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Talks on Free Trade Agreement (FTA) have been going on between India and Britain for the last 2 years. Due to the general elections this year, both the countries had stopped talks, after which talks are likely to take place next month. Britain's minister in charge of Indo-Pacific affairs has expressed enthusiasm about the agreement on the occasion of Diwali.
The next round of talks on a free trade agreement between India and Britain is expected to take place in November. Britain's minister in charge of Indo-Pacific affairs has expressed enthusiasm about this. During a special Diwali function held in London, Minister in-charge Catherine West said that Britain is very keen on a 'Free Trade Agreement' (FTA) with India and is moving in this direction.
Catherine West, the minister responsible for the FSDO, has expressed the commitment of Keir Starmer's new government, citing the previous government's deadline to complete FTA negotiations. General elections were held in India and Britain this year, due to which both the countries stopped talks. The proposed agreement between the two countries aims to increase bilateral trade partnership to approximately $49 billion annually.
Britain keen on FTA
Addressing a gathering of FSDO MPs, community leaders and dignitaries at Lancaster House, Catherine West said that as a new government we are still very keen to take forward negotiations on a trade deal with India, Which will be finalized by Diwali.
Keir Starmer wishes Diwali
Earlier, Prime Minister Keir Starmer hosted Diwali celebrations at 10 Downing Street in London on Tuesday evening. In his message to the British Indian community, Prime Minister Starmer said, 'The triumph of light over darkness is really important in today's world, because there is no doubt that we live in a more unstable world than ever before. It seems that there is a lot of darkness all over the world and it is very important to celebrate the victory of light over darkness.
FTA is under negotiation from 2022
Negotiations on a free trade agreement (FTA) between India and Britain began in January 2022. In view of the general elections, both the countries postponed the 14th round of talks. According to the information, the issues of goods and services sector are yet to be discussed in this agreement. According to reports, Indian industry is seeking greater access to the UK market for its professionals from sectors like IT and healthcare. Whereas Britain is demanding a big reduction in import duty on some items including Scotch whiskey, electric vehicles, chocolate.
If agreement is reached then trade will double
If this agreement is signed between India and Britain, then bilateral trade between the two countries will double. Bilateral trade between the two countries stood at US$20.36 billion in 2022-23, while it will increase to US$21.34 billion in 2023-24. If a free trade agreement is reached, this could increase to approximately $49 billion annually.