Team Blitz India
NEW DELHI: Prime Minister Narendra Modi and his UK counterpart Rishi Sunak are pushing to double bilateral trade by 2030 through the free trade agreement (FTA) that seeks to slash customs duties and increase market access. The final touch to the proposed agreement is expected during Sunak’s possible visit to New Delhi soon.
Commerce Secretary Sunil Barthwal said that talks are at an “advanced stage” and “negotiations are going on, so we should wait” till the talks are over.
Barthwal travelled to London last week to give a boost to the talks and his UK counterpart was in New Delhi this week for talks.Both countries have concluded the 13th round of negotiations.
Among the issues the two sides have got close to reaching an agreement on are business mobility, Scotch whisky, and automobiles. Reports quote officials involved in the negotiations sharing their increasing hopes for a breakthrough.
However, there are some issues that still needs to be sorted. One is over UK visas for easier mobility of skilled professionals. India is seeking a smooth movement for such persons and as well for domestic companies. Meanwhile, the UK remains cautious about its immigration policies. The UK government estimates that once FTA is finalised, it could significantly contribute to its GDP growth.
Indo-UK bilateral trade increased to $ 20.36 billion in 2022-23 from $ 17.5 billion in 2021-22, said reports. The UK is looking at increasing exports to India, where it wants a more streamlined customs bureaucracy, especially on items that include those mentioned above. Thus, the trade negotiations are now awaiting the Modi-Sunak ‘touch’.