UK Launches Free Trade Agreement Negotiations With India. Know Which Sectors Will Benefit

Since its exit from the European Union, the UK has been batting for India FTA describing it as a "golden opportunity" to put British businesses at the "front of the queue" of the Indian economy

Indian Prime Minister Narendra Modi and British Prime Minister Boris Johnson pose during the World Leaders' Summit | Getty

New Delhi: In a move that will open opportunities for partnership, the UK government announced the launch of Free Trade Agreement (FTA) negotiations with India.

Saying that the agreement would take the country's historic partnership with India to the next level, British Prime Minister Boris Johnson said Scotch whisky, financial services and cutting-edge renewable technology among some of the key sectors set to benefit, according to news agency PTI.

Which businesses are likely to benefit?

The first round of negotiations is likely to begin next week.

"A trade deal with India's booming economy offers huge benefits for British businesses, workers and consumers. As we take our historic partnership with India to the next level, the UK's independent trade policy is creating jobs, increasing wages and driving innovation across the country," Johnson said.

"The UK has world-class businesses and expertise we can rightly be proud of, from Scotch whisky distillers to financial services and cutting-edge renewable technology. We are seizing the opportunities offered in growing economies of the Indo-Pacific to cement our place on the global stage and deliver jobs and growth at home," he said.

Since its exit from the European Union (Representational), the UK has been backing for India FTA describing it as a "golden opportunity" to put British businesses at the "front of the queue" of the Indian economy.

British Prime Minister Boris Johnson said an FTA would take the country's historic partnership with India to the next level, and highlighted Scotch whisky, financial services and cutting-edge renewable technology among some of the key sectors set to benefit.

Besides, a trade deal with India's booming economy offers huge benefits for British businesses, workers and consumers. “As we take our historic partnership with India to the next level, the UK's independent trade policy is creating jobs, increasing wages and driving innovation across the country," Johnson said.

Johnson's statement on the FTA came amid his Secretary of State for International Trade, Anne-Marie Trevelyan expecting to meet with Union Commerce and Industry Minister Piyush Goyal in New Delhi for the 15th UK-India Joint Economic and Trade Committee (JETCO).

Trevelyan will review the progress within the UK-India Enhanced Trade Partnership agreed to last May by Prime Minister Narendra Modi and Johnson.

"A deal with India is a golden opportunity to put UK businesses at the front of the queue as the Indian economy continues to grow rapidly," Trevelyan said.

(With PTI Inputs)