The free trade agreement is very important when it comes to doing trade globally. It saves capital and also comes with it many favors from both sides. The process is still underway and both the sides are conscious of the importance of an agreement between the two. As being major partners, both UK and India want a trade to keep the relation as it is even stronger.
It will certainly be helpful for the two-way business deals and trades. Time is a very crucial thing and the more it is taken the more sense the countries can make out of any set of statements, so nothing is going to happen instantly.
To regret afterward, it is better to be sensible now. To be independent in the trade with the world is a very charming situation and especially if Britain can secure free trade agreements with Commonwealth nations then it will be a good deal.
Obviously, there are always two faces of a coin and you have to take chances and see the positive side if there has to be a progress. The UKIBC (UK India Business Council) gave a very optimistic analysis of the report and describe the actions that can really put the two nations on the fruitful path.
One is that this agreement can lower the tariff which is a very important thing in sending receiving cargo to India whether on personal or trade level. Then both the two parties will cut or eliminate duties on most of their products and also ease off the norms and requirements for trade; a good step indeed. For promoting products there need to be really solid campaigns to help each other reach the market and increase demand to elevate sale.
There is a contribution from Indian side which is asked for, which is to set up a department which identifies opportunities for UK investors. The UK already has a Department for International Trade’s Export Opportunities program which is certainly doing its job well.
The UK can see visible growth in the sectors like food and drink, machine tools, healthcare and technology-oriented areas like cybersecurity and digital services. So there is some action needed from Indian side so that more can be extracted from each other’s land and keep up the healthy growth rate in trade.
After the error reporting (as UK officials put it) there has been unrest among the Commonwealth countries of how the UK is going to act towards their citizens residing in the country.
It is a shame that rules were not followed properly according to that time. Such acts may damage the outlook of Britain and especially in a Brexit situation the country should be in good books of closely related partners than harm them in any way. Really strict policies will surely put a negative impact on the whole situation.