India, UK Free Trade Agreement talks resume in Delhi
According to the UK side, the talks will target a deal to cut tariffs and open opportunities for UK services, including financial and legal. As for the Indian side, trade in goods, including passenger vehicles, is one of the areas under negotiations with the UK side.
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FollowWith the arrival of its trade secretary in the national capital, the United Kingdom is set to start the sixth round of free trade agreement negotiations with India on Monday.
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Union Commerce Minister Piyush Goyal and his counterpart from the United Kingdom, Kemi Badenoch, will hold trade talks in person for the first time, aiming to strengthen ties between the two countries and reinvigorate talks on an ambitious bilateral trade deal.
UK's expectations from FTA
According to the UK side, the talks will target a deal to cut tariffs and open opportunities for UK services, including financial and legal. British businesses are trying to tap the expanding Indian market, which is set to become the world's third largest, with an expected middle-class population of 250 million people by 2050.
During her stay in India for a week, the UK minister will also meet with the business tycoons to better understand their needs for a modern UK-India trade relationship. Upon her arrival, Secretary of State for International Trade Kemi Badenoch said: "Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I am excited about the opportunities we can create for British business."
"India and the UK are the 5th and 6th biggest economies in the world. We have a long shared history and are in pole position to do a deal that will create jobs, encourage growth and boost our £29 billion trading relationship."
According to the UK High Commission in India, "Strong growth in the Indian economy is expected to boost UK exports to India by over £9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship."
India's expectations from FTA
On December 9, Minister of State for Commerce and Industry Anupriya Patel informed Parliament that the trade in goods, including passenger vehicles, is one of the areas under negotiations with the UK side.
The two countries have been negotiating a free trade agreement since January 13 this year. It must be noted that in a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them.
The UK side has been demanding duty concessions in the automobile sector. The two countries had set their Diwali deadline (October 24) for the conclusion of FTA talks, but the political situation in the UK slowed the momentum. Also, the talks were also stuck on the issue of immigration, automobiles, intellectual property and the alcohol industry.
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