India, UK launch FTA negotiations with an aim to double bilateral trade by 2030

In a move that could mean more market access, more jobs to people and better wages, India and the UK Thursday formally launched negotiations for a Free Trade Agreement between the two countries with an aim to double the bilateral trade by 2030.

This announcement was made by Minister for Commerce and Industry Piyush Goyal and UK Trade Secretary, Anne-Marie Trevelyan, who is in New Delhi for FTA Agreement discussions.

“A India-UK Free Trade Agreement would be a substantial opportunity for both of our economies and a significant moment in the India-UK bilateral relationship,” an official statement said after the meeting.

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India and the UK will seek to agree a mutually beneficial agreement supporting jobs, businesses and communities in both countries, it said.

Both sides have agreed to double that bilateral trade by 2030, as part of Roadmap 2030 announced by Prime Minister Narendra Modi and Prime Minister Boris Johnson in May 2021.

Trade negotiations will be a priority for both countries, as we build upon the Enhanced Trade Partnership launched by our Prime Ministers in May 2021, Goyal said.

During negotiations, and on the path to a comprehensive agreement, both governments will consider the option of an “Interim Agreement” that generates early benefits for both countries.

In parallel to trade negotiations, the India-UK Joint Economic and Trade Committee will continue to work in improving the India-UK trading relationship and addressing market access barriers outside of a trade agreement.

Both parties have agreed that the first round of negotiations will begin on 17 January, and future rounds of negotiations will take place approximately every five weeks.

The ambition of both countries is to negotiate a broad agreement that will deliver for businesses and consumers, the statement said.

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