INDIA WORKING WITH UK ON INTELLECTUAL PROPERTY RIGHTS, MODERNISATION: GOYAL
India’s Union Minister of Commerce and Industry, Piyush Goyal, has stated that India is collaborating with several economies, including the UK, on intellectual property (IP) rights and modernization. During his visit to London for the India-UK free trade agreement talks, Goyal addressed a gathering of Indian-origin chartered accountants, where he discussed various topics, including IP rights, corporation tax, and environmental, social, and corporate governance.
Goyal emphasized that harmonizing with international standards is a priority for the Indian government, as integrating with global thinking on standards and IP is crucial for the rapid growth of the Indian economy. The minister highlighted the ongoing work with the UK on IP rights and IP modernization, aiming to enhance Indian protocols in this area. However, he mentioned that this process would be gradual.
India is actively working on quality standards, with agencies like the Bureau of Indian Standards (BIS) and the Food Safety and Standards Authority of India (FSSAI) developing standards for non-food and food products, respectively. Goyal expressed the government’s commitment to harmonizing with international standards wherever possible, acknowledging that approximately 90% of Indian standards align with globally accepted norms.
The minister assured that India is aware of the need to integrate with world standards and IP thinking to foster rapid economic development. He anticipated that Indian standards would be recognized as world-class and accepted worldwide within the next few years.
While Goyal refrained from directly referencing the ongoing India-UK free trade agreement negotiations, he mentioned that transfer pricing had emerged as one of the matters under discussion. He emphasized that transfer pricing would be handled on a case-by-case basis, as there is no one-size-fits-all approach, and each issue requires individual consideration.
Regarding corporate tax levels in India, Goyal stated that India’s rates are comparable, having significantly reduced over the past nine years. He highlighted India’s success in influencing the global adoption of a minimum corporate tax rate of 15% through the G20.
During his visit, Goyal met with his British counterpart, Kemi Badenoch, to further propel the FTA negotiations. The Commerce Ministry issued a statement noting that considerable progress was achieved during their discussions on various challenging issues.
