North News
New Delhi, November 20
India and the United Kingdom have agreed to re-start negotiations on a Free Trade Agreement (FTA) in early 2025, following a meeting between Prime Minister Narendra Modi and UK Prime Minister Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil. The statement issued by the Ministry of Commerce and Industry on Wednesday said that India emphasized the need for a balanced, mutually beneficial deal and expressed readiness to work closely with the UK’s negotiating team to resolve outstanding issues. The precise dates for the resumption of talks will be finalised through diplomatic channels in the coming months.
The two countries’ trade relationship has been steadily growing, with India’s exports to the UK rising 12.38% to $7.32 billion in the first half of 2024, up from $6.51 billion during the same period last year. Key export items include mineral fuels, machinery, precious stones, pharmaceuticals, and chemicals, which together account for nearly 69% of India’s total exports to the UK.
India is targeting $30 billion in exports to the UK by 2029-30, as part of its broader goal to achieve a $1 trillion export target by fiscal year 2030.
