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Informist, Wednesday, Nov. 20, 2024

 

NEW DELHI – India and the UK will soon finalise the date for the next round of discussions on the proposed free trade agreement, expected to resume in early 2025, the commerce ministry said. Following a bilateral meeting with Prime Minister Narendra Modi on Tuesday, his UK counterpart Keir Starmer announced that the two nations would resume negotiations on the pact early next year.

 

"The FTA talks would resume discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal," the commerce ministry said in a release on Wednesday. India and the UK initiated negotiations for the agreement in January 2022 when Boris Johnson was prime minister.

 

A deadline of October 2022 was set initially, to coincide with Diwali, but political developments in the UK delayed the conclusion of the talks. This year, the discussions were put on hold as the two countries stepped into their respective election cycles. There have been 14 rounds of negotiations so far, with the last one conducted in April in London.

 

"Chapter-wise textual negotiations are nearly closed, and goods and services are at an advanced stage of negotiations," the commerce ministry had said previously. Under the agreement, Indian companies are hopeful of getting market access for several goods at nil customs duty in the UK. They are also seeking better access for Indian professionals in the UK's healthcare and information technology sectors. On the other hand, London has demanded a cut in import duties on scotch whisky, electric vehicles, chocolates, and lamb meat.

 

The UK was India's 16th largest trade partner in 2023-24 (Apr-Mar). Bilateral trade between the two countries last year amounted to $21.34 billion, with India having exported goods worth $12.92 billion and imported goods worth $8.41 billion.  End

 

US$1 = 84.42 rupees

 

Reported by Krity Ambey

Edited by Namrata Rao

 

 

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