Prime Minister Narendra Modi in a bilateral meeting with the Prime Minister of United Kingdom, Sir Keir Starmer, during G20 Summit at Rio de Janeiro, in Brazil on November 18, 2024.
New Delhi/Rio de Janeiro: India today welcomed the United Kingdom’s announcement to relaunch the India-UK Free Trade talks in the new year.
The UK’s announcement was made after the meeting between Indian Prime Minister Narendra Modi and the Prime Minister of the United Kingdom Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, on November 18, 2024.
India stated it looks forward to working closely with the UK’s negotiating team to address remaining issues to mutual satisfaction. India’s Ministry of Commerce & Industry noted that securing a balanced, mutually beneficial and forward-looking Free Trade Agreement(FTA) was important for both sides. The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal.
The dates for the Free Trade talks in early 2025 will be finalised through diplomatic channels at an early date.
It may be mentioned that India’s trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement. As per the latest data from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38%, reaching $7.32 billion, compared to $6.51 billion during the same period in 2023. Mineral fuels, machinery, precious stones, pharmaceuticals, apparel, iron and steel and chemicals lead India’s export basket to the UK, contributing a 68.72% share of total exports.
“The United Kingdom is a priority country for the achievement of our ambitious $1 trillion export target by FY30, with our exports to the UK expected to reach $30 billion by 2029-30.,” India’s Ministry of Commerce & Industry stated.
Modi’s meeting with Starmer on the sidelines of the G-20 Summit in Rio de Janeiro on November 18, 2024, was the first meeting between the two Prime Ministers and both of them reaffirmed their commitment to strengthen the India-UK Comprehensive Strategic Partnership with a focus on economy, trade, new and emerging technologies, research and innovation, green finance and people-to-people contacts. They exchanged views on issues of mutual interest, including on international and regional issues of significance. They also underlined the importance of resuming the Free Trade Agreement negotiations at an early date. Both expressed their confidence in the negotiating teams’ ability to address the remaining issues to mutual satisfaction, leading to a balanced, mutually beneficial, and forward-looking Free Trade Agreement.
Recognizing the ample opportunities for further engagement between the two sides in the light of growing bilateral economic and business relations and to better serve the consular requirements of the Indian community in the United Kingdom, Prime Minister Modi announced the establishment of two new Consulates General of India in the United Kingdom in Belfast and Manchester. Prime Minister Starmer welcomed the announcement. He also noted the importance of addressing the issue of economic offenders from India in the UK. The two leaders also agreed on the need to make progress on migration and mobility-related issues. The two leaders directed their Ministers and senior officials to work towards faster implementation of the various understandings that form part of the India-UK Comprehensive Strategic Partnership. They also looked forward to more frequent dialogue and discussions.
– global bihari bureau
