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India-UK Free Trade
External Affairs Minister S Jaishankar on Saturday inaugurated a new Consulate General of India in Manchester, which he said was symbolic of the importance of the growing diaspora in the region and a sign of things to come, including an India-UK Free Trade Agreement (FTA). The external affairs minister (EAM) said it was apt that Vishakha Yaduvanshi takes over her role as India's newest Consul General on International Women's Day, reflective of the strides the government has made in putting women's issues at the centre of policy. He followed up the official opening of the consulate building in Stockport, Greater Manchester, with a celebratory diaspora reception at the Old Trafford stadium, where he interacted with members of the Lancashire Cricket Club's women's team members before they leave for Bengaluru for a pre-season tour next week. My first visit to Manchester here today, in a formal way, is an acknowledgement of how much this relationship has matured in the last four decades,
Senior Congress leader Shashi Tharoor posted a selfie with Union Commerce and Industry Minister Piyush Goyal and the UK's Secretary of State for Business and Trade Jonathan Reynolds on Tuesday, and said the revival of long-stalled India-UK FTA negotiations was most welcome. "Good to exchange words with Jonathan Reynolds, Britain's Secretary of State for Business and Trade, in the company of his Indian counterpart, Commerce and Industry Minister Piyush Goyal," he said of their meeting at an event on Monday. "The long-stalled FTA (Free Trade Agreement) negotiations have been revived, which is most welcome," Tharoor said on X. Tharoor's post created a buzz among political circles as it comes amid a row over his recent article in a newspaper that drew criticism from some Congress leaders in Kerala for his perceived praise of the Left Democratic Front (LDF) government in the state for boosting the investment climate. Tharoor's article in an English-language daily, praising the ...
After a gap of over eight months, India and the UK will resume negotiations for a proposed free trade agreement (FTA) here from February 24, an official said. UK's Secretary of State for Business and Trade Jonathan Reynolds will be here for resumption of the talks. He will hold a bilateral meeting with Commerce and Industry Minister Piyush Goyal, the official said. The India-UK FTA negotiations were launched on January 13, 2022. Total 13 rounds of negotiations have been held till December 2023. The 14th round, which began on January 10, 2024, was underway when negotiations were paused by the UK side in May 2024 due to elections in that country. The talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal, the official added. The agreement is aimed at boosting bilateral trade and investments. In such pacts, two countries either eliminate or significantly reduce customs duties on maximum goods trad
India and the UK are expected to hold the next round of talks for a proposed free trade agreement (FTA) in January to resolve the pending issues and close the negotiations, a senior official said on Thursday. The talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. In November, an official statement said that the dates for the FTA talks in early 2025 would be finalised through diplomatic channels. The negotiations would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal. The next round of talks is likely to start at January-end, the official said. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other hand, the UK is seeking a significant cut in import duties on g
The Free Trade Agreement (FTA) being negotiated between India and the UK is in the final stages with both sides within finger-touching distance to clinch an agreement, NITI Aayog CEO B.V.R. Subrahmanyam said here on Wednesday. The FTA, negotiations for which were launched in January 2022 before being stalled due to general elections in both countries, is aimed at significantly enhancing the estimated GBP 38.1 billion a year bilateral trading partnership. During the signing ceremony for the new UK-India Infrastructure Financing Bridge (UKIIFB) agreement, both sides were keen to stress that the bilateral partnership is not being held hostage to the FTA even as the newly elected governments on both sides remain committed to it. "I think this is a deal that is in the last slab. The two sides I would say are not even at hand-shaking distance, the fingers are touching. It's just a question of that extra five inches and you can grab the deal, Subrahmanyam said while addressing a panel ...
India remains committed to elevating its ties with the UK and welcomes the desire to conclude a mutually beneficial free trade pact, Prime Minister Narendra Modi said after British Foreign Secretary David Lammy met him on Wednesday. In a post on 'X', Modi also appreciated the priority accorded by British Prime Minister Keir Starmer to broaden and deepen the India-UK comprehensive strategic partnership. Lammy is on a two-day visit to India to galvanise negotiations for the trade pact and reset the overall bilateral partnership in crucial areas such as clean energy, new technologies and security. The British foreign secretary's visit to New Delhi is the first high-level engagement between India and the UK after Prime Minister Starmer's Labour government came to power on July 5. "A pleasure to meet UK FS @DavidLammy. Appreciate the priority accorded by PM @Keir_Starmer to broaden and deepen the Comprehensive Strategic Partnership," Modi said. "Remain committed to elevating the ties.
The outstanding issues with regard to the proposed free trade agreement (FTA) between India and the UK will be taken up after the general elections in Britain, a senior government official said on Friday. The issues which need to be ironed out include duties in sectors like electric vehicles, alcoholic beverages, and services. "The outstanding issues to seal the deal will be resolved once the general elections in the UK are over," Additional Secretary in the Department of Commerce L Satya Srinivas told reporters here. The UK's general election will be held on July 4. India and the UK launched talks for an FTA in January 2022 to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from 20.36 billion in 2022-23. On the India-EU trade pact, Srinivas said that the eighth round of talks is .
There has been good market access offered on both sides but not enough to secure a free trade agreement (FTA), the UK government has said as Indian negotiators are in London this week to continue discussions with their British counterparts. During a debate in the House of Lords this week, UK Foreign Secretary David Cameron was addressing questions from British peers on the current state of freedom of religion or belief in India. The recent restructuring of the BBC to create a new Indian-owned entity in order to comply with the country's foreign direct investment (FDI) rules was flagged by Liberal Democrat peer Lord Jeremy Purvis, who questioned the level of market access being offered to India in the field of media, data and telecoms as part of the FTA negotiations. My understanding of where we are with the trade deal is that good market access has been offered on both sides, but not quite enough yet to secure a deal. It is important with such trade deals, as you only really get one
With the negotiations for the proposed India-UK free trade agreement reaching an advanced stage, the Prime Minister's Office reviewed the progress of the talks on February 16, sources said. Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal were also present in the meeting, they said. "The talks for the agreement are at a crucial stage now. About three reviews have happened so far at the highest level," they said, adding both countries are working to iron out differences on the remaining issues. The commerce secretary recently stated that the negotiations were taking time because "we want" to safeguard India's interest. "India should commercially gain out of it and we should also be able to safeguard the interest of our farmers, PLI (production linked incentive) scheme goods. So, we are there to see that the deal is a fair deal," he said. So far 13 rounds of talks have been completed and the 14th round started on January 10. Some of the key issues .
Majority of the issues in the proposed free trade agreement (FTA) between India and the UK are either finalised or at an advanced stage of talks, a government official said on Monday. Additional Secretary in the Department of Commerce L Satya Srinivas said that the 14th round of negotiations between the officials of the two countries is underway here. "The majority of the chapters are either closed or at an advanced stage of negotiation. Discussions are being held at the higher level as well as at the team level to iron out differences," he told reporters here. The talks for the pact began in January 2022. The current round of talks is expected to be the final one. Talks are also progressing on the proposed Bilateral Investment Treaty (BIT). There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. Issues from both goods and services are pending for conclusion. The bilateral trade between India and the UK increased to US
Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country's fast-growing automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain. The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems. "When we look at our present strength and the future potential in India, I think it is going to be huge. "In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to th