India-UK trade agreement to be completed by the end of this year, India-specific open general export license also announced
The Free Trade Agreement (FTA) between India and the UK is likely to be completed by December. Prime Minister NarendraModi said in a joint press conference with UK PM Boris Johnson on Friday, ‘We have decided to complete the FTA by the end of this year. In the last few months, India has concluded free trade agreements with UAE and Australia. With the same pace and commitment, we will go ahead with the FTA with the UK as well.
PM Modi also invited the UK to join India’s National Hydrogen Mission. The PM said, ‘Today we have decided to deepen our climate and energy partnership. We invite the UK to join India’s National Hydrogen Mission.
“Today, the conclusion of the Implementation Arrangement of the Global Innovation Partnership between us will prove to be a very important initiative,” he said. Under this, India and the UK will co-finance up to $100 million for the transfer and scaling of Made in India innovation to third countries.
On the other hand, UK PM Boris Johnson has announced the UK India Specific Open General Export License for Defense Procurement. This will reduce bureaucracy and reduce delivery time.
Meeting of officials of Central Bank of India-Russia, discussion on payment in ruble-rupee
On Wednesday, officials of the Reserve Bank of India and the Russian central bank met at a hotel in Mumbai to discuss payment options for trade between India and Russia. This claim has been made in some media reports. According to the report, rupee and ruble payments have been discussed in the meeting. This was the first meeting between the two central banks since Russia’s invasion of Ukraine on 24 February.
The officials spoke on the technical challenges being faced by exporters and importers in both the countries. Two senior RBI officials were present in the meeting with representatives of Bank of Russia. Russia has been separated from the Belgium-based SWIFT system, through which global transactions are carried out. Due to this, companies sending and receiving goods from Russia are facing problems in payment.
