- Monday, February 24, 2025
By: Shubham Ghosh
THE UK on Tuesday (17) said it aims to begin negotiations for a trade agreement with India by the end of the current year.
A spokesperson for Britain’s Department for International Trade said the two countries are in a pre-negotiation scoping phase of an FTA (free trade agreement) with the aim of starting negotiations by the end of 2021.
“With bilateral trade valued at 23 billion pounds ($31.60 billion) in 2019, a trade deal with India will help boost British exports through lower tariffs and increased investment opportunities,” the spokesperson said in an emailed statement.
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A trade accord with India is seen as a key target for post-Brexit Britain.
Britain has been eager to secure trade deals since the completion of its exit from the European Union late last year and is particularly pursuing ties with nations in the Indo-Pacific region, which is home to some of the fastest-growing economies.
Earlier, Britain’s City AM newspaper reported earlier that the UK government was looking at wrapping up a quick “interim” trade deal with India, which could see tariffs reduced on products like Scotch whisky before a full agreement is made.
Britain will try to strike an interim agreement that would allow for free trade between the two nations under the terms of a World Trade Organisation charter, the report added
Indian producers of items like rice could get greater access to the UK market under the interim deal, the newspaper added.
In late May, Britain said it was launching a 14-week consultation on a future trade deal with India, seeking views of the public and businesses.
