India and UK Explore Social Security Agreement Amid FTA Talks
New Delhi, India – In a significant development, India and the United Kingdom have resumed negotiations for a comprehensive free trade agreement (FTA). The discussions, which took place on Monday, aim to encompass various sectors, including social security and investment. Notably, India’s request for a more liberal business visa regime, particularly for students seeking employment post-education, is reportedly being considered favorably.
Key Discussions on Trade Agreement
During a meeting between India’s Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, both parties emphasized the importance of advancing the FTA negotiations. Goyal stated that the goal is to create an agreement that is balanced, ambitious, and mutually beneficial. He highlighted India’s willingness to reduce tariffs, a crucial demand from the UK, noting that many existing tariffs are designed to protect against non-market economies known for predatory pricing.
Goyal remarked, “Between the UK and India, we have much more flexibility and ability to significantly reduce tariffs to make business more competitive.” This statement underscores India’s readiness to engage in meaningful concessions to facilitate trade.
Urgency and Timeline for Conclusion
When questioned about the timeline for finalizing the agreement, Goyal expressed that it is always beneficial to conclude a good deal promptly. He stated, “It is never too early and never too late to conclude a good agreement… we will have speed but not haste.” Reynolds echoed this sentiment, indicating that while there is urgency from the UK side, the focus remains on achieving quality outcomes rather than rushing the process.
The two ministers expressed optimism that negotiators would build on the progress made thus far to expedite the conclusion of the deal. The UK has successfully secured more concessions from India in the services sector, while India has sought a social security pact in return.
Visa Regime and Social Security Pact
A significant aspect of the negotiations involves the potential for a more liberal business visa regime. Goyal clarified that immigration issues have not traditionally been part of trade discussions. However, he acknowledged that students with job offers who wish to remain in the UK could be considered under business visas. This approach aligns with the initial trade agreement signed between India and Australia.
Additionally, the proposed social security pact, or Double Contribution Convention Agreement, aims to assist Indian professionals working on temporary projects in the UK. This agreement would prevent them from contributing to UK social security funds, as they would not benefit from these contributions upon returning to India.
As both nations continue their discussions, the focus remains on creating a robust framework that enhances trade and inv
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
