Next round of talks for India-UK trade deal expected to be completed in coming months
India and the UK started talks on a Free Trade Agreement (FTA) in January. The target was to complete it by Diwali i.e. 24 October. But due to political developments in Britain, the deadline could not be agreed upon. The agreement has 26 chapters, covering goods, services, investments and intellectual property rights.
According to sources, the ministry has now set a target of completing negotiations on the trade agreement at the international level by March next year.
The reduction or elimination of customs duties under the agreement will help boost exports of the country’s labour-intensive sectors such as textiles, leather and gems and jewelery to the UK market. The UK is seeking duty exemptions in sectors such as Scotch whiskey and vehicles.
According to the ministry, till July five rounds of talks have taken place between the two countries.
