India and Britain will try to resolve their differences to conclude the proposed Free Trade Agreement (FTA) as soon as possible. This information was given in an official statement. Britain has recently announced the resumption of negotiations on this agreement at the beginning of next year. The prime ministers of both countries met on the sidelines of the G-20 summit in Brazil. Talks will not resume until after this bilateral meeting. Negotiations for the proposed FTA between India and Britain began in January 2022.
The Ministry of Commerce welcomed the announcement.
According to the news, the 14th round of talks was stopped in the middle of the general elections in both countries. The Ministry of Commerce said in a statement on Wednesday that we welcome Britain’s announcement to resume free trade talks between India and the UK in the new year. The ministry said India looks forward to working closely with the UK negotiating team with the aim of resolving the remaining issues in a mutually satisfactory manner, while highlighting the importance of ensuring a balanced, mutually beneficial and forward-looking FTA.
Efforts will be made to close the gap
A final decision on dates will be made soon through diplomatic channels. Discussions will resume on the progress made so far in the FTA negotiations and efforts will be made to close the gap for the quick conclusion of a trade agreement. Trade and Industry Minister Piyush Goyal and UK Trade and Industry Minister Jonathan Reynolds also held an online meeting on July 11 to discuss the next steps of the deal. Earlier, in a statement issued on Tuesday by the British Prime Minister’s official office and residence after the bilateral meeting, Stormer was quoted as saying
A new trade deal with India will boost jobs and prosperity in Britain. This will take our campaign one step further to bring growth and opportunity to our country. Bilateral trade between India and Britain will increase from $20.36 billion in the financial year 2022-23 to $21.34 billion in 2023-24.
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