Trade Agreement News

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Trade Agreement News

Scotch Whisky and Irish Whiskey retain their Protected Geographical Indications (GIs) in Mexico under the UK-Mexico Agreement on Spirit Drinks signed earlier this month. Tequila and Mezcal will continue to be protected in Britain. While it may be difficult for India to join RCEP, there are other free trade agreements worth exploring. One with the European Union, for example, is long overdue. It is an agreement worth signing. If India holds back, someone else will benefit; This year, Vietnam signed its own pact with the EU. Protectionism, not openness, is what will really “harm” India. The British Secretary of State for International Trade Elizabeth Truss and the Minister of Trade and Industry of Singapore, Chan Chun Sing, signed on 10th December the Free Trade Agreement between the United Kingdom and Singapore (UKSFTA). Ireland, the member state most exposed to the UK`s exit from the EU, said earlier in the day that Britain and the Bloc had up to 10 days to open talks to prevent sudden tariffs and quotas from devouring a trillion dollars in annual trade in just over six weeks. The agreement largely reflects an existing agreement between Singapore and the European Union (EU). The UKSFTA will enter into force on 1 January 2021.

The UK and Singapore will negotiate an investment protection agreement within two to four years of the UKSFTA entering into force. Fifteen Asia-Pacific nations, including China, want to secure the world`s largest free trade agreement this weekend .” Provisions are in place to regularly correct gaps, gaps and imbalances. India proposes to use these provisions appropriately,” he said. “The Indian government is cooperating with ASEAN to verify the free trade agreement in accordance with the corresponding provisions of the agreement,” he said. The agreement eliminates tariffs and allows both countries to access the other`s services markets. “Together, we will be even more successful by taking this opportunity to take our exchanges to new heights. International trade will help us meet the challenges of the coronavirus and boost economic growth across Britain. Any existing Eu agreement that is not shaken up will end on 31 December and future trade will take place under WTO conditions until an agreement is reached. The UK and Singapore have signed a trade deal that will cover more than $224.8 billion (£17 billion) of ongoing bilateral trade in goods and services if the UK`s exit from the European Union becomes fully effective. But while both sides have an interest in touting this deal as a success, it is indeed about overcoming the EU`s Singapore Free Trade Agreement.

The two countries also agreed to negotiate a Digital Economy Agreement (DEA) in 2021 to define the “modern rules governing digital trade and financial services between Europe and Southeast Asia.” It is reported that the DEA will be Singapore`s first such agreement with a European country. “We look forward to working with our Mexican friends and allies on an ambitious new trade agreement in 2021…

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