Explorer

Diwali Deadline For India-UK Trade Pact Is Not Going To Be Missed: Commerce Secretary

In April, both sides had set the Diwali deadline for the conclusion of an India-UK Free Trade Agreement (FTA).

New Delh: Negotiations for the proposed free trade agreement between India and the UK are at the last stage and the deadline of Diwali (in October) would not be missed, commerce secretary B V R Subrahmanyam said on Saturday.

In April, both sides had set the Diwali deadline for the conclusion of an India-UK Free Trade Agreement (FTA).

"We are on track (to meet the deadline). We are in the last stages. 19 out of 26 chapters are closed. There are a couple of areas where we are negotiating… Diwali deadline is not going to be missed," he told reporters here.

Talks are happening on certain goods like cars and spirits from the UK side and certain products from the Indian side.

In January, both countries formally launched talks for a free trade agreement to boost bilateral trade and investments.

In such pacts, two countries either eliminate or significantly reduce customs duties on the maximum number of goods traded between them besides easing norms for promoting investments and services trade.

India's main exports to the UK include ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment and parts, spices, metal products, machinery and instruments, pharma and marine items.

Major imports include precious and semi-precious stones, ores and metal scraps, engineering goods, professional instruments, non-ferrous metals, chemicals and machinery.

In the services sector, the UK is one of the largest markets in Europe for Indian IT services. The bilateral trade has increased to USD 17.5 billion in 2021-22 compared to USD 13.2 billion in 2020-21. India's exports stood at USD 10.5 billion in 2021-22, while imports were USD 7 billion.

He added that India can see USD 10-15 billion uptake in exports from this pact.

On the proposed trade pact with Canada, the secretary said talks are on track and two rounds have already been concluded.

"The third round will be at the end of September and the target is that we will conclude it by December," Subrahmanyam said.

With the European Union, he said that the second round will happen now and "we are expecting (it to conclude) in June-July next year".

With Australia, he said the trade pact is expected to get approval from their parliament by the end of this month. It was signed in April this year.

"We are pushing our FTAs… FTAs are an important part of our trade strategy ..It will open new markets," he said. 

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Bangladesh Says 'Internal Affair' As India Flags Safety Of Hindus After ISKCON Monk's Arrest
Bangladesh Says 'Internal Affair' As India Flags Safety Of Hindus After ISKCON Monk's Arrest
Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
27 Arrested, CCTV Being Scanned, List Of 100 'Miscreants' Prepared: Police On Sambhal Violence
27 Arrested, CCTV Being Scanned, List Of 100 'Miscreants' Prepared: Police On Sambhal Violence
'Came Here For Blessings': Jharkhand CM-Designate Hemant Soren On Meeting Amit Shah, PM Modi
'Came Here For Blessings': Jharkhand CM-Designate Hemant Soren On Meeting Amit Shah, PM Modi
Advertisement
ABP Premium

Videos

FIR Filed Against Sambhal MP Ziaur Rahman, Statement Released Amidst ControversyFIR Filed Against Sambhal MP Ziaur Rahman and Local MLA's Son in Controversial CaseSambhal Violence Sparks Political Firestorm, Congress MP Imran Masood's Strong Remarks | ABP NewsBreaking News: SP Leader Ram Gopal Yadav Reacts to Sambhal Violence | ABP News

Photo Gallery

Embed widget