Formal talks on the proposed FTA began earlier this year. (Representative)
Geneva:
India and Britain on Friday began the fourth round of talks on a free trade agreement (FTA) outside the World Trade Organization (WTO) in Geneva.
Delegations from both sides met to discuss the proposed FTA between the two countries.
Several non-tariff barriers, such as rules relating to investor protection, intellectual property rights, and harmonization of governance and standards, are key sticking points in the free trade agreements (FTAs) that India and the United Kingdom are aiming to sign. Diwali this year.
Earlier, UK India Business Council (UKIBC) Executive Chairman Richard Heald told ANI in an interview, “UK businesses, as well as Indian businesses, want to pay equal attention to non-tariff barriers, especially technical trade. and barriers to investment.”
He said there are several non-tariff barriers that need to be addressed for both the countries to strike a comprehensive trade deal. “It is not only about tariff barriers, but also about non-tariff barriers,” he said.
He said the non-tariff barriers that both countries need to address include issues around rules of origin, harmonization of governance and standards, ratification of intellectual property rights norms and investor protection.
India and the UK announced their intention for a comprehensive free trade agreement in May 2021 during a virtual summit held between Prime Minister Narendra Modi and his British counterpart Boris Johnson.
Formal talks on the proposed FTA between the two countries began earlier this year. The third round of talks was held on 6 May in hybrid mode, with a few teams meeting in New Delhi and the majority attending virtually. UK Prime Minister Boris Johnson, during his visit to India, expressed his support for more skilled visas for Indians, saying that the UK is currently facing a shortage of experts in the IT and programming sectors.
During the third round of talks, “the draft treaty text was carried forward in most chapters. Technical experts from both sides were discussed in 60 different sessions covering 23 policy areas,” according to a joint statement issued after the meeting. come together.”
India’s Commerce and Industry Minister Piyush Goyal visited London in the last week of May to take the talks forward. After a meeting with UK negotiators, Goyal had expressed hope that the FTA would be signed by Diwali.
Earlier this week, British High Commissioner Alex Ellis said, “The UK is no longer in the EU and it offers an opportunity to really strengthen UK-India relations. I think in particular about trade where we We are negotiating a free trade agreement. We will do the next round of it next week and the two Prime Ministers have told the negotiators that it will be done by Diwali.
India and UK started free trade agreement talks in January this year. The two countries are also exploring the possibility of an interim agreement to provide quick benefits to benefit businesses on both sides.