U.K. and India Aim for Ambitious Free Trade Agreement

The United Kingdom is keen to conclude the free trade agreement being negotiated with India in the soonest possible time in order to re-focus its attention on the growing markets of the Indo-Pacific. International Trade Minister, Mr. Nigel Huddleston, in an exclusive interview to PTI stated that half the chapters in the deal have already been concluded and work is on to complete the negotiations. Prime Minister, Mr. Rishi Sunak, had earlier last week indicated that both countries were aiming for a “truly ambitious trade deal”.

Mr. Huddleston pointed out that 80% of Great Britain’s economy was dependent on services and the chapters on services are thus an integral part of the pact. He further added that the agreement should be beneficial for small and medium enterprises of both countries. The deal which has been in the works for some years now is expected to be a comprehensive pact covering not only goods and services trade but also investments. Mr. Huddleston indicated that temporary business visas and inter-company transfer of people “was part of the conversation” to make it easier for businessmen and highly skilled professionals to travel between the two countries.

U.K. companies have invested about $33,87 billion in the Indian market while some 900 Indian firms operating in the U.K. are believed to generate $68 billion in turnover, according to Invest India. The deal is expected to open up more investment opportunities and help in streamlining the process of doing business between the two countries. The Minister, however, refused to reveal any sticking points in the agreement. He also did not set any deadlines for the completion of the pact saying that negotiations are ongoing and both countries are looking for a comprehensive agreement. Mr. Huddleston, who was appointed Minister for International Trade in February this year with charge of all global trade negotiations, has been an important Tory leader in the U.K. and has been Government Whip (Lord Commissioner of HM Treasury) before this.

He has been instrumental in taking the negotiations forward and his experience in international trade is expected to prove invaluable in concluding the deal. The U.K.’s shift towards the Indo-Pacific and the trade deal with India is thus of paramount importance to the British economy and the pact is expected to bring about a win-win situation for both countries. U.K. and India Aim for Ambitious Free Trade Agreement The United Kingdom is keen to conclude the free trade agreement (FTA) being negotiated with India, in order to re-focus its attention on the growing markets of the Indo-Pacific.

International Trade Minister, Mr. Nigel Huddleston, in an exclusive interview to PTI stated that half the chapters in the deal have already been concluded and work is on to complete the negotiations. The deal which has been in the works for some years now is expected to be a comprehensive pact covering not only goods and services trade but also investments. Prime Minister, Mr. Rishi Sunak, had earlier last week indicated that both countries were aiming for a “truly ambitious trade deal”. The pact will open up further investment opportunities and help in streamlining the process of doing business between the two countries.

Mr. Huddleston pointed out that 80% of Great Britain’s economy was dependent on services and the chapters on services are thus an integral part of the pact. He further added that the agreement should be beneficial for small and medium enterprises of both countries. U.K. companies have invested about $33,87 billion in the Indian market while some 900 Indian firms operating in the U.K. are believed to generate $68 billion in turnover, according to Invest India. The Minister, however, refused to reveal any sticking points in the agreement. He also did not set any deadlines for the completion of the pact saying that negotiations are ongoing and both countries are looking for a comprehensive agreement.

Mr. Huddleston, who was appointed Minister for International Trade in February this year with charge of all global trade negotiations, has been instrumental in taking the negotiations forward. The U.K.’s shift towards the Indo-Pacific and the trade deal with India is thus of paramount importance to the British economy and the pact is expected to bring about a win-win situation for both countries. The agreement is expected to reduce paperwork and encourage digital signatures, while also providing business and highly skilled professionals with temporary visas and inter-company transfer of people.