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India reviews duty exemption on Scotch trade deal with UK & more related News Here

India reviews duty exemption on Scotch trade deal with UK

New Delhi: The government is reviewing tariff concessions on Scotch and some other products proposed in the trade deal with the UK if its concerns over steel quotas and duties are not addressed before the pact is ratified.“We have to rebalance the FTA… We haven’t made up our mind, but we may consider action on some goods like Scotch until they withdraw the steel tariffs,” a senior government official said ahead of a visit by UK Trade Secretary Peter Kyle to resolve the impasse.Kyle is scheduled to meet Commerce and Industry Minister Piyush Goyal on Tuesday. The government is upset over the new measures imposed by the UK after the trade deal was finalized last year, with government officials pointing to the contrast with the EU, which had offered to protect India’s interests over the changes.As a result, the treaty, which was due to come into force in May, has been postponed indefinitely without a new date as Indian officials reconsider the proposed tariff concessions. The government is also expected to seek clarity on the UK’s planned carbon border adjustment mechanism. “We need clarity on this, or we will have to deal with it in January, when it is to be implemented,” the official said.In a statement, the UK said Kyle would seek to further boost trade ties already worth £48 billion ($56.5 billion). “As global conflicts, including the continued blockade of the Strait of Hormuz, continue to create economic shocks across the world’s largest economies, Peter Kyle sees it as a key priority to advance the UK’s vital economic partnership with India, with significant mutual benefits,” the statement said.

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