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India and UK Start Negotiations on Free Trade Agreement – ​​North State Journal

File-Ammary Treberian, Minister of International Trade, will speak at the Conservative Party Convention in Manchester, England, on Sunday, October 3, 2021. Trevelyan is in New Delhi and will meet with Indian counterpart Piyush Goyal in New Delhi on Thursday. , January 13th. India and the United Kingdom have begun talks on the pursuit of a free trade agreement that is expected to boost bilateral trade by billions of dollars, making it one of the most ambitious negotiations to take place after Brexit. (AP Photo / Jon Super, file)

New Delhi — India and the United Kingdom began negotiations on Thursday on one of the most ambitious post-Brexit negotiations on a free trade agreement that is expected to boost bilateral trade by billions of dollars.

Britain’s Minister of International Trade Anne-Marie Trevelyan met with Indian Minister of Commerce and Industry Piyush Goyal in New Delhi before a formal meeting next week.

“This is the first of my important agreements this year as Britain embarked on an independent journey after Brexit,” Trevelian told reporters.

She said countries have unique opportunities to build trade, defense, climate and health relationships as they recover from the COVID-19 pandemic.

Mr Goyal said the free trade agreement, which is expected to be signed within a year, will double the current trade value of $ 50 billion by 2030. The deal could double Britain’s exports to India and boost two-way trade by $ 38 billion, according to a statement from the British government. Year by 2035.

Both sides hope that the deal will bring significant benefits to several industries, from food and beverage to cutting-edge renewable energy technology.

“As the Indian economy continues to grow rapidly, trading with India is a great opportunity to put British companies at the forefront,” said Trebelian, who says the UK is growing in Asia’s third-largest economy. He added that he was keen on taking advantage of the middle class. ..

After leaving the European Union in 2016, the UK has focused its trade policy on the Indo-Pacific region. Once a British colony, India is considered a preferred location given the uncertainties in its relationship with Britain and China.

Investment from Indian companies has already supported 95,000 jobs across the UK, according to a UK statement.

The UK is working on transactions that break barriers, such as tariffs on the export of British cars and Scotch whiskey.

India and the United Kingdom have broad ties, the former investing in 120 projects and becoming the largest source of foreign direct investment after the United States in 2019.

India and UK Start Negotiations on Free Trade Agreement – ​​North State Journal

SourceIndia and UK Start Negotiations on Free Trade Agreement – ​​North State Journal

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