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CII-UK Govt joint report calls for exploring FTAs with key partners
25 Feb '21
2 min read
Pic: Shutterstock
To establish India as a global trade and investment hub, a report by the UK government and the Confederation of Indian Industry (CII) recently called for exploring free trade agreements (FTAs) with key partners like the United Kingdom, the United States and the European Union (EU).
It suggests setting up a single point of contact for large overseas investors, designing specific policies for champion sectors and introducing differential slab-based incentives as per FDI size.
The report on ‘Foreign Trade & Investment in India: Unlocking Key Opportunities through Strategic Reforms’ analyses policies that affect India's openness with respect to international trade, including tariff and non-tariff barriers and FDI.
The report recommends key policy measures including developing a mechanism to review the effectiveness of single-window systems more regularly and effectively by the chief secretary of the respective states, digitisation and integration of land records, introduction of single online portal with integrated information, notification of ‘fixed term employment’ by all states, and promotion of alternative dispute resolution mechanisms.
UK deputy trade commissioner for South Asia Rhiannon Harries said the UK and Indian governments are already working closely on an enhanced trade partnership, which will help deepen trade ties, remove market access barriers and act as a roadmap for a potential future free trade agreement, a CII press release said.
It suggests setting up a single point of contact for large overseas investors, designing specific policies for champion sectors and introducing differential slab-based incentives as per FDI size.
The report on ‘Foreign Trade & Investment in India: Unlocking Key Opportunities through Strategic Reforms’ analyses policies that affect India's openness with respect to international trade, including tariff and non-tariff barriers and FDI.
The report recommends key policy measures including developing a mechanism to review the effectiveness of single-window systems more regularly and effectively by the chief secretary of the respective states, digitisation and integration of land records, introduction of single online portal with integrated information, notification of ‘fixed term employment’ by all states, and promotion of alternative dispute resolution mechanisms.
UK deputy trade commissioner for South Asia Rhiannon Harries said the UK and Indian governments are already working closely on an enhanced trade partnership, which will help deepen trade ties, remove market access barriers and act as a roadmap for a potential future free trade agreement, a CII press release said.
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