India and UK are all set to resume 13th round of Free Trade Agreement (FTA) on Monday. Government officials stated that both India and the UK had made “good progress” in the negotiations on the proposed bilateral investment treaty as well as other crucial issues, like the “rules of origin”.
The G20 Trade and Investment Ministerial was held in Jaipur last month, and both nations held a number of high-level meetings there. Later, during the G20 Leaders’ Summit last week, Prime Minister Narendra Modi and his British counterpart Rishi Sunak also had bilateral discussions.
On 4 September, round 13 of the India-UK Free Trade Agreement negotiations began. The talks got under way in January of last year. Nineteen of the 26 chapters in the proposed FTA have already been completed. An early FTA conclusion is anticipated to boost bilateral trade. According to the UK’s Department of Business and Trade, India was the 12th largest trading partner for the UK for the four quarters up until March end, accounting for 2.1 per cent of all UK trade. From 17.5 billion USD in 2021–2022 to 20.36 billion USD in 2022–2023, India and the UK’s bilateral trade grew.