India Backs UK’s Plan To Resume FTA Talks In Early 2025

New Delhi, Nov 20 (KNN) The Indian Department of Commerce has expressed support for British Prime Minister Keir Starmer's recent announcement to restart Free Trade Agreement (FTA) negotiations between India and the United Kingdom in early 2025.

The announcement came after Starmer's bilateral meeting with Indian Prime Minister Narendra Modi during the G20 summit in Rio de Janeiro, Brazil.

In an official statement released Wednesday, the Department of Commerce emphasised its commitment to working closely with British negotiators to address outstanding issues, highlighting the importance of achieving a balanced and mutually beneficial trade agreement.

The precise dates for these discussions will be determined through diplomatic channels in the near future, with negotiations expected to build upon previously established progress.

The bilateral trade relationship between India and the UK has shown significant growth, particularly evident in recent trade figures.

During the April-September 2024 period, Indian exports to the UK grew by 12.38 percent, reaching USD 7.32 billion compared to USD 6.51 billion in the corresponding period of 2023.

Key export sectors including mineral fuels, machinery, precious stones, pharmaceuticals, apparel, iron and steel, and chemicals account for 68.72 percent of India's total exports to the UK.

The trade negotiations, which began in 2022, have already progressed through 13 rounds of talks.

The 14th round was postponed due to elections in both nations earlier this year. As India aims to achieve its ambitious export target of USD 1 trillion by FY30, the UK remains a priority market, with bilateral exports projected to reach USD 30 billion by 2029-30.

Both governments have demonstrated strong political commitment to finalising the agreement, which is expected to further strengthen their economic partnership.

(KNN Bureau)