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India and UK Launch Free Trade Agreement Negotiations

India and the United Kingdom launched negotiations on an ambitious Free Trade Agreement on Thursday, at the 15th India-UK Joint Economic and Trade Committee. (Photo -Twitter)

India on Thursday launched Free Trade Agreement negotiations with the United Kingdom in New Delhi.

The news: The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal along with Rt. Hon. Anne-Marie Trevelyan, UK Secretary of State for International Trade launched FTA negotiations with the UK.

  • The FTA is expected to facilitate the target of doubling bilateral trade between India and United Kingdom by 2030.
  • The FTA with UK is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.
  • The FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products Piyush Goyal said.
  • India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India, he added.
  • The Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access. There is also great potential for increasing exports in service sectors like IT/ITES, Nursing, education, healthcare, including AYUSH and audio-visual services. India would also be seeking special arrangements for movement of its people, he added.
  • The Minister assured that subsequent to the unveiling of FTA, the two nations would proactively and regularly engage with each other, for deliberating on the scope and coverage of the trade deal.
  • Observing that UK was a major trade partner of India with substantial bilateral volume of trade in goods and services, Goyal said that the cooperation extended across areas like tourism, tech, startups, education, climate change, etc. and that the two nations were looking forward to a mutually beneficial trade deal with balanced concessions and market access package in a wide range of sectors.
  • Calling for the enhancement of sectoral cooperation by addressing market access issues and removing trade restrictions, Goyal said that it would help generate direct and indirect employment in both nations.
  • India-UK FTA will also contribute in integrating value chains and help augment our mutual efforts to strengthen the resilience of supply chains.
  • It was also agreed to explore the possibility of an Interim Agreement to provide quick gains for benefitting businesses in both nations.

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