The UK government said on Tuesday that it will continue to work towards an ‘ambitious’ trade deal with India. A team of negotiators from India began talks with their British counterparts in London this week. The Department for Business and Trade (DBT) reiterated its stance to only sign free trade agreements (FTAs) that are in the best interests of the British people and economy. Last month, DBT officials had indicated that formal trade talks had been put on hold during India’s phased general elections. However, some talks were expected to continue until the election results were declared on June 4.
Discussion started in London
On Tuesday, British officials said discussions resumed in London this week to “continue negotiations under the 14th round” of talks that began in January. “The UK and India are continuing to work towards an ambitious trade deal that works for both countries,” a DBT spokesperson said. “However, we do not comment on the details of negotiations.” But we are clear that we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and economy.”
FTA with EFTA
Last month, a free trade agreement (FTA) was signed by the Government of India between EFTA, a group of four European countries (Norway, Iceland, Switzerland and Liechtenstein). Under this FTA, Norway, Iceland, Switzerland and Liechtenstein together will invest $100 billion in India in the next 15 years. At the same time, India had partially or completely removed import duty on many goods coming from these countries. India has already signed free trade agreements with Mauritius, UAE and Australia.
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