Senior officials from India and the United Kingdom are scheduled for the 14th round of negotiations on a proposed free trade agreement (FTA) this month, following the election of the UK's new government. The discussions aim to address outstanding issues in goods and services sectors, with both nations expressing a commitment to expedite a mutually beneficial trade deal.
India is advocating for increased access for its skilled professionals and duty-free entry for various goods, while the UK is focused on lowering import duties for products such as scotch whiskey and seeking greater market access for its services sector. The negotiations also encompass a bilateral investment treaty (BIT) and intellectual property rights, covering 26 chapters.
Bilateral trade between the two countries rose to USD 21.34 billion in 2023-24. The UK's new administration has prioritized finalizing the FTA, with the Foreign Secretary planning a visit to India to advance the talks. The Global Trade Research Initiative indicates that the agreement is near completion.
Source: tradecouncil.org