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The Prime Minister's Office assessed the status of the negotiations on February 16 as the planned free trade deal between India and the UK approached a more advanced stage, according to sources. Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal were also present at the meeting, according to sources.
"We are currently in a critical phase of the agreement negotiations. The highest level evaluations have occurred roughly three times thus far, they said, adding that both nations are attempting to resolve disagreements on the outstanding concerns.
The trade secretary recently said that "we want" to protect India's interests, which is why the negotiations took so long. "India should commercially gain out of it, and we should also be able to safeguard the interest of our farmers, PLI (production linked incentive) scheme goods. So, we are there to see that the deal is a fair deal," he said. So far, 13 rounds of talks have been completed, and the 14th round started on January 10.
Some of the key issues involved in the pact include customs duty cut on electric vehicles and whiskey and the movement of professionals. Talks are also progressing on the proposed bilateral investment treaty (BIT). India and the UK launched the talks for a free-trade agreement (FTA) in January 2022. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.
The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items.
Britain also seeks more opportunities for UK services in Indian markets in segments like telecommunications and legal and financial services (banking and insurance). The bilateral trade between India and the UK increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.
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