After an almost eight-month break, mostly because of elections in both countries, India and the UK have resumed their Free Trade Agreement (FTA) negotiations.
In New Delhi, UK Secretary of State for Business and Trade Jonathan Reynolds and Union Commerce and Industry Minister Piyush Goyal made the announcement. By lowering tariffs and removing regulatory obstacles, the talks, which got underway in January 2022, seek to increase bilateral commerce and investments.
With huge amounts of foreign direct investment, the UK ranks sixth among investors in India, and both countries are eager to deepen their economic relations.
Talks have resumed when Prime Minister Narendra Modi and his UK counterpart Keir Starmer met during the G20 Summit in Rio de Janeiro.
The estimated GBP 42 billion in bilateral commerce is anticipated to increase as a result of the deal, and it may perhaps double or triple over the following ten years.
Business visas, duty reductions, and equitable treatment of spirits—especially Scotch whisky, which is a major worry for the UK—are important problems that need to be addressed.
Both parties have pledged to reach a fair, advantageous, and progressive agreement that capitalizes on the complementing advantages of their respective economies.
Although there isn’t a clear timeframe for finishing the talks, the ministers emphasized the need to move quickly without sacrificing quality in order to reach a strong deal that benefits all sides.
A bilateral investment treaty (BIT) and a social security pact are also being discussed during the negotiations, which represent a thorough strategy to improve economic cooperation between India and
