Latest News | Officials of India and UK to Work Intensively to Conclude Trade Talks by Oct: Govt
Get latest articles and stories on Latest News at LatestLY. Officials of India and the UK will "work intensively" throughout the summer in order to conclude the talks on the free trade agreement by the end of October, the commerce ministry said on Thursday.
New Delhi, Aug 11 (PTI) Officials of India and the UK will "work intensively" throughout the summer in order to conclude the talks on the free trade agreement by the end of October, the commerce ministry said on Thursday.
Last month, both the countries concluded the fifth round of talks for an India-UK Free Trade Agreement (FTA), it said in a statement.
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For this round of negotiations, technical experts from both sides came together for detailed draft treaty text discussions in 85 separate sessions covering 15 policy areas, it said.
"Indian and UK officials will continue to work intensively throughout the summer towards our target to conclude the majority of talks on a comprehensive and balanced FTA by the end of October 2022," it added.
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In such pacts, two or more countries significantly reduce or eliminate customs duties on a maximum number of goods traded between them. Besides, they ease norms for promoting trade in goods and investments.
In January, India and the UK formally launched talks for a free trade agreement. They have set the deadline for concluding talks by Diwali.
The bilateral trade has increased to USD 17.5 billion in 2021-22 compared to USD 13.2 billion in 2020-21. India's exports stood at USD 10.5 billion in 2021-22, while imports were USD 7 billion.
The UK is also a key investor in India. New Delhi has attracted foreign direct investment of USD 1.64 billion in 2021-22. The figure was about USD 32 billion during the period between April 2000 and March 2022.
India's main exports to Britain include ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment and parts, spices, metal products, machinery and instruments, pharma, and marine items.
Major imports include precious and semi-precious stones, ores and metal scraps, engineering goods, professional instruments, non-ferrous metals, chemicals, and machinery.
In the services sector, the UK is one of the largest markets in Europe for Indian IT services.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)