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News In Brief Business and Economy

India and UK to start formal negotiations for FTA in January

News In Brief Business and Economy

India and UK to start formal negotiations for FTA in January

News Synopsis

India and UK are planning to launch formal negotiations for a Free Trade Agreement (FTA). The launch is most likely to take place in the second week of January. According to an official, they are planning to launch the negotiations and the talks of the first round this month only.

The representatives of the UK’s trade ministry and businesses comprising a delegation is also about to visit India for the launch of negotiations. According to the sources, the launch can happen virtually due to the rising covid-19 cases.

Both parties are planning to put together an interim agreement by March 2022. India has also said that it wants to enhance the mobility of its professionals. 

Sources have also said that the reduction or removal of tariffs on automotive products and removal of barriers to trade in food and drink, services and healthcare and medical device sectors are among the objectives of the proposed agreement. The India-UK Joint Economic and Trade Committee (Jetco) will also join the launch of negotiations. India and UK agreed on an enhanced trade partnership with the goal to double bilateral trade to £50 billion by 2030.

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