India and UK aim to launch negotiations on a free trade agreement (FTA) by November this year, expect to sign an interim agreement involving high-priority products and services by March next year, and later conclude a comprehensive agreement, the commerce ministry said.
A tentative timeline for FTA and other trade matters has been chalked out during discussions held between commerce minister Piyush Goyal and UK trade secretary Elizabeth Truss, it said.
Speaking at an industry event on September 3, Goyal said India was negotiating trade agreements with “democracies” that believe in “transparent rule-based trading opportunities” and it was in an advance stage to conclude early harvest under a free trade agreement with UK.
“Proposed FTA between India and UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner which benefits all,” the commerce ministry said in a statement. After Brexit, UK has been pursuing its new trade policy that includes negotiating trade deals with several countries at the earliest.
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