New Delhi: The next meeting for FTA between India and the UK will be in November this year. The British Minister for Indo-Pacific Affairs looks forward to continuing with this particular deal. Speaking during a special Diwali celebration in London, Minister Catherine West described the UK’s desire to conclude an FTA with India and pointed out the recent developments in this regard.
Catherine West, at the Foreign, Commonwealth & Development Office (FCDO), urged the new government of Keir Starmer to finish the FTA making references to the completion timeline of the previous Irish government as well. Earlier this year the negotiations were disrupted when elections were held in both these countries. The proposed agreement is aimed at raising the bilateral trade relationship to nearly $ 49 billion a year.
UK Keen on FTA Progress
In a congregation while speaking to a group of MPs, leaders and other dignitaries at Lancaster House, the Minister for Overseas Development, Catherine West said, “For the new government we are still eager to see steps taken for a new trade treaty with India that was expected to be sealed before Diwali. This is what friends, we understand that it is not just about the timing around Diwali.
Before that, on Tuesday evening, Keir Starmer hosted Diwali at 10 Downing Street. About the message to the British Indian community, Starmer said, “It is really important to celebrate good over evil at the present world and its increasing complexity where one feels like living in uncertainty.” It appears that there is an excess of gloom, so it is even more important to rejoice at the triumph of light.”
Thus, mainly negotiations started with FTA partners since the beginning of 2022.
India and the United Kingdom started talks on the FTA in January 2022. The 14th round of negotiations was interrupted because of the elections in both countries. There are concerns still in the G and S sectors; India wants wider market access on IT & health care professionals to the UK. At the same time, the UK is seeking deeper tariff cuts for Scotch whisky, electric cars and chocolate.
Doubling Trade Prospects
If the agreement is going to materialise might result in the doubling of bilateral trade between India and UK. The increased bilateral trade made a record to $20.36 billion between 2022-23 and further enhanced a little to $21.34 billion between 2023-24. Under the FTA, this figure could grow up to $ 49 billion per year against the current trade turnover.