Trade Talks
Trade secy says India-UK trade pact talks may take time to resume
This story was originally published at 17:31 IST on 15 July 2024
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--Govt: New govt in UK, may take some time to start trade pact talks
--Trade secy: UK govt keen to conclude trade pact talks
--Trade secy: No trade pact talks scheduled with UK in July
NEW DELHI – The new government that assumed power in the UK recently may take some time to resume discussions for a free trade agreement with India, Commerce Secretary Sunil Barthwal said today. The new government has shown eagerness to conclude the trade deal, Barthwal said.
Keir Starmer took over as prime minister on Jul 5 after the Labour Party returned to power in the UK after 14 years.
"There is no trade negotiation round scheduled in July, but there is eagerness on both sides to conclude the deal," Barthwal said. There were fears about the trade agreement getting delayed due to elections as the negotiations were started when the Conservative Party was in power.
India and the UK initiated negotiations for a free trade agreement in January 2022 when Boris Johnson was the prime minister of the UK. Though the two sides set a deadline of October 2022 to conclude the negotiations, political events in the UK over the last two years delayed the pact.
Prime Minister Narendra Modi had a telephone conversation with his UK counterpart Starmer and affirmed that both sides are interested in concluding the deal soon.
The Indian industry hopes to get market access for several goods at nil customs duty in the UK under the trade agreement. It is also seeking better access for Indian professionals from the healthcare and information technology sectors in the UK.
The UK has demanded a cut in import duties on scotch whiskey, electric vehicles, chocolates, and lamb meat. India had total trade of $21.34 bln with the UK in 2023-24 (Apr-Mar), comprising exports of $12.92 bln and imports of $8.42 bln. End
US$1 = 83.59 rupees
Reported by Krity Ambey
Edited by Saji George Titus
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