New Delhi, May 3 (PTI) Businesses are looking forward to Indian and British governments for implementation of an enhanced trade partnership (ETP) that addresses market access barriers and begins the journey to an eventual free-trade agreement, the UKIBC said on Monday.

A day ahead of a virtual meeting between UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi, the UK India Business Council (UKIBC) said it is encouraging that the prime ministers are working together now on medium- and long-term priorities such as climate action, healthcare, defence and security, and trade and investment.

The council also expressed hope that the meeting on Tuesday will provide more details of the enhanced trade partnership, initiated by Commerce and Industry Minister Piyush Goyal and his UK counterpart Liz Truss, Secretary of State for International Trade.

"Businesses are looking forward to the governments implementing an ETP that addresses market access barriers in the short- and medium-term and begins the journey to an eventual FTA (free-trade agreement)," it said in a statement.

It added that alongside the reduction and removal of tariffs and non-tariff barriers to goods trade, it is important that the ETP recognises the critical importance, to both countries, of knowledge- and technology-driven trade, such as digital, data, and financial services.

"By reducing tariff and non-tariff barriers, including the alignment of standards, the benefits will be felt across many sectors, most notably digital and ICT, food and drink, defence, healthcare and pharma, and advanced manufacturing," it said.

It added that "we at the UKIBC look forward to supporting the implementation of the ETP on this exciting and important journey to an FTA".

Further, the council said there is a significant scope for UK investments and UK-India co-creation of defence and aerospace technologies.

"There is also increased collaboration between the armed forces of the two countries, with the UK's new aircraft carrier HMS Queen Elizabeth and accompanying fleet set to be deployed on a maiden voyage to the Indian Ocean this month," it added.

The bilateral trade between India and the UK stood at USD 15.45 billion in 2019-20 as against USD 16.87 billion in 2018-19, according to commerce ministry data. HRS hrs

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