
Psiman
8.7K posts

Psiman
@RunSi
Eat, Sleep, Run, Repeat. 2:38 Marathoner at V50. Does Networking too. Punk in spirit. 77th Psyops Division




















The criticisms of the India FTA are based on a series of misunderstandings. 🔴"Easier immigration". No. There is nothing in this deal about migration. Nothing. There is an extension of the CATEGORIES under which people can apply for work permits, but the total number can still be capped. 🔴"National Insurance Exemption". False. There is a general presumtion against double taxation. All employees of foreign companies get a 12-month exemption from paying NI. Britain has reciprocal treaties with several countries to extend that period, and India has now joined their company. Since foreign employees can't claim pensions or related benefits unless they have paid in for 10 years, it seems only fair. 🔴"Cheap competition". Tariff reduction is always good for both sides; but the main beneficiary is the country removing its tariffs. We are not cutting duties on Indian textiles or seafood as a favour to India; we are cutting them as a favour to ourselves. When prices fall, we have more to spend on other things, which drives growth. 🔴Even from a protectionist point of view, it is hard to see what we are losing from cheaper Indian garments. They are in competition, not with British products, but with imported garments from other Asian countries, especially China. 🔴Look at the big mutual gains in services - accounting, auditing, telecoms etc. India has not opened its vast market to anyone else on such terms. 🔴The tariff reductions are also significant, and cover 99 per cent of our traded goods. 🔴This is only the 16th FTA that India has signed, and is vastly more ambitious than the previous 15. We are now closely invested in one another's success. Given that India is the 4th largest economy in the world, about to overtake Germany to become the 3rd, this matters. 🔵In short, instead of carping, Conservatives should take credit for having initiated this important work, and congratulate @jreynoldsMP for completing it. 🇬🇧🤝🇮🇳




























