Prime Minister Narendra Modi on Friday said the work on the India-UK free-trade agreement (FTA) is underway and talks have been held on the defense sector, trade, climate and energy. He held talks with his British counterpart Boris Johnson at the Hyderabad House in Delhi on Friday. India and the UK launched a comprehensive strategic partnership last year.
Modi said that the talks with the UK have also been held on the free, open, and rule-based Indo-pacific region. UK Prime Minister Boris Johnson is on a two-day visit in India on April 21 and 22.
“In the last few months, India has started FTA with the UAE and Australia. We want to do the same with the UK,” Modi said on Friday.
He added, “We welcome the UK’s investment opportunities to India. We (Modi and Johnson) discussed how to improve free open inclusive Indo-Pacific territory. We also discussed about the need for diplomacy in ending the Ukraine-Russia situation.”
During the meeting, climate and energy partnership was also discussed.
UK Prime Minister Boris Johnson said, “The UK is creating an India-specific open general export licence, reducing bureaucracy and slashing delivery times for defense procurement. We are taking big steps in energy security. We will take forward what we discuss for climate change in COP26.”
On the India-UK free-trade agreement, Johnson said, “We are telling our negotiators to get it done by Diwali.”
“We have had wonderful talks today and have strengthened our relationship in every way. The partnership between India and Britain is one of the defining friendships of our times,” he said.
India is the pharmacy of the world, he said adding that the United Kingdom-made medical devices in India will increase. Johnson also said, “We can lift the tariffs on rice and textiles.”
This is Johnson’s first trip to India since becoming prime minister in 2019. He was earlier due to visit the country in April 2021 but that it was canceled after COVID-19 cases surged in India.
India expects to finalize a trade pact with Britain by October. India and the UK in January launched talks for a free trade agreement, with an aim to double the trade by 2030. Total trade between the two nations stood at over USD 16 billion in 2021-22, according to India’s official data.
India-UK Trade Negotiations: The Asks
India wants movement of skilled workers and data adequacy status, while the UK asks duty concessions for whiskey and scotch, imported automobiles, apples, pears, quinces and lamb meat.
India also wants the resolution of regulatory issues in the pharmaceutical sector and duty concessions for textiles, footwear, leather products, basmati rice. The UK wants greater access to medical devices and legal, accounting and financial services.
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