India-UK Free Trade talks to commence again next year
Subsequent to the meeting between Prime Minister Mr Narendra Modi and the Prime Minister of the United Kingdom Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, the UK has announced re-launch of the India-UK Free Trade talks in the new year.
India’s Ministry of Commerce and Industry said in a statement that noting the importance of securing a balanced, mutually beneficial and forward looking Free Trade Agreement (FTA), India looks forward to closely working with the UK’s negotiating team to address remaining issues to mutual satisfaction. The dates for the Free Trade talks in early 2025 would be finalised through diplomatic channels at an early date. The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the deal.
India’s trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement. As per the latest data from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38%, reaching $7.32 billion, compared to $6.51 billion during the same period in 2023. Mineral fuels, machinery, precious stones, pharmaceuticals, apparels, iron and steel, and chemicals lead India’s export basket to the UK, contributing a 68.72% share of total exports. The United Kingdom is a priority country for achieving the ambitious $1 trillion export target by FY30, with exports expected to reach $30 billion by 2029-30, the release said.
Source: Exim News Service: New Delhi, Nov. 21