The next round of India-UK Free Trade Agreement (FTA) negotiations is scheduled on April 24-28, the Commerce Ministry said, indicating normalcy in trade relations between the two countries.
“Bilateral interaction between the two Trade Ministers was held on March 1, 2023, to take stock of the progress in India-UK FTA negotiations. Eight rounds of negotiations have been completed till the end of March 2023,” a Commerce Ministry official said.
Earlier this week, government sources had clarified that India had not suspended the FTA talks over the UK’s failure to denounce vandalism by Sikh separatists outside the Indian High Commission in London last month, as reported by some sections of the British media.
India and the UK have been negotiating an FTA since January 13, 2022, and had set a target of doubling bilateral trade to $100 billion by 2030.
“Problems and concerns keep emerging between countries and get settled. Trade moves on a separate track. The decision to derail trade is taken only after very serious consultations and it doesn’t happen casually,” a source said.
Ambitious pact
The source added that there is always a possibility that negotiating rounds may get delayed for a week or so due to some unavoidable engagements or developments at either end, but it must not be construed as a problem between the two countries. “When India decides to stop trade relations with a country, it would let it be known officially,” the source said.
The proposed India-UK FTA is an ambitious one covering 26 policy areas. “As many as 13 chapters have been closed so far,” the Commerce Ministry official said.
Investment is being negotiated as a separate agreement (Bilateral Investment Treaty), to be concluded simultaneously with the India-UK FTA.