Page 6 - Latest Updates on India UK Free Trade deal

India, UK negotiations in full swing for proposed FTA to bridge differences

Negotiations between senior officials of India and the UK are in "full swing" to bridge differences on issues such as rules of origin and services sector, with an aim to conclude the talks for the proposed free trade agreement (FTA) at the earliest, sources said. They said that a small Indian team is also there in London to iron out differences on the rules of origin. "The 13th round of talks are going on. The tough issues are there in both goods and services such as financial services. Talks are also happening on the proposed bilateral investment treaty," one of the sources said, adding differences on intellectual property rights have been bridged. When asked whether the negotiations will be concluded by the end of this month, the source said both the countries are continuously engaging on the remaining differences and We should wait till these negotiations are over". There were reports that the two countries may finalise the agreement by the end of this month. Commerce Secretary

Overall trade gains may be limited for India in FTA with UK: GTRI

Negotiations for the FTA are in the final stages, with both countries engaged in weekly discussions

India-UK FTA talks gain steam: Commerce secy, team in London to push deal

Thirteen rounds of negotiations have been completed so far

From FTA to FinTech: Highlights from India-UK Economic Financial Dialogue

Union Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt discuss collaborations in financial services, infrastructure, and trade

PM Modi discusses progress of India-UK FTA negotiations with PM Rishi Sunak

Meets Italy and Japan PMs on sidelines of G20

Heading to India with a clear focus, says Rishi Sunak ahead of G20 Summit

Ahead of his visit to New Delhi for the G20 Summit, UK PM Rishi Sunak said that he is heading to India with a clear focus. He also blasted Vladimir Putin for failing to show up for the mega-event

India, UK to take stock of FTA at 'higher level' by end of the month

US raises concerns over India's decision to put import restrictions on laptops, PCs

India-UK FTA negotiations going on, making good progress: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible. "We are working hard, we are all committed to a fair, equitable, and balanced trade agreement, respecting each other's sensitivities, respecting the different levels of developments that both the countries have and respecting the future potential that each country brings to the table," Goyal told reporters here. Keeping all of these circumstances in mind, the two countries have made "good" progress and the 12th round of talks is undergoing, he added. When asked about the deadline for concluding the negotiations, the minister said no country in the world works through specific deadlines. "But I would like to see it happen tomorrow, the faster the better We are both committed to a good outcome, at the fastest possible speed," he added. UK Business and

India-UK FTA: Half the chapters in pact agreed on, says UK minister

The United Kingdom is keen that free trade pact being negotiated with India is completed at the earliest as it re-focuses its attention of the growing markets of the Indo-Pacific, however the financial powerhouse is not setting any deadlines for the agreements which will include deals on service sector and investments. UK's Minister for International Trade, Nigel Huddleston, in an exclusive interview to PTI said that half the chapters in the deal have already been concluded and work is on to complete the negotiations as soon as possible. We have made good progress on the FTA we have concluded negotiations on half the chapters in the pact. We want a comprehensive agreement on both goods and services. It (the pact with India) is going to be very important as part of our shift towards the Indo-Pacific, the UK Minister said. We are particularly keen to get this FTA with India as we have strong historic ties, he added. British Prime Minister Rishi Sunak had earlier last week indicated

India-UK FTA has to be win-win for both sides, says FICCI president

Free trade agreements (FTAs) need to ensure they provide a level playing field and the India-UK FTA, which recently completed its 10th round of negotiations, has to be a win-win scenario for both sides, the head of India's leading business chambers has said. Subhrakant Panda, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), was in the UK this week for the FICCI Forum of Parliamentarians, a bipartisan initiative for political outreach. The delegation from India was briefed on areas of interest in the bilateral relationship over a series of discussions with businesses and parliamentarians. As far as Indian businesses are concerned, we are competitive, confident and looking to engage with the world, said Panda. I think what FTAs need to ensure is that they provide a level playing field and are rules-based. It's all about give and take. Clearly, both governments are engaged in intense discussions and 10 rounds have been completed, so I would look at it f

India-UK to sign pact to cut red tape for greater science, tech tie-ups

Minister of State for Science and Technology Dr Jitendra Singh arrived here on Wednesday for a five-day trip to the UK to enhance the scale of bilateral collaboration in the field of scientific research and development and will kick-start the visit by signing a memorandum of understanding with his British counterpart. The programmes covered by the new MoU, to be agreed at a ministerial-level Science and Innovation Council meeting, will include the establishment of a new UK-India Net Zero Innovation Virtual Centre focusing on industrial decarbonisation and launching the first ever UK-India scientific deep sea voyage. "The visit seeks to enhance scale of bilateral collaboration in diverse fields ranging from scientific R&D, Startups, Industry and Academia," Dr Singh tweeted. Following his meeting with UK Science Minister George Freeman within the UK Parliament complex in London, he is scheduled to sign the joint MoU on research between the two countries which the UK government said .

British Scotch companies seek safeguard against excise duty hikes

The organisation fears any import tariff liberalisation could be offset by increases in state-level taxes

UK industry body leads delegation to India to explore FTA opportunities

The Confederation of British Industry (CBI) has sent its first-ever business delegation to India on Monday aimed at unlocking opportunities from the Free Trade Agreement (FTA) being negotiated between London and New Delhi. The industry body, which speaks on behalf of 190,000 UK businesses of all sizes and sectors, began a three-day visit covering Mumbai and New Delhi with some of the biggest names from British and Indian industries including HSBC, ICICI Bank, fintech firm Tide and wine and spirits major Pernod Ricard. The CBI said the delegation will focus on key growth sectors where UK and Indian business can develop profitable partnerships, such as innovation and sustainability. The UK-India relationship is going from strength to strength, so it is fantastic that the CBI is sending its first-ever business delegation to India, said Greg Hands, UK Minister for Trade Policy at the Department for International Trade (DIT). India is on track to become the third largest economy with a

Sixth round of India-UK FTA ends with detailed draft treaty talks

The sixth round of negotiations between India and the UK to finalise a free trade agreement (FTA) concluded last week with detailed draft treaty discussions across 11 policy areas over 28 separate sessions, the British government said on Thursday. The UK's Department for International Trade (DIT) issued a joint outcome statement to confirm that the latest round, initiated by UK Trade Secretary Kemi Badenoch and Commerce Minister Piyush Goyal on December 12, concluded last Friday. The seventh round of talks, expected to be held in the UK, is due to take place in early 2023. "Technical discussions were held across 11 policy areas over 28 separate sessions. They included detailed draft treaty text discussions in these policy areas, the DIT statement reads. As with the previous five official-level rounds, the DIT said the latest round was conducted in a hybrid fashion during which a number of UK officials travelled to New Delhi for negotiations and others attended virtually. The joint

UK trade minister in India to kickstart sixth round of FTA talks

UK Trade Secretary Kemi Badenoch arrives in New Delhi on Monday to kickstart the sixth round of free trade agreement (FTA) negotiations and hold bilateral talks with her Indian counterpart Piyush Goyal. The new round marks the first formal meeting between the India-UK negotiating teams since July and the first since Rishi Sunak took charge as British Prime Minister. His Trade Secretary will address both teams of senior negotiators ahead of the sixth round of formal negotiations, scheduled to take place throughout the week. I'm here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart (Commerce and Industry) Minister Goyal in person to drive progress on this agreement, said Badenoch. Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I'm excited about the opportunities we can create for British business, she said. India and the UK are the 5th and 6th bigg

Sixth round of India-UK free trade agreement talks to begin from Dec 12

The sixth round of negotiations between senior officials of India and the UK for a proposed free trade agreement (FTA) will begin here on Monday with an aim to conclude the talks at the earliest, an official said. The negotiations are happening after a brief gap due to recent political developments in the UK. The last round of talks was held on July 29. "The sixth round of talks are starting from December 12," the official said. Trade in goods, including passenger vehicles, is one of the areas under the negotiations, which started on January 13, 2022. In a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. The UK side is demanding duty concessions in the automobile sector. Last month, Commerce and Industry Minister Piyush Goyal said the agreement is a high priority for both countries. He added that things are progressing well and it will yield good results. "We are all very well aware th

Next round of India-UK trade agreement talks in coming months: Com ministry

The next round of talks between India and the UK on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, is proposed to be held in the coming months, the commerce ministry said on Tuesday. India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. According to sources, the ministry has now fixed an internal deadline to conclude the talks on the trade agreement by March next year. Reduction or elimination of customs duty under the pact would help Indian labour intensive sectors like textiles, leather, and gems and jewellery to boost exports in the UK market. The UK is seeking duty concessions in areas like Scotch whiskey and automobiles. According to a presentation made b

India trade deal offers biggest hope for UK economy heading for a crisis

It has been anything but a smooth ride for the Rishi Sunak led UK government, with the latest official data released this week reflecting a shrinking economy and a looming two-year-long recession. The British Indian former finance minister, who took charge at 10 Downing Street last month with the promise to fix the fiscal errors of predecessor Liz Truss' disastrous mini-budget, has pledged to get a grip on the soaring inflation as a priority and warned of tough tax and spending decisions ahead. Economic experts agree on the massive scale of the challenge, even as they hold out the prospect of a free trade agreement (FTA) with India as a potential generator of much-needed economic growth. The economic crisis in the UK is caused by some new and some longstanding factors, explains Dr Anna Valero, Senior Policy Fellow at the London School of Economics (LSE) Centre for Economic Performance. High inflation, high interest rates and tightening fiscal policy occurs against the backdrop of .

Have completed most of India trade deal, will only sign once happy: UK

Britain has completed majority of sections of a free trade agreement with India but will only sign off on the deal once happy that it is fair and reciprocal, trade department minister Greg Hands said

We will have to wait and watch political developments in UK: Piyush Goyal

India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday. Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership. The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. "We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a v