India-UK Free Trade Agreement: A Leap Towards Economic Strength

India and the UK are advancing towards finalizing a long-negotiated Free Trade Agreement (FTA) to boost bilateral economic ties. The agreement aims to reduce customs duties, promote investment, and enhance market access across various sectors. The discussions resumed after a significant gap and are now nearing completion.

India and the United Kingdom are intensifying discussions to finalize a Free Trade Agreement (FTA) that promises to strengthen their economic partnership. Commerce and Industry Minister Piyush Goyal's visit to London signals the advanced stage of these talks. Goyal recently met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds, to underscore the renewed commitment to this critical agreement.

The bilateral negotiations, which resumed on February 24 after an eight-month hiatus, have completed 14 rounds so far. The talks cover diverse areas including a bilateral investment treaty, Double Contribution Convention Agreement, and tariff reductions on goods. Key demands include India's request for greater access to the UK market for skilled professionals and goods, and the UK's request for lower import duties on several products.

The negotiations aim to iron out remaining differences and conclude swiftly, emphasized by Finance Minister Nirmala Sitharaman's positive discussions in the 13th Ministerial India-UK Economic and Financial Dialogue. With bilateral trade already on the rise, the FTA could further enhance economic synergy between the two nations.

(With inputs from agencies.)