In January, the two countries formally began negotiations for a free trade agreement to boost bilateral trade and investment.
In January, the two countries formally began negotiations for a free trade agreement to boost bilateral trade and investment.
There are no indications of the impact of recent political developments in Britain on the ongoing negotiations for the proposed resolution. free trade Agreement Commerce and Industry Minister Piyush Goyal has said between the two countries.
on 7th July British Prime Minister Boris Johnson announces his resignation After an unprecedented rebellion from within his cabinet as leader of the Conservative Party and being abandoned by close allies in the wake of a series of scandals that rocked his government, leadership elections began for a new Tory leader. who would become his successor. ,
In January, the two countries formally began negotiations for a free trade agreement to boost bilateral trade and investment.
In such agreements, two countries eliminate or significantly reduce customs duties on the maximum number of trade between them, in addition to easing norms to promote trade in investments and services.
“This [political developments in the U. K.] Happened recently, and we haven’t got any indication of that. But since the Conservative Party is still in government and generally with regards to international engagement, there is continuity of government. Therefore, I do not see any immediate problem and I have not heard of any reason that could affect the strong bilateral partnership between India and the UK,” Mr. Goyal added. PTI,
He was responding to a question whether the resignation of the British Prime Minister would affect the ongoing talks for an India-UK trade deal. Negotiations are at an advanced stage, and both sides have agreed on several chapters of the proposed agreement.
Asked about meeting the deadline for completion of talks by Diwali, the minister said that FTA talks are “very” complicated matters and involve very careful evaluation of various elements. “We will do our best to meet these challenging deadlines,” he said.
In April, Prime Minister Narendra Modi and his UK counterpart boris johnson The Diwali deadline was set for the negotiating teams to end the FTA talks. Diwali is falling on 24th October this year.
The UK is also a major investor in India. New Delhi has attracted foreign direct investment of $1.64 billion in 2021-22. Between April 2000 and March 2022 this figure was about $32 billion.
India’s main exports to the UK include finished garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment and parts, spices, metal products, machinery and equipment, pharma and marine items.
Major imports include precious and semi-precious stones, ores and metal scrap, engineering goods, professional equipment, non-ferrous metals, chemicals and machinery.
In the services sector, the UK is one of the largest markets in Europe for Indian IT services. Bilateral trade has increased to $17.5 billion in 2021-22 as compared to $13.2 billion in 2020-21. India’s exports stood at $10.5 billion in 2021-22, while imports stood at $7 billion.