UK and India Set to Hold Trade Agreement Talks in October

19 Sep, 2024

UK and INDIA Set to Hold Trade Agreement Talks in October

India and the UK are preparing to resume discussions on a proposed free trade agreement (FTA) in October 2024, following the UK’s internal briefings with new ministers. The negotiations aim to resolve remaining issues and finalize the agreement, which has been in the works since January 2022. Progress has been made at both secretary and ministerial levels.

India is seeking better market access for its skilled professionals in sectors like IT and healthcare, while also advocating for reduced tariffs on various goods. The UK, on the other hand, is pushing for lower duties on products such as scotch whiskey and electric vehicles. Both countries are also working on a bilateral investment treaty as part of the comprehensive FTA, which covers 26 chapters including goods, services, and intellectual property.

The bilateral trade between India and the UK grew to $21.34 billion in 2023-24. Alongside the UK agreement, India is also in talks with other countries like Australia and Bangladesh for similar pacts. However, the FTA with Canada has been temporarily paused. The next round of India-EU negotiations is scheduled for late September 2024, with a focus on sustainability measures and trade barriers.