UK to issue Open General Export Licence (OGEL) to India

Tags: Economics/Business International News

In a statement, the British High Commission said the UK will issue an Open General Export Licence (OGEL) to India to cut the delivery period for defence purchases.

• The British Prime Minister arrived in India on a two-day visit in the backdrop of the Russo-Ukraine War.

• The UK is creating an Open General Export Licence (OGEL) for India to reduce bureaucracy and reduce delivery times for defence procurement.

• It will partner with India in the maritime domain along with new fighter jet technology to detect and respond to threats.

• What is Open General Export Licence (OGEL)?

• It is a type of licence that is used for the export licence that is issued by the government for domestic suppliers.

• The goods exported to India are classified into three types.

• They are prohibited items, restricted items and freely importable items.

• These classifications are made on the basis of the nature and use of the products.

• OEGL's application process and grant will be looked after by the Department of Defence Production.

• The primary objective of OEGL is to boost India's defence exports.

• Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico are allowed under the OGELs.