Ministry of Commerce & Industry
Statement on the resumption of India-UK Free Trade Agreement Negotiations
Posted On: 20 NOV 2024 12:19PM by PIB Delhi
Subsequent to the meeting between Prime Minister Shri Narendra Modi and the Prime Minister of the United Kingdom H.E. Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, we welcome the announcement by the UK to relaunch the India-UK Free Trade talks in the new year.
Noting the importance for securing a balanced, mutually beneficial and forward looking Free Trade Agreement(FTA), India looks forward to closely working with the UK’s negotiating team to address remaining issues to mutual satisfaction. The dates for the Free Trade talks in early 2025 would be finalised through diplomatic channels at an early date. The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal.
India’s trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement. As per the latest data from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38%, reaching $7.32 billion, compared to $6.51 billion during the same period in 2023. Mineral fuels, machinery, and precious stones, pharmaceuticals, apparels, iron and steel and chemicals lead India’s export basket to the UK, contributing a 68.72% share of total exports. The United Kingdom is a priority country for the achievement of our ambitious $1 trillion export target by FY30, with our exports to the UK expected to reach $30 billion by 2029-30.
***
AD/CNAN
(Release ID: 2074931) Visitor Counter : 221
