India has initiated talks with the UK and European Union (EU) to work out the quantum of sugar exports at concessional rates following the Brexit, sources said.
Currently, the EU permits India to export 10,000 tonne of sugar at concessional duty rates under the CXL quota.
However, after the exit of the UK 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 UK are also discussing modalities for carrying forward the anti-dumping duties which have been imposed on companies in the EU.
The EU, an economic and political bloc of 28 countries, allows people to move freely and work in any of these nations. It also permits free trade among the member countries.
The EU is a major trading partner of India. India's exports to the EU in 2018-19 stood at $57.17 billion in 2018-19, while imports were $58.42 billion in the same fiscal.
Similarly, India-UK bilateral trade has increased to $16.87 billion in 2018-19 from $14.5 billion in the previous fiscal.
In a referendum on June 2016, people of the UK voted in favour of Brexit by a thin majority. There is a deadline of October 31 for Brexit.
Source: moneycontrol.com