India and Britain will try to resolve their differences for early completion of the proposed Free Trade Agreement (FTA). This information was given in an official statement. Britain has recently announced the resumption of negotiations on this agreement early next year. The Prime Ministers of both the countries had a meeting on the sidelines of the G-20 summit in Brazil. The talks will be resumed afresh only after this bilateral meeting. Negotiations for the proposed FTA between India and Britain began in January 2022.
Commerce Ministry welcomed the announcement
According to the news, the 14th round of talks had come to a halt amid the general elections in both the countries. The Commerce Ministry said in a statement on Wednesday that we welcome Britain's announcement to resume India-UK free trade talks in the new year. The ministry said India looks forward to working closely with the UK negotiating team with an aim to resolve the outstanding issues to mutual satisfaction, while noting the importance of ensuring a balanced, mutually beneficial and forward-looking FTA.
efforts will be made to bridge the gap
A final decision on the dates will be taken soon through diplomatic channels. Discussion will be resumed on the progress achieved so far in FTA negotiations and efforts will be made to bridge the gap for expeditious conclusion of a trade agreement. Commerce and Industry Minister Piyush Goyal and UK Trade and Commerce Minister Jonathan Reynolds also held an online meeting on July 11 to discuss the next steps on the agreement. Earlier, in a statement issued on Tuesday by the official office and residence of the British Prime Minister after the bilateral meeting, Stormer was quoted as saying
A new trade deal with India will boost jobs and prosperity in Britain. This will take our campaign a step further in providing growth and opportunity to our country. Bilateral trade between India and Britain to increase from US $ 20.36 billion in financial year 2022-23 to $ 21.34 billion in 2023-24.
Image Credit: India_Tv.