India to Cut Medical Device Import Duties from Sixth Year in UK Trade Pact

By: icodesk io|2025/05/09 21:00:12

India will cut duties on PLI-backed medical devices from year six under the UK trade pact, aligning with Make in India goals and boosting bilateral tradeIndia will adopt a phased strategy to lower import duties of selected medical devices under its production-linked incentive (PLI) scheme. It recently concluded a free trade agreement (FTA) with the United Kingdom. The cutdown will start after the sixth year of the pact’s implementation, with duties not planned for such devices completely eliminated. This decision harmonises consumer access with the domestic manufacturing aspirations of the ‘Make in India’ initiative.The India-UK FTA, launched on May 6, is set to double bilateral goods and services trading to $120 billion in the next 5 years. No medical devices that fall under the PLI scheme will have an immediate relief from duty, as the Indian government wants to protect the domestic manufacturing ecosystem that has recently received a push owing to a dedicated policy push.Focus on Domestic Manufacturing and Import RegulationThis means India imposes an import duty of up to 7.5% on medical devices, and the UK pays a lower duty of 4.2%. Sure, industry experts have raised fears that any relaxation of the duty can fuel dumping, especially from countries like China. To avert this, they propose the need for strict value-addition norms prior to concessional duty importation into the sector.India’s imports of medical devices from the UK increased by over 35% in 2023– 24 for a value of ₹2,295 crore, while exports from India to the UK were in the vicinity of ₹1,000 crore. Important articles dealt with disinfectants, spectacles, orthopaedic appliances, hearing functions, radiography capacities, and other surgical or diagnostic equipment.The PLI scheme has so far resulted in the commissioning of 19 greenfield projects. These facilities now produce 44 of these products including top-of-the-line equipment such as MRI machines, linear accelerators, and CT scanners, which were previously imported.Tariff and Non-Tariff Measures in the FTA FrameworkIn the broader FTA, India will phase out 90% of tariffs applicable to UK exports and 85% of tariff lines will be fully duty-free over the next ten years. The agreement also provides mechanisms to help overcome non-tariff barriers limiting market access. Both countries intend to sign mutual recognition agreements (MRAS), and the two countries also agreed to move the certificates of origin to digital transmission to facilitate smoother trade. The post India to Cut Medical Device Import Duties from Sixth Year in UK Trade Pact appeared first on ICO Desk.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.