News reports suggest that India and the United Kingdom (UK) will resume negotiations on the free-trade agreement (FTA) early next year. Both countries have been negotiating to arrive at a mutually beneficial agreement since 2022. The progress in recent months was halted owing to elections in both countries. Since India is not a member of major regional trade agreements, it is crucial to finalize ongoing trade negotiations to unlock opportunities for market access and global integration. However, as developments thus far show, all this will not be easy. Several issues will need to be addressed on both sides. India, for instance, expects increased mobility for its skilled labour force. The UK, which has a strong services sector, also wants better access to Indian markets besides lower tariffs on a range of goods.
This story is from the November 28, 2024 edition of Business Standard.
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This story is from the November 28, 2024 edition of Business Standard.
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