Strengthening Ties: India and UK Push for Balanced FTA

India and the UK are working to advance negotiations for a free trade agreement (FTA) that is balanced, ambitious, and mutually beneficial. Commerce Minister Piyush Goyal and UK Secretary Jonathan Reynolds discussed the agreement aimed at boosting bilateral trade and investment between the two nations.

India and the United Kingdom have intensified negotiations towards a free trade agreement (FTA), aiming to establish a deal that is balanced, ambitious, and mutually beneficial for both nations. The discussions, held on Monday, underscore the commitment from both sides to fortify economic ties.

Commerce and Industry Minister Piyush Goyal met with UK Secretary of State for Business and Trade Jonathan Reynolds to advance the talks. Goyal highlighted the importance of a comprehensive FTA that can significantly enhance trade and investment relations.

Since the launch of the FTA negotiations in January 2022, India and the UK have sought to eliminate or reduce customs duties on traded goods and simplify regulations for services and investments. During 2023-24, bilateral trade between the two countries increased to USD 21.34 billion, with the UK being a major investor in India.