India and the United Kingdom have formally launched negotiations for a Free Trade Agreement (FTA) between two countries. This announcement has been made by Indian Minister for Commerce and Industry Piyush Goyal and UK Trade Secretary, Anne-Marie Trevelyan, who is in New Delhi for FTA discussions.
In a joint statement, they said that this would be a substantial opportunity for both of our economies and a significant moment in the India-UK bilateral relationship. They said that the India-UK bilateral trading relationship is already significant, and both sides have agreed to double that bilateral trade by 2030, as part of Roadmap 2030 announced by the Prime Minister Narendra Modi and Prime Minister Boris Johnson in May 2021.
India and the UK will seek to agree a mutually beneficial agreement supporting jobs, businesses and communities in both countries. Trade negotiations will be a priority for both countries, as we build upon the Enhanced Trade Partnership launched by our Prime Ministers in May 2021.
During negotiations, and on the path to a comprehensive agreement, both Governments will consider the option of an Interim Agreement that generates early benefits for both countries. In parallel to trade negotiations, the India-UK Joint Economic and Trade Committee will continue to work in improving the India-UK trading relationship and addressing market access barriers outside of a trade agreement, they added.
Both parties have agreed that the first round of negotiations will begin on January 17, and future rounds of negotiations will take place approximately every five weeks. The Indian negotiating team will be led by Ms. Nidhi Mani Tripathi, Joint Secretary, Department of Commerce and the UK negotiating team will be led by Harjinder Kang, Director for India Negotiations at the Department for International Trade.
Speaking on the occasion, Piyush Goyal said that both India and UK are vibrant democracies, with a partnership built on our shared history and rich culture. The diverse Indian diaspora in UK, who act as a “Living Bridge”, adds further dynamism to the relations between the two countries, he added.
He said that the FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products. He added that India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India. The Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access, he added.
