A broad consensus on trade of goods between India and UK especially on the prickly issues of whiskey and automobiles has been achieved during the currently ongoing Free Trade Agreement (FTA) negotiations, sources said on July 28.
However, the countries are yet to iron out their differences on intellectual property rights, rules of origin (RO) as well as the investment treaty, aforementioned source further added.
As per the source, while principal agreements have been made in RO, modalities remain to be finalized... Product specific rules continue to be discussed.
As per the source, both countries are working towards negotiating an FTA which targets GDP, trade and employment growth of both countries.
Also Read: India-UK yet to iron out differences on IPR, rules of origin in FTA talks
While discussions on 14 of the 26 chapters concluded at the last round of negotiations on June 5-9, there are at least five 5 chapters where issues persist, the commerce ministry officials had said. Now, 19 of 26 chapters have been completely closed.
"UK FTA is the most complex FTA India will sign. This is also the most comprehensive FTA India will have with a developed country. It will pave the way for other such agreements," commerce secretary Sunil Barthwal said during the release of trade data on July 14.
Also read: India and UK are working closely on energy security: Shapps
As per the secretary, India is expecting to close the negotiations of this FTA before year-end.
India’s merchandise exports to the UK totalled $10 billion during the April 2022 to February 2023 period, accounting for 2.5 percent of the country’s total exports. Merchandise imports from the UK stood at $8 billion during this period, with a share of 1.3 percent of all imports, data from the Ministry of Commerce and Industry showed. The UK was India’s 15th top trade partner during this period.
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