Commerce and Industry Minister Piyush Goyal recently stated that India-UK FTA negotiations are progressing steadily. Both countries remain committed to concluding the talks as early as possible. Goyal emphasized that the teams are working hard to achieve a fair, equitable, and balanced trade agreement. This pact respects the sensitivities and different levels of development that each nation brings to the table. Furthermore, the 12th round of talks is currently undergoing, marking significant forward movement.
Business Mobility and Chapter Progress in India-UK FTA Negotiations
UK Business and Trade Secretary Kemi Badenoch also noted that both nations are actively discussing business mobility. These India-UK FTA negotiations have now reached the final stages for this specific area. Out of the 26 total chapters in the proposed agreement, the negotiators have already closed 19. Although the main agreement progresses, investment is being negotiated separately as a bilateral investment treaty. Consequently, this separate track ensures that both trade and investment receive detailed attention.
Economic Impact and Strategic Importance
The bilateral trade between the two countries has shown strong growth even before the finalisation of the deal. Trade increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22. Therefore, a successful conclusion to the India-UK FTA negotiations will likely accelerate this positive trend. While no specific deadline exists for the negotiations, both ministers expressed a desire for a fast and high-quality outcome.
Conclusion of G20 Ministerial Discussions
Both ministers attended the G20 trade and investment ministers meeting to discuss these developments. Goyal reiterated that the faster the conclusion, the better it will be for both economies. Additionally, the agreement aims to respect the future potential of both markets. As the talks continue, the focus remains on delivering a robust framework that supports businesses in both India and Britain.
