The Commerce and Industry Ministry announced on Wednesday that the schedule for holding the India-UK free trade talks in early 2025 would be finalised through diplomatic channels “at an early date”.
“Subsequent to the meeting between Prime Minister Narendra Modi and the Prime Minister of the United Kingdom Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, we welcome the announcement by the UK to relaunch the India-UK Free Trade talks in the new year,” a Ministry statement said.
“The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal,” it added.
Noting the importance of securing a balanced, mutually beneficial and forward-looking Free Trade Agreement (FTA), India looks forward to closely working with the UK’s negotiating team to address remaining issues to mutual satisfaction, the statement added.
PM Modi and his UK counterpart Keir Starmer agreed to strengthen bilateral ties with a new strategic partnership, including trade and cooperation in areas such as security, education, technology, and climate change. India’s trade relationship with the UK continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement. As per the latest data from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38 per cent, reaching $7.32 billion, compared to $6.51 billion during the same period in 2023, the Commerce Ministry said.
Mineral fuels, machinery, precious stones, pharmaceuticals, apparel, iron and steel, and chemicals lead India’s export basket to the UK, contributing a 68.72 per cent share of total exports. The United Kingdom is a priority country for the achievement of the ambitious $1 trillion export target by FY30, with exports to the UK expected to reach $30 billion by 2029-30.
(IANS)