India-UK Free Trade Agreement (FTA) Negotiations
India and the UK are set to resume negotiations for a proposed free trade agreement (FTA) after a hiatus of over eight months. This move aims to establish a "modern economic deal" between the two nations.
Key Aspects of the Negotiations
- Focus on sectors such as:
- Advanced manufacturing
- Clean energy
- Financial services
- Professional and business services
- Negotiations will commence with two days of concentrated discussions.
Significance and Background
- The relaunch of talks will be led by UK business and trade secretary Jonathan Reynolds and India's commerce and industry minister.
- This development is significant as India is also initiating talks for a Bilateral Trade Agreement with the US.
- Minister is scheduled to meet EU trade commissioner ahead of the 10th round of India-EU FTA discussions in March.
Strategic Importance
- The UK and India are the sixth and fifth largest global economies respectively.
- Their trade relationship is valued at 41 billion and supports over 600,000 jobs across both countries.
- The trade deal is crucial to elevating the trading relationship to new heights.
The negotiations aim to address differences on tariff concessions for products such as electric vehicles, alcoholic beverages, and services.
