India-UK Free Trade Agreement Negotiations Near Conclusion: Commerce Ministry

Bilateral trade between India and UK witnessed growth, with figures rising to $20.36 billion in 2022-23 from $17.5 billion in the previous fiscal year

Top government officials have disclosed that negotiations for the proposed India-UK free trade agreement are nearing completion, with both parties diligently addressing remaining issues, as per PTI report. Commerce Secretary Sunil Barthwal said the importance of safeguarding India's interests throughout the negotiations, particularly focusing on commercial gains and protecting farmers and goods under the PLI scheme.

Commerce Ministry's Additional Secretary L Satya Srinivas highlighted that discussions have reached an advanced stage, with high-level engagement aimed at resolving discrepancies. The 14th round of talks commenced on January 10, showcasing the commitment of both nations towards forging a beneficial agreement.

In addition to trade discussions, an investment treaty between India and the UK is also being pursued separately. Bilateral trade between the two countries witnessed growth, with figures rising to $20.36 billion in 2022-23 from $17.5 billion in the previous fiscal year.

India's primary exports to the UK include ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment, spices, machinery and instruments, pharmaceuticals, and marine products. In the services sector, the UK is the largest market in Europe for Indian IT services.

The main imports include precious and semi-precious stones, ores and metal scraps, engineering goods, and professional instruments other than electronics, chemicals and machinery.

Meanwhile, the ministry informed about the upcoming seventh round of talks for the India-European Union (EU) free trade agreement scheduled from February 19-23. Negotiations for this agreement resumed in June 2022 after an eight-year hiatus.

Regarding the India-Pacific Economic Framework for Prosperity (IPEF), Ministry official Rajesh Agrawal revealed that legal revisions are underway for agreements promoting a clean and fair economy. The supply chain resilience pact is set to be enforced from February 24, with action plans being devised to enhance participation in institutional structures under this pact.