Negotiations on a free trade agreement (FTA) between Delhi and London will continue, India's Commerce and Trade Ministry said on Tuesday, following wide-ranging talks held between Indian minister Piyush Goyal and his British counterpart Kemi Badenoch in New Delhi.
"The Ministers urged the negotiating team to work together with an aim to iron out the differences in the spirit of mutual accommodation based on the principle of reciprocity and respect for each other’s sensitivities, for a balanced, mutually beneficial, fair and equitable outcome," the ministry said.
Reaffirming their commitment to the free trade agreement negotiations, the two ministers hoped that it would unlock the “full potential of boosting jobs, investments and exports” between the two countries.
Of the $29.6 billion UK investment in India, $8 billion has come in the last year.
“The FTA will bring huge opportunities for both sides. It will increase market access thereby strengthening supply chains,” the British minister said.
On his part, Goyal said that UK and India have shared interests in finalizing the FTA as soon as possible to provide building blocks for faster growth of businesses
The sixth round of India-UK FTA negotiations is currently underway in New Delhi. Officials from the two countries are deliberating upon the issues such as market access for automobiles and whiskey, as well as visa rules for workers and students, government procurement, and financial services.
The FTA negotiations were launched in January 2022 with an aim of doubling bilateral trade to $100 billion by 2030.