The Department of Commerce on Wednesday welcomed British Prime Minister Keir Starmer’s announcement to resume the Free Trade Agreement (FTA) talks between India and the UK in early 2025.
The development comes subsequent to the meeting between Prime Minister Narendra Modi and his United Kingdom counterpart Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil.
The Commerce department added that India looks forward to closely working with the UK’s negotiating team to address remaining issues to mutual satisfaction. It noted the importance of securing a balanced, mutually beneficial, and forward-looking Free Trade Agreement (FTA).
“The dates for the Free Trade talks in early 2025 would be finalised through diplomatic channels at an early date. The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal,” according to the statement.
As per the latest government data, from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38 per cent, reaching USD 7.32 billion, compared to USD 6.51 billion during the same period in 2023.
Mineral fuels, machinery, and precious stones, pharmaceuticals, apparels, iron and steel and chemicals lead India’s export basket to the UK, contributing a 68.72 per cent share of total exports.
“The United Kingdom is a priority country for the achievement of our ambitious USD 1 trillion export target by FY30, with our exports to the UK expected to reach USD 30 billion by 2029-30,” the Commerce Ministry said.
On Wednesday, PM Modi left for Guyana on the last leg of his three-nation tour after attending the G20 Summit in Brazil, where he met global leaders, including US President Joe Biden, French President Emmanuel Macron and UK Prime Minister Keir Starmer.