UK companies may also seek easier access to green tech exports such as solar, onshore and offshore wind, along with easier norms regarding cross-border movement of data under the India-UK FTA.
Two days after India and Britain concluded their third round of talks for a proposed free trade agreement in New Delhi, Confederation of British Industry (CBI) president Lord Karan Billimoria said a free trade agreement is “now too far”.
“..we have an opportunity to export the UK expertise in clean technology. A deal has the potential to significantly reduce tariffs on wind turbine parts which are currently up to 15 per cent.
Broadly speaking, the reduction in tariffs, improving the ability to move data across borders, will unlock a lot of rewards in a range of areas from services and life sciences to technology and innovation,” Billimoria said in a statement. .
The UK’s world-leading renewables sector can play an integral role in India’s transition especially to clean energy, the CBI and CII said, with India committed to achieving 50% of its energy from renewable sources by 2030. Solar, onshore and offshore wind could open up new opportunities for firms in India, the statement said, such as lowering duties on green exports.
Meanwhile, CBI and lobby group Confederation of Indian Industry (CII) said they will set up a UK-India Business Commission to enhance cross-industry cooperation in specific areas such as advanced technology and digitisation, climate change and sustainability, multilateral cooperation, alignment . On FTA and Education.
CII and CBI said, “The group will provide continuous monitoring and consider trade-offs beyond key milestones, break down barriers to market access and help with on-the-ground business intelligence at ministerial level in India and the UK.” will do.” said in a joint statement.