India-UK free trade agreement talks to resume next year, says UK PM Starmer
This story was originally published at 14:45 IST on 19 November 2024
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NEW DELHI – The talks between India and the UK for a free trade agreement will resume next year, British Prime Minister Keir Starmer announced following a bilateral meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit in Brazil. "A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country," Starmer said in a statement.
The UK government said in a press statement that it is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. "The UK will seek a new strategic partnership with India, including a trade agreement, as well as deepening co-operation in areas like security, education, technology, and climate change," the UK government said.
The free trade agreement discussions have been on hold due to General Elections in both countries. There have been 14 rounds of negotiations so far, with the last one held in April in London.
Earlier, Prime Minister Modi and Prime Minister Starmer held bilateral talks in Rio de Janeiro and underlined the importance of resuming the free trade agreement negotiations at an early date. The leaders expressed confidence in the ability of the negotiating teams to address the remaining issues to mutual satisfaction, leading to a balanced, mutually beneficial and forward-looking free trade agreement. This was the first meeting between the two prime ministers.
"Expressing satisfaction at the progress in the bilateral relationship, the two Prime Ministers reaffirmed their commitment to strengthen the India-UK Comprehensive Strategic Partnership with a focus on economy, trade, new and emerging technologies, research and innovation, green finance and people-to-people contacts," India's Ministry of External Affairs said in a statement.
Prime Minister Modi also announced the establishment of two new Consulates Generals of India at Belfast and Manchester in the UK to further boost the engagement between the countries.
"Prime Minister Modi noted the importance of addressing the issue of economic offenders from India in the UK. The two leaders also agreed on the need to make progress on issues related to migration and mobility," the Ministry of External Affairs said.
India and the UK have been negotiating a trade agreement since January 2022. The trade pact was originally slated to be signed by Diwali 2022 but was delayed when Boris Johnson resigned as the UK’s prime minister.
The UK was among the top 20 trade partners of India with total trade of $21.34 billion in 2023-24, comprising exports of $12.92 billion and imports of $8.42 billion. End
US$1 = INR 84.40
Reported by Kuldeep Singh
Edited by Deepshikha Bhardwaj
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