September 16, 2021

India, UK aim to launch FTA negotiations by November 1

By Administrator_ India

Capital Sands

India and the United Kingdom plan to launch negotiations on a trade deal between the two nations by 1 November 2021, the commerce and industry said on Tuesday.

Both nations are looking at an interim trade deal by March next year, which will be followed by a comprehensive FTA. The interim deal will involve early concessions on certain key high-priority products and services related to tariffs or market access Commerce and industry minister Piyush Goyal said that an interim trade agreement is the first step towards an FTA that would allow both nations to immensely benefit from the early gains of the partnership.

This was taken up during Goyal’s discussions with his British counterpart secretary of state Elizabeth Truss on Monday.

In May, India and the UK had inked nine pacts, including the launch of an enhanced trade partnership (ETP), which would include negotiating a comprehensive FTA and an interim trade agreement for delivering early gains.

There is tremendous interest in the business community in both countries about the FTA, the minister said, adding that there is a keenness to have an early conclusion of negotiations for ‘quick and early economic benefits’ to businesses on both sides.

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