Comments
UK Secretary of State for International Trade Kemi Badenoch is in New Delhi to participate in the sixth round of the India-UK Free Trade Agreement (FTA) talks, which began on Monday, with her Indian counterpart Piyush Goyal.
After missing the Diwali deadline set by then British Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi early this year, the two negotiating teams, meeting face-to-face the first time after Britain’s new Prime Minister Rishi Sunak took charge in October 2022, will seek to iron out thorny issues.
“Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I’m excited about the opportunities we can create for British business,” Badernoch stated in an official release circulated by the British High Commission in New Delhi.
Doubling trade
India and the UK launched the FTA negotiations in January 2022 and set a target of doubling bilateral trade to $100 billion by 2030.
Although about 19 of the 26 chapters to be covered in the India-UK FTA have been settled, major areas that still need to be sorted out include market access for automobiles, whisky and processed food, visa rules for workers and students, IPRs, government procurement and financial and legal services.
“The UK-India FTA remains a top priority for industry. We applaud the Secretary of State and Prime Minister for listening and prioritising substance over pace. Trade is a fundamental driver of growth and India will be an important partner and market as the UK looks to escape stagflation, attract skilled labour and deliver on the green transition,” according to Andy Burwell, International Director at the Confederation of British Industry.
Strong growth in the Indian economy is expected to boost UK exports to India by over £9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship, per the BHC statement.
“UK household name Pret A Manger and fintech pioneers Tide and Revolut are among those expanding in India…Businesses like these could benefit from a reduction in red tape, more affordable cross-border trade, and increased opportunities to work with Indian companies and suppliers thanks to the Free Trade Agreement,” the release said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.