Jaishankar welcomes India-UK FTA talks, says both nations 'can make bigger difference'

External Affairs Minister Dr. S Jaishankar on Thursday welcomed the launch of India-UK Free Trade Agreement (FTA) negotiations, saying that both countries "can make a bigger difference by working together." Taking to Twitter, EAM Jaishankar informed that he met with UK Secretary of International Trade Anne-Marie Trevelyan and appreciated the kick-start of discussion on the vital deal. "Good discussion on our natural complementaries," the EAM tweeted.

It is to mention that Union Minister for Trade and Commerce Piyush Goyal along with his British counterpart Trevelyan inaugurated the India-UK Free Trade Agreement negotiations in New Delhi on Thursday. The deal is expected to double bilateral trade between India and Britain to over $100 billion by 2030. In addition, it is also to boost economic and social ties between both nations.

"And India-UK Free Trade Agreement would be a substantial opportunity for both h Di corner means and the significant moment in the India-UK bilateral relationship," a joint statement by India and Britain released on Thursday, read.

"The trading relationship is already significant and both sides agreed to double the bilateral trade by 2030, as part of Roadmap 2030 announced by Prime Minister Narendra Modi and Prime Minister Boris Johnson in May 2021. India and the UK will seek to agree to a mutually beneficial agreement supporting jobs, businesses and communities in both countries," the statement added.

During negotiations, both governments are expected to consider options or an interim trade agreement that generates early benefit for both nations. On the sidelines of the trade talks, India-UK Joint Economic and Trade Committee will continue to work in improving the trading relationships, including accessing market barriers outside the potential provisions of the trade deal, the joint statement added. The first round of negotiations is scheduled to begin on January 17 with subsequent sittings to follow in every 5 weeks.

India-UK FTA to be based on post-Brexit priorities

The India-UK FTA is based on one of Britain's top post-Brexit priorities, which is to ensure free bilateral trade ties from the European Union's common trade provisions. In addition, with India on the course to become the third-largest economy by 2050, the FTA will help the British to "cement place on the global stage," UK PM Johnson had said. "A trade deal with India's booming economy offers benefits for British businesses, workers and consumers," he added. Trevelyan has also dubbed the trade deal a "golden opportunity" as the European Union (EU) has been able to make only a little progress with any such ties with India.

(Image: @DrSJaishankar/Twitter)