As per news reports, Piyush Goyal, the Commerce & industry minister on Saturday said that India had managed to get extensive benefits without making any compromises under the Comprehensive Economic and Trade Agreement (CETA) with the United Kingdom.
The minister expressed that, “We have protected many of our sensitive items like rice and sugar. Dairy has not been opened, so is ethanol. India has kept itself safe in the areas that are sensitive. No duty concession has been given (in these areas). This FTA carries a very big message for the future economy of India. We will all see the benefits that India will get under it in the coming years." He said that Indian seafood will be able to compete more favourably with produce from Vietnam and Singapore in the UK market.
The minister said that govt had managed to lower duties on automobiles and Scotch — areas where talks had been held up for years — but ensure that volumes were not significant to affect the domestic industry.
Similarly, he argued there was no compromise on intellectual property rights. “We will not allow any evergreening of patents. Yet, we have managed to get a very strong chapter on intellectual property not just in the UK agreement, but also with EFTA countries,” he said. Switzerland, which is part of the European Free Trade Association (EFTA), and the UK have for long demanded easier rules around patents as both are home to large pharma companies.
Citing the recent controversy over Prada launching footwear that was a rip-off of Kolhapuri chappals, Goyal said with the implementation of CETA, India will get the credit for products that enjoy Geographical Indication.
The commerce department said the UK treaty has safeguards to temporarily raise tariffs or suspend concessions in case of a sudden surge in British imports.

Source: TOI

Omage Courtasy: The Week