Indian Commerce Minister to Visit UK for FTA Discussions
India’s Commerce and Industry Minister Piyush Goyal is set to host a discussion today with the UK government in London to begin finalizing the India-UK Free Trade Agreement (FTA). Today’s dialogue—the third in a string of diplomatic discussions—is aimed at strengthening bilateral trade before an agreement can be officially implemented by October 2022.
India is one of Asia’s largest trade partners, with preferential access and economic collaboration with approximately 54 other nations. Further fortifying goods and services trade alongside other sectors including defense, security, education and technology will be the primary focus at today’s negotiations.
It is projected that the India-UK FTA will echo the India-Australia FTA in terms of tariff mitigation as the UK seeks external trade engagements. As such, expect the UK to welcome further agreements with India outside the FTA which have the potential to provide an avenue for accessibility and increase their political trajectory in the Indo-Pacific. Given the bilateral economic growth between India and the UK projected to rise by 22.7% within the decade, further development in other sectors pertaining to environmental policy and multilateral cooperation are likely to expand further as the UK seeks footing outside of the EU.
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