India and the UK have decided to re-launch discussions to concluded a ‘free trade’ deal in the new year, following the election of a new Labour government in the U.K. The announcement of the imminent resumption of talks, which began in 2022 during the Boris Johnson Conservative government, was announced by U.K. Prime Minister Keir Starmer, following a bilateral meeting with Prime Minister Narendra Modi in Rio de Janeiro, on the fringes of the G20 Summit.
“A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country,” Mr. Starmer said. Bilateral trade between the two countries is valued at £42 billion (USD 53.2 billion) in the twelve months to June 2024, according to official UK data.
India and the U.K. have concluded most of the 26 chapters under discussion but talks have dragged on with over 14 rounds of trade talks which have outlasted two U.K. Prime Ministers (Mr. Johnson and Rishi Sunak). The last round of talks was held in March, after which India – and then the U.K. – went to the polls.
“India is the fifth largest economy in the world and a vital trading partner for the UK. We believe there is a good deal to be done here that works for both nations,” said U.K. Business and Trade Secretary Johnathan Reynolds.
The U.K. is seeking to deepen cooperation in areas education, security, technology and climate change, Downing Street said in a statement.
Published – November 19, 2024 06:55 am IST
