India-UK Trade Deal Talks Resume in January

New Delhi, Dec 12 (PTI) India and the UK are expected to hold the next round of talks for a proposed free trade agreement (FTA) in January to resolve the pending issues and close the negotiations, a senior official said on Thursday.

The talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.

In November, an official statement said that the dates for the FTA talks in early 2025 would be finalised through diplomatic channels.

The negotiations would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal.

The next round of talks is likely to start at January-end, the official said.

The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty.

On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, electric vehicles, lamb meat, chocolates and certain confectionary items.

Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).

The two countries are also negotiating a bilateral investment treaty (BIT).

There are 26 chapters in the agreement, which includes goods, services, investments and intellectual property rights.

The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from 20.36 billion in 2022-23.