Delegation departs for final stages of India-UK FTA negotiations

A high-level Indian official delegation has departed for London, aiming to resolve remaining differences on key issues pertaining to Free Trade Agreemner talks, according to sources familiar with the matter.

Scheduled to take place in London, the upcoming talks will see chief negotiators from both countries deliberating on various aspects, including goods, services, and rules of origin, underscoring the significance of the visit in finalizing the agreement.

Last week, the Prime Minister's Office conducted a comprehensive review of the progress made in the negotiations, stressing the importance of addressing outstanding concerns.

With 13 rounds of talks already completed, the 14th round commenced last month, indicating the continued momentum towards reaching a comprehensive agreement. Additionally, discussions are underway regarding the proposed Bilateral Investment Treaty (BIT) between India and the UK.

Launched in January 2022, the FTA negotiations encompass 26 chapters covering diverse areas such as goods, services, investments, and intellectual property rights, reflecting the broad scope of the agreement.

The Indian industry has been vocal in its demands for increased access for skilled professionals, particularly from sectors like IT and healthcare, in the UK market. Additionally, efforts are underway to secure market access for various goods with reduced or nil customs duties.

Conversely, the UK is advocating for major reductions in import duties on products such as scotch whiskey, electric vehicles, lamb meat, chocolates, and certain confectionary items. Furthermore, British authorities are keen on expanding opportunities for UK services in Indian markets, particularly in telecommunications, legal, and financial services sectors.

The bilateral trade between India and the UK witnessed an uptick, reaching $20.36 billion in the fiscal year 2022-23, compared to $17.5 billion in the previous fiscal year, underscoring the growing economic ties between the two nations.

(With PTI inputs)