India, Britain Resume Trade Talks, Seeking Faster Deal
India and the UK have formally started negotiations for a much-awaited free trade agreement as both countries asked to advance discussions, Indian Trade Minister Piyush Goyal said on Monday.
Goyal addressed a press conference along with UK Business and Trade Secretary Jonathan Reynolds, who is on a visit to renew the talks.
The negotiations had been stalled last year due to impending general elections in both nations.
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Why These Trade Talks Matter
The move to go back to the negotiation table is timely as the world is experiencing economic uncertainty such as increased import tariffs from the US under Donald Trump’s agenda.
India and the UK would like to accelerate negotiations on two key agreements:
- A Bilateral Free Trade Agreement (FTA)
- An Investment Treaty
This is the first set of trade negotiations between the two governments since the Labour Party assumed office in the UK in July 2024. Jonathan Reynolds underscored that agreeing is a high priority for his government.
Encouraging Business and Investments
UK Investment Minister Poppy Gustafsson will travel to Mumbai and Bengaluru, India’s two biggest business centers, as part of the trade drive. She will meet with investors and persuade Indian business houses to invest in the UK to a greater extent.
An Overview of India-UK Trade India and the United Kingdom are currently two of the world’s six largest economies with a rising trend in their bilateral trade relationship.? Two-way trade (goods and services trade) was £41 billion ($52 billion) over the 12 months to September 2024, UK government estimates.
