With the negotiations for the proposed India-UK free trade agreement (FTA) reaching its last leg, a high-level Indian official delegation is heading for London to iron out differences on remaining issues, sources said on February 20.
The chief negotiators of both countries would hold negotiations on different issues such as goods, services, and rules of origin. The visit assumes significance as last week, the Prime Minister’s Office has reviewed the progress of the talks.
Sources said that the attempt of this visit would be to close the remaining issues.
India and the UK launched the talks for a free-trade agreement (FTA) in January 2022. So far 13 rounds of talks have been completed. The 14th round started last month. Talks are also progressing on the proposed bilateral investment treaty (BIT).
There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.
The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. The UK is seeking cuts in import duties on goods like scotch whiskey, electric vehicles, lamb meat, chocolates and certain confectionary items. The country is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).
The bilateral trade between India and the UK increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.