British Prime Minister Keir Starmer and Prime Minister Modi
The next round of talks for a free trade agreement between India and Britain is expected to take place in November. The British minister in charge of Indo-Pacific affairs has expressed enthusiasm about it. During the special Diwali ceremony held in London, the minister in charge, Catherine West, stated that Britain is very interested in a “Free Trade Agreement” (FTA) with India and is moving in that direction.
FSDO Minister Catherine West expressed the commitment of Keir Starmer’s new government, citing the previous government’s deadline to complete FTA negotiations. This year there were general elections in India and Great Britain, so both countries interrupted this dialogue. The goal of this proposed agreement between the two countries is to increase the bilateral trade partnership to about $49 billion annually.
Great Britain interested in the FTA
Speaking to a gathering of FSDO MPs, community leaders and senior figures at Lancaster House, Catherine West said that as a new Government we are still very interested in taking forward negotiations on a trade deal with India, which It should end on Diwali. signed first. But we feel that the occasion of Diwali among friends is not the only important thing.
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Keir Starmer had congratulated Diwali
Earlier on Tuesday evening, Prime Minister Keir Starmer had hosted Diwali celebrations at 10 Downing Street, London. In his message to the British Indian community, Prime Minister Starmer stated that ‘the triumph of light over darkness is truly important in today’s world, because there is no doubt that we live in a more unstable world than ever.’ There seems to be a lot of darkness around the world and it is very important to celebrate the victory of light over darkness.
Negotiations on FTA continue from 2022
Talks on a Free Trade Agreement (FTA) between India and Britain began in January 2022. Both countries suspended the 14th round of talks ahead of general elections. According to the information, in this agreement there are still issues to be discussed in the goods and services sector. The Indian industry is reportedly seeking greater access to the UK market for its professionals in sectors such as information technology and healthcare. While Britain is demanding a big reduction in import duties on some items, including Scotch whisky, electric vehicles and chocolate.
If an agreement is reached, business will double
If this agreement was signed between India and Britain, there would be a two-fold increase in bilateral trade between the two countries. Bilateral trade between the two countries stood at $20.36 billion in 2022-23, while it will increase to $21.34 billion in 2023-24. If there is a free trade agreement, it can increase to about $49 billion annually.
