goods like scotch whiskey, electric vehicles, and more opportunities for its services in Indian markets.
It’s worth noting that bilateral trade between India and the UK has seen growth, reaching USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. The ongoing negotiations and discussions between the two countries are crucial for shaping the future of their economic relations.
