Connect with us

Hi, what are you looking for?

Business

India Seeks Exemption from UK Carbon Tax in Free Trade Deal Talks

India has intensified negotiations with the UK, seeking exemption from the UK’s planned carbon tax as part of efforts to secure a free trade deal before the UK election.

The discussions, occurring amidst India’s impending general election campaign, are crucial for Rishi Sunak’s government, which aims to finalize the agreement despite time constraints.

The Indian negotiating team, in talks held this week in London, has emphasized the urgency of reaching an agreement before the UK election. With time running short, India has leveraged the limited timeframe to advance its priorities in the negotiations. The talks coincide with India’s general election campaign, where the Bharatiya Janata party, led by Narendra Modi, is expected to secure a third consecutive victory.

India’s commerce minister has indicated progress in the negotiations, suggesting that a deal is nearing completion. However, India’s request for exemption from the UK’s carbon border adjustment mechanism (CBAM) has emerged as a significant sticking point. India argues for exemption on the basis of its status as a developing country, raising concerns about the impact of the CBAM on its steel exporters.

The proposed exemption has raised controversy, as the CBAM is intended to curb emissions and support UK steel producers by ensuring a level playing field. Granting India an exemption could undermine the effectiveness of the carbon tax and face criticism for favoring certain trading partners.

The ongoing discussions follow the 14th formal round of negotiations between the UK and India, which remained open at India’s request despite the commencement of its election campaign. Key issues such as visa concessions for Indian workers and a social security agreement have also been on India’s agenda.

India’s reputation as a tough negotiator in trade agreements underscores the challenges faced by the UK in reaching a mutually beneficial deal. Despite the complexity of the negotiations, both sides remain committed to securing an ambitious trade agreement that aligns with their respective interests.

While the negotiations continue, the Department for Business and Trade has reiterated its commitment to achieving a fair and balanced agreement that serves the best interests of both countries. However, there are no plans to amend immigration policies as part of the trade deal negotiations.

As discussions progress, both the UK and India are striving to address outstanding issues and finalize a comprehensive trade deal that fosters economic cooperation and growth.

Read more:
India Seeks Exemption from UK Carbon Tax in Free Trade Deal Talks

Advertisement

    You May Also Like

    Investing

    RevisingTheBankSecrecyAct_NorbertMichelAndJenniferSchulp_CMFAWP007   The post Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007) appeared first on Alt-M.

    Investing

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the...

    Business

    Rollee enables worker’s to share their professional data, spread over one or more financial platforms. Ali Hamriti, CEO and Co-Founder of Rollee, is on...

    Business

    The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy...

    Disclaimer: successfuldealnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 successfuldealnow.com | All Rights Reserved