March 6, 2024
The ongoing talks, initiated in January 2022, have completed 13 rounds, and the 14th round started in January
Progress is also being made on the proposed bilateral investment treaty (BIT), encompassing 26 chapters, including goods, services, investments, and intellectual property rights
India is advocating for increased access for skilled professionals in sectors like IT and healthcare in the UK market, along with market access for various goods with zero customs duty
Bilateral trade between India and the UK rose to US$ 20.36 billion in 2022-23
As the negotiations for the proposed India-UK free trade agreement (FTA) conclude, sources reveal that a British delegation is currently addressing remaining issues. The chief negotiators from both countries are expected to discuss various aspects, including goods and services.
Among the topics likely to be discussed is the British request to reduce customs duties on electric vehicles. The negotiations, which commenced in January 2022, have completed 13 rounds, with the 14th round initiated in January.
Simultaneously, progress is being made on the proposed BIT. The comprehensive agreement comprises 26 chapters, encompassing goods, services, investments, and intellectual property rights.
In this process, the Indian industry advocates for enhanced access for skilled professionals in the UK market, especially from sectors like IT and healthcare. They are also seeking market access for various goods with zero customs duty.
Conversely, the UK is pushing for substantial cuts in import duties on items such as scotch whiskey, electric vehicles, lamb meat, chocolates, and certain confectionery items. Additionally, Britain is keen on expanding opportunities for its services in Indian markets, particularly in telecommunications, legal, and financial services (banking and insurance).
Bilateral trade between India and the UK increased, reaching US$ 20.36 billion in 2022-23 from US$ 17.5 billion in 2021-22.
Source: Indian Express