Economy

UK delegation to visit India to re-start FTA negotiations

A high level trade delegation from the UK is set to travel to New Delhi later this month to re-start the bilateral Free Trade Agreement talks with India under the new Labour regime, sources have said. 

A large business delegation from the European Free Trade Association (EFTA) bloc—Switzerland, Norway, Iceland & Liechtenstein—including over 100 business representatives and officials, is also expected in India next week to look at opportunities to increase trade and investment with the country, the source added.

With US President Donald Trump reiterating his tariff threats against European countries and a possible threat to India looming in the background, the meetings have added significance.

“The India-EU FTA talks may finally re-start on February 24 as a high level UK trade delegation is expected to visit Delhi. This may finally set the ball rolling again after a break in the talks last year,” the source told businessline.

After Britain’s Labour Party, led by Prime Minister Keir Starmer, swept to power in the July 4 2024 elections, the new government wanted to take its time in examining the details of the India-UK FTA negotiations that had started under the Conservative government in January 2022.

“It is expected that  UK’s Secretary of State for Business and Trade, Jonathan Reynolds, will be in India for the FTA talks,” the source said.

In November last year, Starmer announced that UK-India free trade talks will “relaunch” in the new year following his bilateral meeting with Prime Minister Narendra Modi at the G20 summit.

Support jobs

“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,” Starmer said in a statement issued after the bilateral talks with Modi.

A deal with India would boost the UK’s trading relationship, worth £42 billion in the 12 months to June 2024. UK exports to India are worth £16.6 billion, the UK government statement noted.

The three-day visit of a large business delegation from EFTA countries to India starting February 10 is likely to boost trade and investment ties between the two partners in the light of the Trade and Economic Partnership Agreement (TEPA) signed on March 10, 2024.

“Large companies are expected to be in the delegation and the visit will give a big boost to trade and investment ties between India and EFTA,” the source said.

The EFTA bloc committed an investment of $100 billion which would facilitate the creation of 1 million direct jobs in India. 

“We are hopeful that the India-EFTA TEPA will be ratified by all members this year,” the source said.



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