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Indian Economy - Understanding the basics of Indian economic system
Context: Recently, the UK government reached a landmark deal with the European Union (EU) on post-Brexit trade rules that will govern Northern Ireland.
The Windsor framework aims to resolve the disruptions in trade between Northern Ireland and the rest of the UK caused by the Northern Ireland Protocol.
The Windsor framework allows for free trade between Great Britain and Northern Ireland with the use of green and red lanes for goods flowing into Northern Ireland.
Green lane goods under the framework will have fewer checks and controls, including no customs checks or rules of origin.
Red lane goods under the framework will be subjected to checks and controls in order to preserve the EU’s single market.
Further, with a view to ease the impact on farmers, agri-products like meat and dairy will have reduced checks and controls, and food retailers such as supermarkets, wholesalers, and caterers, will be allowed to move agri-food through the green lane.
Additionally, the ban on a few chilled types of meats from Great Britain being sold in Northern Ireland will be lifted.
The checks made trade between Great Britain and Northern Ireland cumbersome, with food products, especially, losing out on shelf life while they waited for clearance.
Some taxation and spending policies of the UK government could not be implemented in Northern Ireland because of EU rules.
The sale of medicines, too, was caught between different British and EU rules.
With the Windsor Framework, PM Sunak hopes to improve trade and other ties with the EU, while keeping the hard Brexiter faction of his Conservative Party happy.
The UK and EU officials believe that the latest framework would ensure greater availability of British goods such as food and medicines in Northern Ireland markets.
The Windsor framework would also play a key role in safeguarding the position of Northern Ireland within the UK and restoring its people’s sovereignty.
Reactions to the new deal in political circles has been cautious, but not negative.
Most leaders have said the agreement on the face of it looks promising, though they would properly comment only after studying it in detail.
Further, it is to be seen if the EU rules will be accepted in Northern Ireland as this depends on the balance of power between the Unionists and Republicans in the province.
Industry associations have openly welcomed the deal.
The US has also welcomed the deal.
The announcement on the Windsor Framework is an essential step to ensure peace and progress between the UK and the EU as it not only protects Northern Ireland’s place within the UK’s internal market but also the EU’s single market.
By: Shubham Tiwari ProfileResourcesReport error
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