India-U.K. FTA Talks: Good Progress On Rules Of Origin, Bilateral Investment Treaty
India-U.K. FTA Talks: Good Progress On Rules Of Origin, Bilateral Investment Treaty BQ Prime
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The Progress of India-UK Free Trade Agreement Negotiations
Introduction
The talks on the proposed free trade agreement between India and the U.K. are moving and there is “good progress” on issues such as rules of origin and bilateral investment treaty (BIT), a senior official said on Friday.
Progress on Key Issues
- Rules of Origin
- Bilateral Investment Treaty
“Many things are moving very fast. Like rules of origin and bilateral investment treaty, there is good progress. Negotiations are happening… Towards the end of the deal, it is the difficult issues which are to be closed and therefore it requires more time and more deliberations,” Commerce Secretary Sunil Barthwal told reporters.
Mobility Negotiations
He said that mobility is also one of the subjects which is being negotiated.
Rules of Origin
The “rules of origin” provision prescribe that minimal processing should happen in the FTA country so that the final manufactured product may be referred as goods originating in that country.
Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain dumping of goods.
Bilateral Investment Treaty
Investment treaty is being negotiated as a separate agreement between India and the U.K.
These investment treaties help in promoting and protecting investments in each other’s country. The main point of contention involved in this pact is about the mechanism for the settlement of disputes.
Current Status of Negotiations
So far 12 rounds of talks are completed and the 13th round will start from Sept. 18.
India-EU Trade Pact Progress
On the India-EU (European Union) trade pact, the ministry said that so far 5 round of talks are concluded and the sixth round will take place during Oct. 16 to 20 in Brussels.
Trade and Technology Council (TTC)
The two regions are also discussing EU’s carbon tax issue in the Trade and Technology Council (TTC).
India-Australia Comprehensive Economic Cooperation Agreement (CECA)
On the progress of talks on India-Australia Comprehensive Economic Cooperation Agreement (CECA), an official said that “significant” progress is there on issues like government procurement, rules of origin, sports, innovation, labour, environment, and traditional knowledge.
The official said that the 6th round of talks are expected to conclude soon and the next round will start from next month.
Indo-Pacific Economic Framework (IPEF)
Further, the ministry said that legal scrubbing is in the process of supply chain resilience agreement under the Indo-Pacific Economic Framework (IPEF).
The process for domestic approval of this agreement is also underway. The Indian team is in Thailand for discussions on clean economy and fair economy agreements of the IPEF.
Regulatory Dialogue and Implications on Exports
The secretary also informed that the ministry will be organising a regulatory dialogue in November.
Experts from both domestic and international organisations would participate in that.
The ministry is in touch with Bureau of Indian Standards (BIS) and FSSAI for the meet.
Regulatory bodies from G20 countries will be called for this dialogue. The meeting would assume significance as regulatory issues like standards, certification, inspection of testing labs have implications on exports.
SDGs, Targets, and Indicators in the Article
-
SDG 8: Decent Work and Economic Growth
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- Indicator 8.1.1: Annual growth rate of real GDP per capita.
-
SDG 9: Industry, Innovation, and Infrastructure
- Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all.
- Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road.
-
SDG 12: Responsible Consumption and Production
- Target 12.2: By 2030, achieve the sustainable management and efficient use of natural resources.
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP.
-
SDG 17: Partnerships for the Goals
- Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources.
- Indicator 17.16.1: Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks that support the achievement of the sustainable development goals.
Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), SDG 12 (Responsible Consumption and Production), and SDG 17 (Partnerships for the Goals).
2. What specific targets under those SDGs can be identified based on the article’s content?
Based on the article’s content, the specific targets identified are:
– Target 8.1: Sustain per capita economic growth.
– Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure.
– Target 12.2: Achieve sustainable management and efficient use of natural resources.
– Target 17.16: Enhance the global partnership for sustainable development.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets. These indicators include:
– Indicator 8.1.1: Annual growth rate of real GDP per capita.
– Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road.
– Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP.
– Indicator 17.16.1: Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth. | Indicator 8.1.1: Annual growth rate of real GDP per capita. |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure. | Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road. |
| SDG 12: Responsible Consumption and Production | Target 12.2: Achieve sustainable management and efficient use of natural resources. | Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP. |
| SDG 17: Partnerships for the Goals | Target 17.16: Enhance the global partnership for sustainable development. | Indicator 17.16.1: Number of countries reporting progress in multi-stakeholder development effectiveness monitoring frameworks. |
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Source: bqprime.com
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