India-UK Trade Relations Set to Blossom Post British Elections

Commerce Minister Piyush Goyal anticipates progress on the India-UK Free Trade Agreement (FTA) following the UK's upcoming general elections on July 4. He reports that both the current and shadow governments in the UK are committed to expediting the FTA, with India eager to enhance their bilateral economic ties.

Commerce and Industry Minister Piyush Goyal on Saturday expressed optimism about advancing the proposed free trade agreement (FTA) with the UK following the installation of a new British government.

With the UK general election set for July 4, Goyal conveyed confidence that progress would be made regardless of the election outcome.

"With the UK, irrespective of the election results, we hope to make progress after the new government comes in," Goyal told reporters.

He emphasized that if the current UK government retains power, their commitment to the FTA is already "very deep." The minister also revealed that discussions with the Labour Party's shadow trade and foreign ministers indicated their keen interest in pursuing the agreement swiftly.

Since launching FTA talks in January 2022, India and the UK have been working to strengthen their economic partnership. The agreement comprises 26 chapters, including topics like goods, services, investments, and intellectual property rights.

Bilateral trade between the two nations rose to USD 21.34 billion in 2023-24 from 20.36 billion in 2022-23.

Addressing the separate India-EU trade deal, Goyal reported the eighth round of negotiations concluded on June 28 in Brussels, with both parties committed to advancing the pact.

"So, I am confident that we will make fast progress," he concluded.

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