Business News | Department of Commerce Welcomes Resumption of FTA Talks Between India, UK
Get latest articles and stories on Business at LatestLY. Department of Commerce has welcomed the announcement to resume the Free Trade Agreement (FTA) talks between India and UK in early 2025, an official release stated on Wednesday.
New Delhi [India], November 20 (ANI): The Department of Commerce has welcomed the British Prime Minister Keir Starmer's announcement to resume the Free Trade Agreement (FTA) talks between India and the UK in early 2025, an official release stated on Wednesday.
Starmer made the announcement following a bilateral meeting with his Indian counterpart, Prime Minister Narendra Modi, on the sidelines of the G20 summit in Brazil.
"Subsequent to the meeting between Prime Minister Shri 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, we welcome the announcement by the UK to relaunch the India-UK Free Trade talks in the new year," the Department of Commerce statement read.
The Commerce department added that India looks forward to closely working with the UK's negotiating team to address remaining issues to mutual satisfaction. It noted the importance of securing a balanced, mutually beneficial, and forward-looking Free Trade Agreement (FTA).
The release added that the dates for the free trade talks in early 2025 would be finalized 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 trade deal, it added.
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 percent, reaching USD 7.32 billion, compared to USD 6.51 billion during the same period in 2023. Mineral fuels, machinery, precious stones, pharmaceuticals, apparel, iron and steel, and chemicals lead India's export basket to the UK, contributing a 68.72 percent share of total exports.
The United Kingdom is a priority country for the achievement of our ambitious USD 1 trillion export target by FY30, with our exports to the UK expected to reach USD 30 billion by 2029-30.
There have been 13 rounds of negotiations on the Free Trade Agreement (FTA) between India and the UK; the 14th was pushed for, keeping in mind elections in both countries earlier this year. Negotiations started in 2022, and a substantial number of chapters have been discussed. Both countries are aiming to enhance bilateral trade, evident in the political will to close the deal. (ANI)
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