Indian Economy News

India-UK FTA first step in evolving trade, economic ties: UK official

  • IBEF
  • September 23, 2022

Prime Minister Mr. Narendra Modi has set a goal of signing the India-UK Free Trade Agreement by Diwali, and his new British counterpart, Ms. Liz Truss, has stated that her administration intends to "match the pace and ambition" of the Indian leader, according to UK Foreign Secretary Mr. James Cleverly. Mr. Cleverly also stated that India and the UK have a long and broad bilateral connection, which is a "great plus," but it also means that "quite rightly, there is a desire to have a very, very wide-ranging, substantial free trade deal."

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal, stated last month that negotiations for the potential free trade deal between India and the UK are moving more quickly. The agreement's goal is to increase bilateral commerce and investment between the two countries. India inked a trade agreement with the UAE in "record time," and "now our talks with the UK are progressing at a faster pace," according to him. India and the UK formally began negotiations for a free trade deal in January. They have set the deadline for concluding talks by Diwali.

India and the UK trade mostly in services which accounts for about 70% of the overall trade. Both countries also aim to increase their bilateral trade to US$ 100 billion by the end of this decade.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.