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India-UK to resume 14th round of FTA talks in January 2024
The thirteenth round of negotiations occurred from September 18 to December 15
Representative image / Image - Unsplash
The United Kingdom and India remain dedicated to advancing their collaborative efforts to achieve a comprehensive and ambitious Free Trade Agreement (FTA), a statement by the British government said following the conclusion of the 13th round of negotiations, which occurred from September 18 to December 15
Acording to the statement, the 14th round of talks are scheduled to take place in January 2024. The latest round employed a hybrid format, including in-person sessions held in both London and Delhi, alongside virtual discussions. Similar to the 12th round, the discussions honed in on intricate subjects such as products, services, and investment.
The negotiations for an FTA between India and the UK commenced in January 2022 with the initial goal of concluding by Diwali, October 24, 2022. However, the set deadline was not met due to political developments in the UK.
The FTA under discussion between India and the United Kingdom is structured into 26 chapters, covering a wide array of areas such as products, services, investments, and intellectual property rights. In the negotiations, there is a notable emphasis on the demands of Indian businesses, particularly seeking increased access to the UK market for qualified workers in sectors like IT and healthcare. Additionally, there is a push for broader market access with zero customs duties for various commodities, showcasing the multifaceted nature of the agreement.
The 'rules of origin' section outlines the minimum processing requirements that must occur in the FTA country for the final manufactured product to be recognized as originating goods in that country. This provision serves as a safeguard, preventing a country that has entered into an FTA with India from introducing goods from a third country into the Indian market solely by labeling them as originating from the FTA country.
According to the government release, India and the UK are firmly committed to cultivating a comprehensive and mutually advantageous trade relationship, as evident in the ongoing discussions. It is reflected in the growth of bilateral trade between the two nations, which expanded from $17.5 billion in 2021–2022 to $20.36 billion in the subsequent fiscal year 2022–2023.
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