India-uk FTA talks from Nov 1
India and the United Kingdom plan to start negotiations for a free trade deal by November this year, the Ministry of Commerce and Industry said on Tuesday. Both nations are looking at an interim trade pact by March 2022, followed by a comprehensive Free Trade Agreement (FTA). The interim trade deal will involve early concessions on certain high-priority products and services related to tariffs or market access.
Commerce and Industry Minister Piyush Goyal said that an interim trade agreement is the first step towards an FTA that would allow both nations to immensely benefit from the early gains of the partnership.
This was taken up during Goyal’s discussions with his British counterpart Secretary of State for International Trade Elizabeth Truss on Monday.
Certain services of mutual interest could be included in the interim agreement through request-offer-approach where India may include priority sectors that are immediately deliverable. “If necessary, we may also explore signing a few mutual recognition agreements in selective services like nursing and architecture services,” said Goyal. “Proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs.
Both sides have renewed their commitment to boosting trade in a manner which benefits all,” an official statement said. In May, India and the UK had inked nine pacts, including the launch of an Enhanced Trade Partnership, which would include negotiating a comprehensive FTA and an interim trade agreement for delivering early gains.
There is tremendous interest in the business community in both countries about the FTA, the minister said, adding that there is keenness to have an early conclusion of negotiations for ‘quick and early economic benefits’ to businesses on both sides.