London, Nov 19 (PTI) The UK India Business Council (UKIBC) on Tuesday welcomed the British government’s announcement to resume Free Trade Agreement (FTA) talks between India and the UK in early 2025.
British Prime Minister Keir Starmer's office made the announcement following his bilateral meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit in Brazil on Monday, saying a new trade deal with India would "support jobs and prosperity".
UKIBC, a policy advocacy and advisory not-for-profit body promoting growth in bilateral trade and investment, has been working on facilitating FTA negotiations since they began in January 2022.
“We are delighted that the FTA negotiations will re-start early next year. This is an exciting chapter of the UK-India partnership,” said Kevin McCole, UKIBC Managing Director.
“Negotiations are complex – it is, after all, the world’s fifth and sixth largest economies preparing for a comprehensive FTA – and it is important to secure a fair and ambitious deal," he said.
"By concluding the FTA, smoothing the two-way flow of students and workers, and deepening R&D collaboration, the UK and Indian governments will deliver stronger economic growth in both countries. This will create jobs and prosperity in India and the UK as well as being a force for global good,” he added.
UKIBC said it has engaged with ministers and senior officials across departments in both governments during the 13 rounds of negotiations that have taken place so far and claims to have witnessed a "strong commitment from both sides to make this deal a reality".
The talks had stalled in the fourteenth round as the general election cycles kicked in for both nations, with FTA negotiations that began under a Conservative Party government now being picked up by a Labour-led administration in charge at 10 Downing Street.
“Boosting economic growth is key to improving living standards for working people. A new trade deal with India will support jobs and prosperity in the UK – and represent a step forward in our mission to deliver growth and opportunity across our country,” said Starmer, following his meeting with Modi in Rio de Janeiro.
According to the UKIBC, a substantial number of chapters have been discussed for the FTA to enhance bilateral trade, valued at GBP 42 billion in the 12 months to June 2024.