Union Minister of Commerce and Industry Piyush Goyal (second from left) and Britain’s Foreign Secretary Anne-Marie Trevelyan during the launch of negotiations for an India-UK Free Trade Agreement, in New Delhi, Thursday, Jan. 13, 2022. Photo Credit: PTI
negotiations between the UK and India for ambitious free trade agreement (FTA) are “very advanced”, with the next round of talks set to begin very soon, a UK Foreign Office minister told peers in a debate in Parliament here, adding that a stronger deal would boost the country’s economy. can give.
Lord Tariq Ahmed, UK Foreign Office Minister for South Asia, also said that the UK’s relationship with India is central to its foreign policy and as one of the world’s largest economies It is a major partner.
Mr Ahmed was responding to a debate in the House of Lords on Thursday titled “The importance of the relationship between the United Kingdom and India”, presented by British Indian peer Baroness Sandy Verma.
He confirmed that negotiations for a bilateral Free Trade Agreement (FTA) are “well advanced”, with the next round of talks set to begin very soon.
“It is true that, as we establish and strengthen this relationship, the United Kingdom’s relationship with India is at the heart of UK foreign policy,” Mr Ahmed said.
“As one of the world’s largest and fastest growing economies, India is a key partner of the UK… We are also looking at reducing non-tariff barriers on medical devices to benefit British exporters , and are well ahead in our talks for an ambitious one. and balanced free trade agreement,” he said.
He said a stronger trade deal with India could boost the UK economy by billions of pounds in the long term, helping families across the country.
“Cutting red tape and higher tariffs could also make it easier and cheaper for UK companies to sell in India, driving growth and supporting jobs,” he added.
As part of a review of progress across all areas of bilateral cooperation, including defence, health and climate action, the Minister also addressed the issue of timelines relating to the UK-India FTA.
“As an update, we have now completed six rounds of negotiations for a trade deal and will begin the next round very shortly… Several great lords talked about timelines.
“I assure them that we are working on them specifically, but there was a lot of mutual agreement to make sure that the trade deal that is signed is not rushed, but properly thought out, And that all the chapters are discussed in detail so that we can reach one.” deal which is of mutual benefit to both the countries and their peoples,” the minister said.
According to official UK government figures, India-UK bilateral trade currently stands at around £29.6 billion a year.
The two sides formally launched FTA talks in January last year with former Prime Minister Boris Johnson announcing diwali deadline to its conclusion.
However, after Prime Minister Rishi Sunak committed to work “at speed” towards an FTA that does not “sacrifice quality for speed”, the October deadline amid political turmoil in the UK Was left
The sixth round of talks to finalize the deal concluded last month saw a detailed draft treaty discussed in 11 policy areas in 28 separate sessions. The UK government has said that its goal for the FTA is to cut tariffs and open up opportunities for UK services such as financial and legal, making it easier for British businesses to sell to the Indian economy.
Verma highlighted the recent creation of the India (Trade and Investment) All Party Parliamentary Group (APPG), which was supported by the British Indian think tank the 1928 Institute as its secretariat. He revealed that the cross-party group is set to take its first delegation to India in April.
“We believe the grouping will provide a strong parliament-wide link that will not only strengthen political engagement and understanding but also make this century a free trade agreement for us to build on stronger foundations, stronger cooperation and one of the new partnership. , “He said.
Lord Karan Bilimoria spoke of the need for larger prime ministerial delegations in India and called on Prime Minister Sunak to lead “as soon as possible”.
“today India holds the presidency of the G20, Today, India has a vision to become the second largest economy in the world with a GDP of $32 billion in the next 25 years.
“The Indian Express has left the station. It is now the fastest train in the world – the fastest growing major economy in the world. The UK should be our closest and most trusted friend and partner for decades to come.”