Free trade pact between India and UK by early 2023

To amplify the current volume of bilateral trade between India and the United Kingdom, a free trade pact could be expected by early 2023. As per a meeting conducted between Commerce and Industry minister Piyush Goyal and the Secretary of State for International Trade Anne-Marie Trevelyan, negotiations from both sides would be organised from next week which would determine the decision to have an interim or a final deal. The deal could potentially double trade in a decade by opening up a slew of opportunities for both the countries.

Trevelyan added that, “The growing middle class in India provides a big opportunity for the British businesses to offer quality services and products. British businesses should seize this opportunity.” The major hindrances that could deaccelerate this process are the tariffs for products in the green technology and digital sector, which they aim to address. She further appreciated the tremendous growth created by Indian investments in the UK.

India, on the other hand, aims to have a stronger relationship with its 15th largest trading partner through vouching for appropriate safeguards for agriculture and greater market access for wool, tea, vaccines and basmati rice, among other items.