India, Britain begin FTA talks

New Delhi, January 13

India and the United Kingdom (UK) on Thursday formally launched negotiations for a Free Trade Agreement (FTA), which is expected to help double bilateral trade to over USD 100 billion by 2030 and boost economic ties between the two countries.

The talks were launched by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Anne-Marie Trevelyan here.

The first round of negotiations will begin on January 17 and the future rounds will take place approximately every five weeks. Both sides will strive to conclude the negotiations by December.

During the negotiations, both governments will consider the option of an interim agreement that generates early benefits for the two countries, said a joint statement by Goyal and Trevelyan.

India will be seeking to tie the freer movement of professionals to Britain with the lowering of trade barriers.

UK PM Boris Johnson has said the FTA would take his country’s historic partnership with India to the next level, and highlighted that sectors such as Scotch whisky, financial services and cutting-edge renewable technology would benefit from it.