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The bilateral trade between India and the UK rose to USD 21.34 billion in FY24 from USD 20.36 billion in FY23.” />
India and the UK are expected to resume talks on the proposed free trade agreement (FTA) from February 24, with Britain’s trade minister Douglas Alexander expected to visit New Delhi later this month.
The two sides aim to resolve their differences on issues related to tariff concessions on electric vehicles, alcoholic beverages and services. The last round of negotiations for a free trade deal and a bilateral investment treaty took place in March 2024.
“Talks for the trade agreement are planned for this month and we are exploring mutually convenient dates for the next round,” said an official.
In November last year, Prime Minister Narendra Modi had met his UK counterpart Keir Starmer on the sidelines of the G-20 Summit. The two leaders had then agreed to resume FTA negotiations.
As many as 14 rounds of negotiations have taken place between the two sides so far.
The bilateral trade between India and the UK rose to USD 21.34 billion in FY24 from USD 20.36 billion in FY23.
While the Indian industry has sought greater access for its skilled professionals from sectors like IT and healthcare in the UK market, the UK is seeking a significant cut in import duties on goods such as Scotch whisky, automobiles including EVs and chocolates. It has also sought opportunities for British companies in India’s services sectors such as telecommunications and financial and legal services, including banking and insurance.
Negotiations related to insurance would be crucial as India has proposed to raise the foreign direct investment limit to 100% in the sector from 74%.
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The two sides aim to resolve their differences on issues related to tariff concessions on electric vehicles, alcoholic beverages and services. The last round of negotiations for a free trade deal and a bilateral investment treaty took place in March 2024.
- Updated On Feb 4, 2025 at 10:41 AM IST
The bilateral trade between India and the UK rose to USD 21.34 billion in FY24 from USD 20.36 billion in FY23.“>
India and the UK are expected to resume talks on the proposed free trade agreement (FTA) from February 24, with Britain’s trade minister Douglas Alexander expected to visit New Delhi later this month.
The two sides aim to resolve their differences on issues related to tariff concessions on electric vehicles, alcoholic beverages and services. The last round of negotiations for a free trade deal and a bilateral investment treaty took place in March 2024.
“Talks for the trade agreement are planned for this month and we are exploring mutually convenient dates for the next round,” said an official.
In November last year, Prime Minister Narendra Modi had met his UK counterpart Keir Starmer on the sidelines of the G-20 Summit. The two leaders had then agreed to resume FTA negotiations.
As many as 14 rounds of negotiations have taken place between the two sides so far.
The bilateral trade between India and the UK rose to USD 21.34 billion in FY24 from USD 20.36 billion in FY23.
While the Indian industry has sought greater access for its skilled professionals from sectors like IT and healthcare in the UK market, the UK is seeking a significant cut in import duties on goods such as Scotch whisky, automobiles including EVs and chocolates. It has also sought opportunities for British companies in India’s services sectors such as telecommunications and financial and legal services, including banking and insurance.
Negotiations related to insurance would be crucial as India has proposed to raise the foreign direct investment limit to 100% in the sector from 74%.
- Published On Feb 4, 2025 at 10:39 AM IST
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