UK and India seal Free Trade Agreement Signed in London

India and Slovenia have reaffirmed their commitment to deepening bilateral ties through the 10th round of Foreign Office Consultations (FOC) held in New Delhi. Co-chaired by Tanmaya Lal, Secretary (West) of India’s Ministry of External Affairs, and Marko Štucin, State Secretary of Slovenia’s Ministry of Foreign and European Affairs, the consultations underscored the robust partnership between the two nations, built on shared democratic values and mutual interests.The discussions covered a wide spectrum of bilateral cooperation, including trade, technology, defense, culture, and people-to-people exchanges. Both sides reviewed progress since the 9th FOC in Ljubljana in 2023, noting significant advancements in economic ties, with bilateral trade reaching €339.6 million in 2020 despite global challenges. Slovenia remains India’s second most important trading partner in Asia, with key imports including pharmaceuticals and chemicals, while Slovenia exports machinery and electrical equipment to India.A key highlight was the emphasis on science and innovation, with ongoing joint projects in health, biomedicine, renewable energy, and artificial intelligence. The consultations also explored new avenues for collaboration in digitalization, green energy, and smart cities, aligning with India’s ‘Viksit Bharat 2047’ vision and Slovenia’s focus on sustainable development.State Secretary Štucin’s meeting with External Affairs Minister Dr. S. Jaishankar further reinforced the strategic importance of India-Slovenia ties. Jaishankar highlighted the potential for enhanced cooperation in multilateral forums, including the United Nations, where Slovenia is a candidate for a non-permanent UN Security Council seat for 2024-2025. Both nations expressed a shared commitment to effective multilateralism and addressing global challenges such as climate change and regional stability.The consultations also touched on regional and global issues, including the Ukraine conflict, India’s G20 legacy, and UN Security Council reforms. The two sides agreed to strengthen coordination in international organizations, leveraging India’s growing global influence and Slovenia’s strategic position within the European Union.Cultural and educational exchanges were another focal point, with Slovenia offering 24 scholarships annually for Indian students pursuing bachelor’s and master’s degrees, and five for doctoral studies. The 2019 signing of multiple Memoranda of Understanding (MoUs), including cooperation in sports, culture, and standardization, continues to foster people-to-people connections.Economically, the Joint Committee on Trade and Economic Cooperation (JCTEC) has been instrumental in driving growth, with its 9th session held virtually in 2021. Both nations expressed optimism about further diversifying trade and investment, particularly in high-tech and green energy sectors.The FOC concluded with an agreement to hold the next round in Ljubljana at a mutually convenient date, signaling a sustained commitment to elevating bilateral ties. As India and Slovenia mark over three decades of diplomatic relations, established in 1992, this milestone consultation paves the way for a stronger, more resilient partnership in a rapidly evolving global landscape.Disclaimer: The views expressed in this article are based on publicly available information and do not constitute investment or policy advice.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net

New Delhi, May 6, 2025In a landmark achievement for India’s energy sector, the Panna-Mukta and Tapti (PMT) joint venture, comprising Shell (through BG Exploration & Production India Ltd, or BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC), has successfully completed the country’s first offshore facilities decommissioning project. The safe removal of mid and south Tapti field facilities in the Arabian Sea marks a pivotal moment in India’s energy transition, setting a global standard for safety, sustainability, and regulatory collaboration.The Tapti gas fields, located 160 km northwest of Mumbai in the offshore Mumbai basin, ceased production in March 2016. The decommissioning project involved the meticulous removal of five wellhead platforms, associated infield pipelines, and the safe plugging and abandonment of 38 wells, all executed in strict compliance with the approved decommissioning plan. The operation also included load-in at an onshore dismantling yard, currently underway at Chowgule Shipyard’s facilities in Ratnagiri, reinforcing India’s domestic capabilities in energy infrastructure.The PMT joint venture, operating under a production-sharing contract with the Government of India, consists of ONGC with a 40% participating interest, and RIL and BGEPIL-Shell each holding 30%. This milestone project, initiated in 2017, underscores the power of multi-stakeholder collaboration, involving key regulatory bodies such as the Union Ministry of Petroleum and Natural Gas (MoPNG), the Directorate General of Hydrocarbons (DGH), and the Oil Industry Safety Directorate (OISD). The initiative has played a pioneering role in shaping India’s regulatory and operational framework for offshore decommissioning, blending global best practices with local conditions.“This project sets a new benchmark for responsible decommissioning,” said Nipun Pradhan, Managing Director of BGEPIL and General Manager of Shell Upstream India. “It reflects global expertise, strong collaboration, and an unwavering commitment to safety and sustainability. Shell is proud to be part of this historic journey alongside our partners Reliance, ONGC, and the Government of India.”Sanjay Barman Roy, President of Exploration & Production at RIL, emphasized the project’s alignment with national priorities. “The safe and responsible decommissioning by the PMT JV marks a significant step forward for India’s energy sector. From the outset, we worked tirelessly to strengthen local supply chains and enhance the technical and safety capabilities of Indian contractors, delivering on the government’s ambition of ‘Make and Break in India’,” he said.Pankaj Kumar, Director (Production) at ONGC, highlighted the project’s complexity, particularly its proximity to ONGC’s live assets. “This first-of-its-kind large-scale offshore decommissioning underscores ONGC’s commitment to responsible energy practices. It demanded strategic planning, precise execution, and an utmost focus on safety, marking a defining moment in India’s energy landscape,” he noted.The project awarded major contracts to Indian firms, with Larsen & Toubro (L&T) handling offshore execution and Chowgule Shipyard managing onshore dismantling. This alignment with the ‘Make in India’ vision has bolstered local technical expertise and supply chains, positioning India as a growing player in the global decommissioning market.Globally, offshore decommissioning is a complex endeavor, navigating evolving regulations, developing contractor ecosystems, and fluctuating market dynamics. The Tapti project’s success demonstrates what can be achieved through coordinated efforts, serving as a model for environmental responsibility and efficiency in India’s energy transition journey. Analysts see this as a catalyst for future decommissioning projects, potentially attracting investment and expertise to India’s offshore energy sector.The completion of the Tapti decommissioning has also drawn attention from market watchers, with shares of RIL and ONGC gaining focus following the announcement. The project’s emphasis on sustainability and regulatory compliance could enhance the companies’ reputations among environmentally conscious investors, potentially impacting their market performance positively.As India continues to balance energy security with environmental stewardship, the Tapti decommissioning project stands as a testament to the country’s ability to innovate and lead in the global energy landscape. With a robust framework now in place, the stage is set for more such initiatives, paving the way for a sustainable and responsible energy future.Disclaimer: The views expressed in this article are based on publicly available information and do not constitute investment advice.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net

After three years of intense negotiations, India and the United Kingdom have signed a landmark free trade agreement (FTA), marking the most significant post-Brexit trade deal for the UK and a pivotal moment in India’s global economic strategy. As the world’s fifth and sixth largest economies, this partnership is poised to reshape bilateral trade, boost economic growth, and deliver tangible benefits for businesses and consumers alike. With global trade tensions rising—exacerbated by recent U.S. tariff hikes—this deal is a timely step toward stability and opportunity.A Deal Packed with PromiseThe India-UK FTA is projected to increase bilateral trade by £25.5 billion ($34 billion) by 2040, building on the £42.6 billion in trade recorded in 2024. The UK government estimates the agreement will add £4.8 billion to its GDP annually and boost wages by £2.2 billion in the long term. For India, the deal opens doors to new markets and supports its ambition to double goods trade with the UK over the next decade.Key Highlights of the AgreementMajor Tariff Reductions: India will slash tariffs on 90% of UK imports, with 85% becoming duty-free within a decade. Notably, tariffs on iconic British exports like whisky and gin will drop from 150% to 75% immediately, then to 40% by year ten, delighting Indian consumers and boosting the Scotch whisky industry.Automotive Market Access: Tariffs on UK cars, previously exceeding 100%, will fall to 10% under a quota system, giving British carmakers a foothold in India’s massive market.Wider Product Coverage: From medical devices and advanced machinery to lamb, salmon, chocolates, and biscuits, UK exports will face lower barriers. Indian goods, including textiles, apparel, and marine products, will enjoy easier access to UK markets.Streamlined Trade: Both nations have agreed to quotas on auto imports and simplified customs procedures, ensuring faster and more predictable trade for businesses.Beyond Goods: Services and MobilityThe FTA goes beyond physical goods, fostering collaboration in services and professional mobility. Both countries will make it easier for IT and healthcare professionals to work across borders, strengthening ties in high-skill sectors. A groundbreaking Double Contribution Convention will exempt Indian professionals temporarily working in the UK from paying into both nations’ social security systems, reducing costs and bureaucratic hurdles.Why This Deal Matters NowThe timing of the FTA is critical. With global trade facing uncertainty due to U.S. tariff hikes, both India and the UK are seizing the opportunity to diversify their economic partnerships. For the UK, this deal underscores the post-Brexit vision of forging bold new trade ties outside the EU. For India, it signals a willingness to liberalize its markets and deepen connections with Western economies, reinforcing its role as a global economic powerhouse.For BusinessesUK Exporters: Sectors like whisky, automotive, and medical devices will find India’s 1.4 billion-strong market more accessible. Small and medium-sized enterprises (SMEs) will benefit from simplified customs and digital trade provisions, leveling the playing field.Indian Exporters: Textiles, footwear, and agricultural products will gain a competitive edge in the UK, driving job creation and economic growth in India.For ConsumersIn India: Expect more affordable Scotch, chocolates, biscuits, and other British goods, alongside greater product variety.In the UK: Indian textiles, apparel, and marine products will become more accessible, offering consumers more choices at competitive prices.Actionable Steps for BusinessesTo capitalize on the FTA, businesses should act swiftly:UK Exporters: Review the new tariff schedules and prioritize marketing campaigns in India, particularly for food, beverages, and automotive products. Explore partnerships with local distributors to navigate India’s complex market.Indian Companies: Identify opportunities in the UK where tariffs are dropping, such as textiles and agriculture. Invest in branding to appeal to UK consumers.Stay Informed: Monitor updates on customs procedures and digital trade rules, as streamlined processes could significantly reduce costs and delivery times.The India-UK FTA is more than a trade agreement—it’s a foundation for deeper economic, strategic, and cultural ties. By aligning two dynamic economies, the deal sets a precedent for future global trade pacts in an era of uncertainty. For businesses, it unlocks new markets and opportunities for growth. For consumers, it promises greater choice and affordability. As India and the UK embark on this transformative partnership, the world will be watching to see how this deal shapes the future of global trade.---Join SEINET – the Europe-India Tech & Science Corridor.Connect seamlessly with industry leaders, startups, and organizations driving innovation across borders. Sales, Partners and M&A on www.startupeuropeindia.net