India, UK officials to hold 13th round of FTA talks from September 4

India-UK FTA: Officials from India and the UK are set to initiate the 13th round of discussions for their proposed free trade agreement (FTA) starting on September 4, according to an official announcement on Thursday, August 31. The 12th round of negotiations concluded on August 31. India's Commerce and Industry Minister, Piyush Goyal, recently confirmed that the talks between the two countries regarding the FTA are making progress and that both nations are committed to reaching an agreement as soon as possible.

Kemi Badenoch, the UK's Business and Trade Secretary, visited India recently to assess the advancement of the negotiations. During her visit, she held bilateral meetings with Goyal as well as Finance Minister Nirmala Sitharaman.

Bilateral investment treaty

Leading up to the 12th round of discussions, 19 out of the total 26 chapters in the FTA had been addressed and resolved. In addition to the FTA, there are separate negotiations for an investment agreement, known as a bilateral investment treaty, between India and the UK.

The bilateral trade between India and the UK saw an increase to $20.36 billion (Rs 1.68lakh crore) in the fiscal year 2022–23, compared to $17.5 billion (Rs 1.45 lakh crore) in the previous fiscal year 2021–22.

(With PTI Inputs)