UK looks for greater share in India`s automobile sector under FTA: Commerce Secretary
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Commerce Secretary Sunil Barthwal has said that the countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country’s fast-growing automobile sector. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain.
The secretary said the industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. He also said ‘when we look at our present strength and the future potential in India, I think it is going to be huge. In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK…saying that this much of market share should be available to them (the UK) through the FTA’.
He further said the UK is seeking duty concessions in the auto sector, particularly in the EV segment. The talks are in the last phase. He added that India is also focusing on value chains, including de-risking the value chains.
