Indian team in UK for advanced negotiations on India-UK Free Trade Agreement
Apr 15, 2024
New Delhi [India], April 15 : Indian negotiation team is in United Kingdom for advanced stage of negotiations for the India-UK Free Trade Agreement(FTA). According to the government sources, both countries have made significant progress following the completion of the 14th round of negotiations in January 2024.
Recently a team from the UK visited India between 5th to 7th March to continue the advanced discussions on outstanding matters. Government sources said while most challenging issues in finalizing the agreement are nearing resolution, a few key priorities are being addressed to achieve a balanced outcome. Other than United Kingdom (UK), India is actively engaged in negotiations also with the European Union (EU), the Peru to strengthen trade ties and foster economic cooperation.
A senior government official told ANI, the India-EU Free Trade Agreement (FTA) have completed the 7th round of negotiations in February 2024. Now both sides are making efforts to address key issues through meetings and also with virtual inter-sessional meetings before the commencement of the 8th Round, scheduled for May 2024 in Brussels.
Additionally, India is also in negotiations with Peru for a bilateral trade agreement. Both countries are engaged to sign the trade deal. During the recent 7th round of talks held in New Delhi from 8th to 11th April, both sides covered various chapters, including Trade in Goods, Trade in Services, Rules of Origin, and Dispute Settlement. The commerce ministry statement says that significant progress has been achieved in areas such as Customs Procedures and Trade Facilitation.
Now the next round of negotiations between India and Peru is expected in June. Over the past two decades, bilateral trade between India and Peru has witnessed remarkable growth, increasing from US$66 million in 2003 to approximately US$3.68 billion in 2023.
As the negotiations are progressing, stakeholders from both sides remain optimistic about the prospects of deepening economic cooperation and unlocking new opportunities for trade and investment in their regions.
