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.
About ACCA: ACCA (the Association of Chartered Certified Accountants) is the global professional body for professional accountants.
We’re a thriving global community of 233,000 members and 536,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.
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We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.
Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.
We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.
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