India has initiated talks with the U.K. and the European Union to determine out the quantum of sugar exports at concessional rates in a post-Brexit UK, reports suggest. Currently, the EU permits India to export 10,000 tonnes of sugar at concessional duty rates under the CXL quota. However, after the exit of the U.K. from the EU, this quantity needs to be re-negotiated, they said.
By availing the CXL concession on export to the EU, Indian traders export sugar at relatively low customs duty. Similarly, officials of India, the EU and the U.K. are also discussing modalities for carrying forward the anti-dumping duties which have been imposed on companies in the EU. The EU, permits free trade among the member countries. In the meantime, India-U.K. bilateral trade has increased to $16.87 billion in 2018-19 from $14.5 billion in the previous fiscal.
