Tuesday, January 25, 2022

India, UK launch negotiations for a Free Trade Agreement

India and the UK have formally launched negotiations for a Free Trade Agreement between two countries. Joint Statement of Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Anne-Marie Trevelyan said, the Free Trade Agreement would be a substantial opportunity for both economies and a significant moment in the bilateral relationship.

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 British Prime Minister Boris Johnson in May last year. The Joint Statement said, India and the UK will seek to agree a mutually beneficial agreement supporting jobs, businesses and communities in both countries. It said, trade negotiations will be a priority for both countries.

During negotiations, 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.
Both parties have agreed that the first round of negotiations will begin on 17th of January, and future rounds of negotiations will take place approximately every five weeks.

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