Trade Negotiations
India, UK to hold next round of FTA talks around Jan last week - govt source
This story was originally published at 13:02 IST on 12 December 2024
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--Govt source: To hold next round of FTA talks with UK by Jan last week
NEW DELHI– India and the UK are likely to hold the next round of negotiations on the proposed free trade agreement around the last week of January, a commerce ministry official said. Following a bilateral meeting with Prime Minister Narendra Modi on Tuesday, his UK counterpart Keir Starmer had announced that the two nations would resume negotiations on the pact early next year.
The two sides have not slated dates for the negotiations yet, the official said. The location has not been finalised either - whether it will be in the UK or in New Delhi, the official added.
Both countries had held the last round of negotiations in April in the UK before stepping into their respective election cycles. India and the UK had initiated negotiations for the agreement in January 2022 when Boris Johnson was the 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. Chapter-wise textual negotiations are nearly closed, and goods and services are at an advanced stage of negotiations, as per the commerce ministry.
Under the agreement, Indian companies are hopeful of getting market access for several goods at no 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, the UK 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 = INR 84.86
Reported by Krity Ambey
Edited by Tanima Banerjee
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