UK FTA talks: India's official delegation heads for London

WITH the India-UK free trade agreement (FTA) negotiations nearing their conclusion, a high-level Indian official delegation is set to depart for London. According to sources, the negotiators will address outstanding differences on various fronts such as goods, services, and rules of origin.

This visit holds significant weight, especially following a recent review of progress by the Indian prime minister's office. The objective is to resolve remaining issues as the talks entered the 14th round in January. Concurrently, discussions are underway regarding the proposed bilateral investment treaty (BIT). It's worth noting that negotiations for the FTA between India and the UK commenced in January 2022, underscoring the importance of this ongoing dialogue between the two nations.

Read: India creating pressure to accept diluted trade deal, says UK

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

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

Read: Sunak keen to clinch India FTA by April: report

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 bilateral trade between India and the UK increased to $20.36 billion (£16.1 billion) in 2022-23 from $17.5 billion (£13.8 billion) in 2021-22.

(With PTI inputs)