-, Nov 20, 2024, India Blooms News Service
The Indian Ministry of Commerce and Industry on Wednesday said discussions over relaunching the Free Trade Agreement between India and the UK will commence in early 2025.
In a statement, the Ministry said: Noting the importance for securing a balanced, mutually beneficial and forward looking Free Trade Agreement(FTA), India looks forward to closely working with the UKs negotiating team to address remaining issues to mutual satisfaction.
The dates for the Free Trade talks in early 2025 would be finalised through diplomatic channels at an early date, the Ministry said.
The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal, the statement said.
The trade talk resumption saw a green light recently after Indian PM Narendra Modi met his British counterpart Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro recently.
Indias trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement.
As per the latest data from April to September 2024, Indias exports to the UK witnessed a robust growth of 12.38%, reaching $7.32 billion, compared to $6.51 billion during the same period in 2023.
Mineral fuels, machinery, and precious stones, pharmaceuticals, apparels, iron and steel and chemicals lead Indias export basket to the UK, contributing a 68.72% share of total exports.
The United Kingdom is a priority country for the achievement of our ambitious $1 trillion export target by FY30, with our exports to the UK expected to reach $30 billion by 2029-30.