London UK January 13 ANI Terming the Free Trade Agreement between India and the United Kingdom as a big step British High Commissioner to India Alex Ellis said that the FTA has a huge potential and ambition between two democracies. Today, PiyushGoyal and PiyushGoyal were fantastic to launch the Free Trade Agreement.
Annietrev is a huge potential and ambition between 2 dynamic democracies. Alex Ellis said in a tweet that it was a big step.
India and the United Kingdom on Thursday launched negotiations for FTA between the two countries, according to Indian Minister for Commerce and Industry Piyush Goyal and UK Trade Secretary Anne-Marie Trevelyan, who is in New Delhi for the talks.
An India-UK Free Trade Agreement would be a significant opportunity for both of our economies and a significant moment in the India-UK bilateral relationship, according to the joint statement.
The India-UK bilateral trading relationship is already significant, and both sides have agreed to double that bilateral trade by 2030, as part of Roadmap 2030, announced by Prime Minister Narendra Modi and Prime Minister Boris Johnson in May 2021. It said that India and the UK will try to agree to a mutually beneficial agreement that supports jobs, businesses, and communities in both countries.
As a result of the statement, trade negotiations will be a priority for both India and the UK as both countries build on the Enhanced Trade Partnership launched by our Prime Ministers in May 2021.
During negotiations and on the path to a comprehensive agreement, both governments will consider the option of an Interim Agreement that generates early benefits for both countries. The joint statement states that the India-UK Joint Economic and Trade Committee will continue to work on improving the India-UK trading relationship and addressing market access barriers outside of a trade agreement.
It said that both parties have agreed that the first round of negotiations will begin on January 17, and that future rounds of negotiations will take place approximately every five weeks.
The Indian negotiating team will be led by Nidhi Mani Tripathi, Joint Secretary, Department of Commerce and the UK negotiating team, led by Harjinder Kang, Director for India Negotiations at the Department for International Trade.