Team Blitz India
THE ongoing round of IndiaUK negotiations for a free trade agreement (FTA) is poised at a crucial point where officials representing the two countries are hopeful of resolving remaining issues and finalise the pact.
The 14th round of talks, which began on January 10, are focused on such issues like business mobility, Scotch whiskey, automobiles, farm products, pharmaceuticals, rules of origin, and a separate agreement to enhance bilateral investments, according to reports. With both countries preparing for elections later this year, political sensitivities are adding to technical issues which are said to be making the latest round of negotiations a challenging one.
The 13th round of negotiations took place from September 18 to December 15. It included sessions both in person, in London and Delhi, and virtual talks. Both countries are committed to developing a comprehensive and mutually beneficial trade relationship. The ambitious pact has been delayed by more than a year from its original deadline due to some obstacles. However, Prime Ministers Narendra Modi of India, and Rishi Sunak of the UK are keen to build relationship set out in the 2030 Roadmap.
The 2030 Vision is for revitalised and dynamic connections between the people of the two countries; re-energised trade, investment and technological collaboration that improves the lives and livelihoods of the citizens; enhanced defence and security cooperation that brings a more secure Indian Ocean Region and IndoPacific and India-UK leadership in climate, clean energy and health that acts as a global force for good.
Incidentally, India and the UK’s bilateral trade grew from $17.5 billion in 2021–2022 to $20.36 billion in 2022–2023.
Apart from the UK, India is also engaged in trade negotiations with other trading partners like EU FTA, India Australia Comprehensive Economic Cooperation Agreement (CECA), India-Peru Trade Agreement, IndiaEuropean Free Trade Association (EFTA) Trade, India-Sri Lanka Economic and Technical Cooperation Agreement (ECTA), and Economic Partnership Agreement (TEPA) where the members are Iceland, Norway, Liechtenstein, and Switzerland.
According to a Parliamentary panel report tabled recently, the department of Commerce (Ministry of Commerce and Industry) informed that it has undertaken various steps for leveraging FTAs namely operationalisation of eCertificate of Origin (eCoO) platform for helping industry overcome the challenges that arise specific to FTAs and use the opportunities created; establishing FTA related outreach programs for offering advice on implementation and market access issues; and by identifying specific trade and investment opportunities created by such agreements.
