Home Business India and UK Begin Trade Talks Worth Billions

India and UK Begin Trade Talks Worth Billions

India and UK Begin Trade Talks Worth Billions
Source: Fibre2Fashion

In New Delhi, Britain and India wrapped off the first day of discussions on a possible free trade agreement.

The goal is to conclude a deal before the end of the year that will increase commerce by billions of pounds.

Piyush Goyal, India’s trade minister, and Anne-Marie Trevelyan, the UK’s trade minister, both predicted a limited deal might be reached in the coming months.

As it seeks to tap into fast-growing economies, the UK has made a post-Brexit pact with India one of its top goals.

“We must grasp this chance to drive our alliance along a path of mutual prosperity for decades to come,” Ms Trevelyan added.

According to the United Kingdom, the agreement may nearly quadruple British exports to India and increase total commerce between the two nations by £28 billion per year by 2035. In 2019, total trade was valued £23 billion.

India wants additional chances for Indians to live and work in the United Kingdom, and any trade agreement might include discussions about loosening laws and decreasing prices for Indian students and professionals visiting the United Kingdom.

Mr Goyal, on the other hand, stated that such difficulties will not be a precondition for a trade agreement between the two nations.

“In this arrangement, nothing is necessarily a deal-breaker,” Mr Goyal added. “And I don’t think anyone should be concerned about problems that are sensitive to any country,” he said, “since all parties have agreed that sensitive matters are not our focus.”

Ministers in the United Kingdom want British companies to be allowed to export more items to India, such as whiskey.

They also want India to become a larger purchaser of British green technology and services.