Rio de Janeiro: India and the United Kingdom are poised to resume talks for their proposed Free Trade Agreement (FTA) in early 2025. This follows an announcement by British Prime Minister Keir Starmer after a bilateral meeting with Indian Prime Minister Narendra Modi at the G20 Summit in Brazil.
The resumption of trade discussions comes after a pause in talks due to political transitions in both countries, but the two leaders have reaffirmed their commitment to a comprehensive and mutually beneficial agreement.
Noting the importance of 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 will 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, precious stones, pharmaceuticals, apparel, 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.
