India, UK resolve trade pact hurdles, eye tech collaboration

India and the United Kingdom are actively engaged in resolving obstacles that have been impeding their free trade agreement negotiations. Discussions are currently taking place in London, with both nations prioritizing the resolution of key concerns. Among these are the UK's steel safeguard measure and its carbon Border Adjustment Mechanism, both of which pose potential challenges for Indian exports. Beyond trade barriers, India and the UK are also looking to enhance their cooperation in the fields of technology, research, and startups, signaling a broader scope for bilateral engagement.

In parallel, U.S. Trade Representative Jamieson Greer is scheduled to visit India from June 23-24. During this visit, Greer will hold discussions with India's Commerce and Industry Minister, Piyush Goyal. The primary objectives of these talks are to finalize an interim trade agreement between the two countries and to advance negotiations on a more comprehensive bilateral trade agreement.

Furthermore, India and the United Arab Emirates are strengthening their efforts to increase the utilization of their local currencies, the rupee and the dirham, in bilateral trade transactions. Already, over 15% of their trade is being invoiced in these local currencies. Authorities from both nations are working collaboratively to streamline the processes involved and to encourage the participation of more banks. This initiative aims to significantly reduce transaction costs and minimize friction in trade between India and the UAE, fostering greater economic integration.