News Details

India-UK FTA talks launched; targets  doubling of bilateral trade by 2030


The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr Piyush Goyal, launched the Free Trade Agreement (FTA) negotiations with the United Kingdom, along with Ms Anne-Marie Trevelyan, UK Secretary of State for International Trade, in New Delhi on Thursday. The FTA is expected to facilitate the target of doubling bilateral trade between India and the UK by 2030, set by the Prime Ministers of both countries in May 2021.


Speaking on the occasion, Mr Goyal said that the FTA is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.


He said it should facilitate increased Indian exports of leather, textiles, jewellery and processed agri products. He added that India is also expected to register a quantum jump in the export of marine products through the recognition of 56 marine units in the country.


The Minister said that the Mutual Recognition Agreements (MRAs) on pharma could provide additional market access. There is also great potential for increasing exports in service sectors like IT/ITES, nursing, education, healthcare, including AYUSH, and audio-visual services. India would also be seeking special arrangements for the movement of its people, he added.


The Minister assured that subsequent to the unveiling of the FTA, the two nations would proactively and regularly engage with each other for deliberating on the scope and coverage of the trade deal. 


He said the India-UK FTA will also contribute to integrating value chains and help augment mutual efforts to strengthen the resilience of supply chains.


It was also agreed to explore during the FTA negotiations the possibility of an Interim Agreement to provide quick gains for benefiting businesses in both nations. The endeavour is to deliver a comprehensive, balanced, fair and equitable FTA to benefit small, medium and micro enterprises in India and the UK, emphasised a release.

 

Source: Exim News Service: New Delhi, Jan. 13

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