India and UK to start free trade agreement talks in new year

Data, fintech and IT are the buzzwords doing the rounds

India and the UK are set to embark on negotiations for a Free Trade Agreement (FTA) imminently. A spokesperson for the British government's Department for International Trade (DIT) told Business Standard: “We look forward to launching negotiations early next year”. “India is projected to become the world’s third largest economy by 2050, and a trade deal will open huge opportunities for UK businesses to trade with India's $2.25 trillion economy.”

The negotiations will aim to expeditiously arrive at a services rather than a goods-driven FTA between the two countries by early 2024 or before the general elections in the two countries,