India, UK working on mobility regime for service sector workers under FTA: Official
- The United Kingdom (UK) is not keen on providing easier mobility norms for India's services industry
- A demand that New Delhi is seeking as part of the proposed Foreign Trade Agreement (FTA) between the two nations.
Key Points
- India wants easier visa norms for its companies in the services sector that function out of Britain, the UK has been reluctant given migration concerns.
- The UK, on the other hand, is worried about easing visa restrictions, since it could lead to more migration.
- Elaborating on outstanding issues, the official said that India is mulling Tariff Rate Quotas (TRQ) to meet the UK's demand for a reduction in import duties on electric vehicles from Britain as part of the trade deal.
- A TRQ allows a lower tariff rate on imports of a given product up to a specified quantity.
- New Delhi is said to be considering a concessional tariff of 30 percent on 2,500 electric vehicles imported annually from the UK priced above $80,000.
Prelims Takeaway
- Tariff Rate Quotas