India, UK Push To Triple Bilateral Trade Over Next Decade

New Delhi: India and the United Kingdom have resumed negotiations on a long-awaited Free Trade Agreement (FTA) aimed at significantly boosting economic ties. Talks had stalled for months, but UK Business and Trade Minister Jonathan Reynolds met with Indian Commerce Minister Piyush Goyal in New Delhi today to revive discussions.

The proposed mega trade deal seeks to triple bilateral trade within the next 10 years, up from its current $20 billion annually.

High Hopes For A "Pathbreaking" Agreement

Describing the FTA as a game-changer, Mr. Goyal emphasized the need for a "robust and future-proof deal" that benefits both nations over the long term. While he did not specify a deadline, he assured that negotiations are progressing at an advanced stage.

"We must look 20-30 years ahead and create a win-win situation. There’s no need to rush, but we will move forward with speed, not haste," he said.

Mr. Reynolds echoed similar optimism, calling the India-UK FTA a top priority for Britain.

Key Aspects Of The Trade Deal

• The agreement includes discussions on FTA, Bilateral Investment Treaty (BIT), and a Double Contribution Convention Agreement, all progressing in parallel.
• The deal is expected to strengthen business ties, eliminate or reduce tariffs, and provide greater market access for both nations.
• India clarified that migration policies are not part of the FTA talks, while the UK acknowledged the important role of Indian professionals and students in its economy.

Growing India-UK Trade Relations

• India-UK trade rose to $21.34 billion in 2023-24, up from $20.36 billion in 2022-23.
• The UK is India's sixth-largest investor, with $35.3 billion in Foreign Direct Investment (FDI) from April 2000 to September 2024.

Both nations remain committed to a balanced, mutually beneficial deal that unlocks new opportunities for businesses and consumers.