The two sides will discuss a range of business opportunities of mutual interest that will benefit India and the UK
Commerce and Industry Minister Piyush Goyal and UK Trade Secretary Anne-Marie Trevelyan on Thursday began talks for an ambitious free trade agreement (FTA). Mr Goyal said the talks are expected to be completed within a year.
“India stands to benefit from this multi-pronged economic partnership with export growth in leather, textiles, jewellery, processed agricultural products, both goods and services,” Mr Goyal said in a remark after launching the talks. will cover. Sources said bilateral trade of $50 billion is expected to double to $100 billion in 10 years. Mr Goyal had earlier announced that such discussions are on with UAE, Australia, Canada, Israel.
A joint statement issued after talks began in May 2021 with reference to the Roadmap 2030 announced by Prime Minister Narendra Modi and Boris Johnson. Roadmap 2030 aims to double bilateral trade in the next decade. The joint statement clarified that the two sides would consider the option of an “interim agreement” while negotiating a comprehensive settlement.
The interim agreement is increasingly visible as part of the trade negotiation strategy adopted by India in recent months. A similar agreement is in the works with Australia which also aims for a comprehensive FTA with India.
“A deal with India is a golden opportunity to put UK businesses on the front lines as the Indian economy continues to grow rapidly. By 2050, India will become the third largest economy in the world, with a middle class of about 250 million buyers. We want to open up this huge new market for our great British producers and manufacturers across a range of industries from food and beverage to services and automotive,” Ms Trevelyan said of the FTA, the UK’s first such major interaction with India. Is Brexit.
The talks were welcomed by the UK India Business Council, which remarked that India is expected to become the world’s third largest economy by 2030. UKIBC Managing Director, Kevin McColl, said: “From the extensive UKIBC business consultation conducted at 20 Round Table Conferences last year involving nearly 200 companies, it is clear that businesses in both countries, across all sectors, are highly prepared for FTA negotiations. There are expectations and a very welcome to the launch today.”
The joint statement announced that the first round of talks would begin on January 17 and the next round of talks would be held every five weeks. “The Indian negotiating team will be led by Ms. Nidhi Mani Tripathi, Joint Secretary, Department of Commerce, and the UK negotiating team will be led by Harjinder Kang, Director of India Dialogue at the Department of International Trade,” the joint statement announced. ,
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