What are the key features of the India-U.K. Free Trade Agreement and why are Ayurvedic products not included in the dialogue
Exploring the exclusion of Ayurvedic products and analyzing the key aspects of the India-U.K. Free Trade Agreement.
The key features of the India-U.K. Free Trade Agreement are as follows:
- Elimination of tariffs on goods: The agreement aims to reduce or eliminate tariffs on a wide range of goods traded between India and the United Kingdom.
- Trade in services: Both countries seek to enhance trade in services by removing barriers and improving market access in sectors such as telecommunications, legal services, finance, and more.
- Investment provisions: The agreement includes provisions to promote and protect investments by businesses from both nations.
- Intellectual property rights: The agreement safeguards intellectual property rights, ensuring fair competition and protection for innovators and creators.
- Sustainable development provisions: Both countries commit to upholding environmental and labor standards while promoting economic development.
- Differences in regulatory frameworks: Ayurveda follows a distinctive system of medicine, and its regulation and quality standards might differ from conventional pharmaceutical products, posing challenges for harmonization.
- Lack of awareness: Ayurveda might not have gained significant recognition and understanding within the U.K. market, leading to limited demand or interest for inclusion in the agreement.
- Negotiation priorities: The exclusion of Ayurvedic products might be a result of prioritizing other sectors or products during the negotiation process.
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a year ago