India, UK free trade agreement: 12th round of talks from August 7

India, UK free trade agreement: As India and the UK are close to concluding negotiations for a proposed free trade agreement (FTA), chief negotiators of both countries will hold the 12th round of talks from August 7 here, an official said. Both sides are looking at concluding the talks before the end of the year.

The main issues which could come up for discussions in this round include investment treaty, reduction of duties on auto and whiskey and matters pertaining to services, the official said.

The 11th round of talks was concluded last month. For that round, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London and took stock of the negotiations.

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On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, and certain confectionary items.

Britain is also looking for more opportunities for UK services into Indian markets in segments such as telecommunications, legal and financial services like banking.

The bilateral trade between the countries increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

India's main exports to the UK are ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment, spices, machinery and instruments, pharmaceuticals and marine products.

Main imports include precious and semi-precious stones, ores and metal scraps, engineering goods, professional instruments other than electronics, chemicals and machinery.

In the services sector, the UK is the largest market in Europe for Indian IT services. In the field of investment, the UK is one of the top investors in India. In 2022-23, India received USD 1.74 billion in foreign direct investment from the UK as against USD 1 billion in 2021-22.

During April 2000 and March 2023, investments stood at USD 33.9 billion. Under such pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments.

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