financetom
Economy
financetom
/
Economy
/
UK planning to offer cheaper, easier visas to clinch trade deal with India, says report
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UK planning to offer cheaper, easier visas to clinch trade deal with India, says report
Jan 2, 2022 2:19 AM

The UK is planning to relax immigration rules by offering cheaper and easier visas for Indian tourists, students and professionals, in an attempt to clinch a trade deal with India, a media report said on Saturday. UK International Trade Secretary Anne-Marie Trevelyan is expected to travel to New Delhi this month, when formal negotiations on a proposed India-UK free trade agreement (FTA) are expected to begin. Trevelyan is expected to use this visit to open the prospect of relaxing immigration rules for Indian citizens, a key demand from New Delhi, a media report said.

While she has the backing of Liz Truss, the Foreign Secretary, who has put securing closer ties with India on top of the government's agenda to counter the growing influence of China, Home Secretary Priti Patel is opposed to this move, the report said. In May last year, Patel had signed a bespoke -- and reciprocal Migration and Mobility Partnership (MMP) with External Affairs Minister S Jaishankar to have around 3,000 students and professionals a year access work experience benefits in either country.

Under the MMP, both sides have agreed to work towards an April 2022 timeline to bring the new system in place, with work underway in the High Commission in London and the Ministry of External Affairs in New Delhi. However, under further immigration plans reportedly in the works, one option being looked at is a scheme similar to that agreed as part of the UK's FTA with Australia, which would allow young Indians the chance to come and work in the UK for up to three years.

Another option would be to cut visa fees for students, thereby allowing them to stay in the UK for a period after they graduate, possibly building upon the Graduate Route visa under the points-based immigration rules currently in place, the report said. There could also be reductions in the fees for work and tourism visas.

At present, it can cost an Indian citizen up to GBP 1,400 for a work visa, while students pay GBP 348 and tourists GBP 95 respectively. These are in sharp contrast with visa fees for countries such as China, who have to pay significantly less.

Indian-origin peer Lord Karan Bilimoria, the president of the Confederation of British Industry, has been among the most vocal advocates for lowering visa fees for Indians. That FTA, I hope, will benefit in enhancing bilateral trade and be as comprehensive as possible. Movement of people; reduction of duties and tariffs -- the tariff on Scotch whisky is 150 percent, that's got to be reduced drastically; academic collaborations and cross-border research is going to be huge between our countries and partnering on a Green industrial revolution. There is a vast array to really ramp up business and trade between our two countries, he had said.

A senior government source told The Times that there was an acceptance by ministers that the price of a trade deal with India would be to make a generous offer on visas. The tech and digital space in India are still hugely protectionist and if we could open up even a slither of access, it would put us ahead in the game, a government official was quoted as saying.

The UK government has repeatedly said it wants a deal that slashes barriers to doing business with India. According to the Department for International Trade, preparations for the launch of negotiations for the UK-India FTA remains underway since the conclusion of bilateral working groups.

Trevelyan and her Indian counterpart, Commerce and Industry Minister Piyush Goyal, had also held talks during the G-20 trade ministers meeting in Sorrento, Italy, last October to discuss final preparations for the launch of India-UK FTA negotiations this year. We look forward to launching negotiations early this year. India is projected to become the world's third largest economy by 2050, and a trade deal will open huge opportunities for UK businesses to trade with India's GBP 2 trillion economy, a UK government spokesperson said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
Copyright 2023-2026 - www.financetom.com All Rights Reserved