IBEF: January 14, 2022
Mr. Piyush Goyal, the Minister of Commerce and Industry, met with Anne-Marie Trevelyan, the UK Secretary of State for International Trade, on Thursday to officially begin discussions for a free trade deal.
Both parties will discuss a variety of trade opportunities that will benefit both India and the United Kingdom.
In a tweet, Goyal said, "Met with UK Secretary of State for International Trade @AnnieTrev for the commencement of India-UK Free Trade Agreement Negotiations."
This agreement aims to liberalise standards and reduce customs taxes in order to increase commerce in goods and services while also encouraging investment.
In 2020-21, India's exports to the United Kingdom totalled USD 8.15 billion, while imports totalled USD 4.95 billion.
Ready-made garments and textiles, gems and jewellery, engineering items, petroleum products, transport equipment, spices, pharmaceuticals, and marine products are among India's principal exports to the United Kingdom.
Precious and semi-precious stones, ores and metal scraps, engineering items, chemicals, and machinery are all imported from the United Kingdom.
The UK is the largest market in Europe for Indian IT services in the services industry.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.