Government sources told CNBC TV18 that UK ministers are currently being briefed on various issues ahead of the country’s budget presentation on October 30, after which India anticipates a call to resume FTA negotiations.
Trade deal negotiations between India and the UK were put on hold in March 2024 as both nations prepared for general elections. Bilateral trade between India and the UK has increased from $20.36 billion in FY23 to $21.36 billion in FY24.
While both sides remain hopeful for a fair and equitable deal, several contentious issues must be addressed as they prepare for the next round of talks. In February this year, India’s Prime Minister’s Office (PMO) reviewed the progress of the talks, which began on January 13, 2022 and have faced delays due to repeated changes in the UK leadership.
Fourteen rounds of discussions have concluded, and 21 of 26 policy areas will be finalized by the end of 2023. The 26 chapters of the agreement cover topics such as goods, services, investments and intellectual property rights.
Amid a recession and opposition to immigration and outsourcing in the UK, India has sought greater access for IT/ITeS and healthcare professionals under the FTA. Meanwhile, the UK has requested tariff concessions on chocolates, lamb, electric vehicles and Scotch whisky, the latter of which has faced opposition from the Indian alcohol industry. Both countries are also negotiating a bilateral investment treaty (BIT).
(Edited by: Vijay Anand)
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.