Negotiations resumed on reaching a free trade agreement between India and United Kingdom with both sides expressing confidence about reaching a consensus on contentious issues
A separate agreement in the form of a Bilateral Investment Treaty (BIT) is also being negotiated by both sides and is slated to be concluded simultaneously with the FTA
Both countries are looking at an ambitious deal having made good progress on issues like rules of origin and mobility at the high-level meetings held on the sidelines of the G20 summit earlier this month..
UK Chancellor of the Exchequer Jeremy Hunt had also told an Indian TV Channel that India and the UK are closer than ever to an FTA, but that does not mean there will be one. India’s commerce minister however declined to set the deadline for conclusion of talks
India-UK bilateral trade has increased from 17.5 billion US dollars in 2021-22 to 20.36 billion US dollars in 2022-23, according to media reports
Indications are that abroad consensus had been reached on tariffs for automobiles and whiskey. Both nations are targeting growth in GDP, trade and employment, and the modalities for rules of origin are being worked upon, with agreement on broad principles already in place.
Import of Scotch whiskey remains yet another pending issue of trade India and the UK have resumed negotiations on a free trade agreement (FTA) with hopes of reaching a consensus between both countries. Scotch whiskey associations said that over 200 million bottles of scotch whisky were exported to India in 2022 despite an import duty of 150 percent.
Launched on January 13, 2022, the India-UK FTA has witnessed 12 rounds of negotiations being completed by August 2023. The negotiations cover 26 policy areas/chapters, out of which 19 chapters have been substantially closed and significant progress has been observed in the other chapters as per India's Commerce Ministry.