India, U.K. To Hold Next Round Of Talks For Free Trade Agreement In January
The 13th round of negotiations for the proposed pact was held between Sept. 18 and Dec. 15.
India and the U.K. officials in January next year will hold the next round of talks for the proposed free trade agreement (FTA) to resolve remaining issues, the commerce ministry said on Monday.
The 13th round of negotiations for the proposed pact was held between Sept. 18 and Dec. 15.
"The U.K. and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement. The fourteenth round of negotiations will take place in January 2024," the ministry said in a statement.
These negotiations focussed on complex issues including goods, services, and investment.
An Indian team was in London recently.
Issues which need to be resolved include duty cuts on electric vehicles and whiskey and the movement of professionals. Talks are also progressing on the proposed bilateral investment treaty (BIT).
India and the U.K. launched the talks for a free-trade agreement (FTA) in January 2022, to conclude talks by Diwali (Oct. 24, 2022), but the deadline was missed due to political developments in the U.K.
There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the U.K. market, besides market access for several goods at nil customs duties.
On the other hand, the U.K. is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items.
Britain is also looking for more opportunities for U.K. services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).
The bilateral trade between India and the U.K. increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.
