Hindi English Translation || Editorial || ​Promising compromise: on the India-United Kingdom Comprehensive Economic and Trade Agreement

​Promising compromise: on the India-United Kingdom Comprehensive Economic and Trade Agreement

India-U.K. trade deal may set the template for the EU and U.S. deals

The India-United Kingdom Comprehensive Economic and Trade Agreement (CETA), signed by the two countries on Thursday, is a good example of the give and take between two large economies of comparable size. While the U.K. has agreed to provide India duty-free access to about 99% of its tariff (शुल्क, कर) lines, it has been more conservative (A person who is averse to change and holds to traditional values and attitudes) when it comes to the movement of professionals. It has set an annual quota of just 1,800 visas for niche professional roles such as yoga instructors and classical musicians, and the agreement falls short of making commitments (प्रतिबद्धता) on broader visa categories such as business visitors or IT professionals. This was something India had been keen on. On the other hand, while India has opened about 90% of its tariff lines for duty-free import from the U.K., it has kept key agricultural products such as dairy products, apples, oats, and edible (खाने योग्य) oils out of the deal — key demands of the U.K. Similarly, while India has committed to reducing duties on automobile imports by a substantial (Of considerable importance, size, or worth; strongly built or made) 100 percentage points over time, these are subject to a graded quota over the next decade, which gives the domestic industry time to adjust. A sign of a good deal is when both sides walk away happy but not satisfied. In any case, such bilateral (द्विपक्षीय) deals should not be viewed as a zero-sum game where one side’s loss is another’s gain. Enhancing bilateral trade is in both countries’ interests, especially at a time when the world’s biggest trading powers are raising tariff and non-tariff barriers (अवरोध).

The U.K. is a relatively small trading partner for India, but therein lies ample (प्रचुर) scope for growth. While at a macro scale the gains might initially be limited, the sector-wise increases have the potential to be significant. Sectors such as agriculture, textiles, leather and chemicals are all set to see quick gains. There is potential for longer term benefits too. The U.K. is a major gateway to Europe, which is a much bigger trading partner of India’s. Goods destined for Europe could be routed through the U.K., and the duty-free arrangement will likely enhance this flow. Companies in other countries that already export to the U.K. will also start viewing India more favourably (अनुकूलतापूर्वक) as an investment destination so as to take advantage of the duty-free access. It is now up to the government to help Indian exporters scale up and compete internationally. Another important consideration is that such a deal sets the template for future ones. The general trend is that the bigger the economy being negotiated (बातचीत करना, सौदेबाज़ी करना) with, the bigger the concessions given. The United States and the European Union will now want more from India than what it has conceded (स्वीकार करना) to the U.K.

Courtesy: The Hindu

Important Word List With Meaning

1.Compromise (Verb)

Hindi Meaning - समझौता करना
English Meaning - An agreement or a settlement of a dispute that is reached by each side making concessions; to accept standards that are lower than desirable.

2.Tariff (Noun)

Hindi Meaning - शुल्क, कर
English Meaning - A tax or duty to be paid on a particular class of imports or exports; a list of charges or fees.

3.Commitment (Noun)

Hindi Meaning - प्रतिबद्धता
English Meaning - The state or quality of being dedicated to a cause, activity, etc.; an engagement or obligation that restricts freedom of action.

4.Edible (Adjective)

Hindi Meaning - खाने योग्य
English Meaning - Fit or suitable to be eaten.

5.Bilateral (Adjective)

Hindi Meaning - द्विपक्षीय
English Meaning - Having or relating to two sides; involving two parties, usually countries.

6.Barrier (Noun)

Hindi Meaning - अवरोध
English Meaning - A fence or other obstacle that prevents movement or access; a circumstance or obstacle that prevents communication or progress.

7.Ample (Adjective)

Hindi Meaning - प्रचुर
English Meaning - Enough or more than enough; plentiful.

8.Favourably (Adverb)

Hindi Meaning - अनुकूलतापूर्वक
English Meaning - In a way that shows approval; in a way that provides an advantage or good results.

9.Negotiate (Verb)

Hindi Meaning - बातचीत करना, सौदेबाज़ी करना
English Meaning - To try to reach an agreement or compromise by discussion with others; to find a way over or through (an obstacle or difficult path).

10.Concede (Verb)

Hindi Meaning - स्वीकार करना
English Meaning - To admit that something is true or valid after first denying or resisting it; to surrender or yield (a right, a privilege, or a point).

11.Substantial (Adjective)

English Meaning - Of considerable importance, size, or worth; strongly built or made.

12.Conservative (Adjective)

English Meaning - A person who is averse to change and holds to traditional values and attitudes.