India Opens New Doors with Progressive Trade Deals

India's new trade agreements with the UK, UAE, and Switzerland signal a significant policy shift, opening sensitive sectors like government procurement and intellectual property. The UK deal introduces tariff concessions on autos and new opportunities for British firms, highlighting greater openness in India's trade strategy.

In a move signaling a transformative shift in its foreign trade policy, India has inked significant agreements with the United Kingdom, UAE, and Switzerland. According to a report by the Global Trade Research Initiative (GTRI), these agreements mark India's gradual opening of previously sensitive sectors such as government procurement and intellectual property rights.

The deal with the UK breaks longstanding barriers on domestic regulation, setting crucial precedents as India enters negotiations with the US and EU. Of particular note is the introduction of a Tariff Rate Quota (TRQ) system, representing India's first automobile tariff concession, lowering customs duty on high-end vehicles over a 15-year timeline.

Alongside this, India has opened 40,000 high-value government contracts to UK firms and made concessions on intellectual property rights, potentially affecting its domestic policy flexibility. By recognizing UK professional qualifications, India further cements this strategic trade shift, which could influence its future global partnerships.

(With inputs from agencies.)