India and the UK will resume Free Trade Agreement negotiations in early 2025, as confirmed by PMs Narendra Modi and Keir Starmer during the G20 Summit. The discussions focus on economic offenders, trade ties, and technology collaboration post-elections in both nations, aiming to finalize a balanced trade deal with mutual benefits.
India and the United Kingdom have decided to restart negotiations on a proposed Free Trade Agreement (FTA) in early 2025, following a hiatus due to recent elections in both nations. This decision was made during a pivotal discussion between Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer at the G20 Summit in Rio de Janeiro. They acknowledged the significance of advancing the UK-India comprehensive strategic partnership, which encompasses trade, investment, security, and technology. The collaboration, which initially began in January 2022, has seen discussions stagnate until now. Both leaders expressed their commitment to addressing vital issues, including India’s concerns about economic offenders residing in the UK and the establishment of Indian consulates in Belfast and Manchester to enhance bilateral relations. Modi emphasized the necessity of improving ties in pivotal sectors such as technology, green energy, and cultural exchanges, while Starmer highlighted the prospective job creation and economic growth stemming from the trade arrangement. Moreover, they reaffirmed their intentions to bolster cooperation in emerging technologies and defense while stressing timely resolutions of migration and mobility issues. The growing economic rapport is underscored by a significant increase in trade volumes, with India becoming one of the UK’s major trading partners. The leaders directed their teams to expedite the implementation of agreements that support their comprehensive strategic partnership, aiming for a mutually beneficial trade deal.
The proposed Free Trade Agreement between India and the United Kingdom has been a significant objective for both countries, aimed at deepening economic collaboration following decades of ties rooted in historical and cultural commonalities. Trade discussions began in January 2022, with a total of 14 rounds of negotiations conducted before they were paused to accommodate the political transitions that occurred during recent elections. The renewed focus on the FTA highlights both nations’ commitment to enhancing strategic ties and fostering economic growth in light of changing global dynamics and mutual interests.
To conclude, the recommencement of talks regarding the UK-India Free Trade Agreement signifies a pivotal step in reinforcing diplomatic and economic relations between the two countries. With both leaders dedicated to resolving outstanding issues, the partnership is poised for advancements across various sectors, ultimately promoting trade, investment, and cultural exchange, which are essential for mutual prosperity.
Original Source: www.hindustantimes.com
