The recent announcement by the UK’s International Trade Secretary Anne-Marie Trevelyan MP that negotiations have been launched on a Free Trade Agreement (FTA) with India is welcomed by ACCA (the Association of Chartered Certified Accountants).
The UK Department for International Trade (DIT) says an agreement ‘could boost our total trade by up to £28 billion a year by 2035 and increases wages by up to £3 billion across the UK.’
Helen Brand, chief executive of ACCA, comments: “While outcomes from these negotiations will of course take time, this is a positive move towards modernising the trading relationship between the UK and India, with its growing and dynamic economy. It is interesting to note that these negotiations are also intended to open up more opportunities across South Asia where many of our members work and where accountancy is essential for economies to flourish.”
The global body for professional accountants believes that a FTA between the UK and India will help boost trade by reducing tariffs and other barriers. This has a major impact on the advice and support ACCA members provide to businesses across all sectors.
ACCA also says that the success of this deal will depend on artificial barriers to trade being lifted, which is a clear aim of the negotiations. ACCA will be monitoring the progress closely and feeding back views as and when appropriate.
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