“I don’t think the things have ever been strong or as good between India and UK as they are now,” said UK Prime Minister Boris Johnson during his two-day maiden visit as PM to India. What remained highlight of British PM’s visit to India was New Delhi’s and London’s major push towards the conclusion of the Free Trade Agreement. This FTA has the potential to double out trade and investment by the end of the decade. The third round of talks begin next week,and negotiators seems to have been given a target to it done by Diwali.
India and the United Kingdoms enjoy a long and historical relationship which was elevated to a comprehensive Strategic Partnership during the India-UK virtual summit in 2021. India’s multi-faceted bilateral relations with UK witnessed a significant stride in the recent past and now the two vibrant democracies are set to give major push to its elevated trade ties with the finalization of the FTA. The agreement will expand India-UK cooperation in different sectors ranging tourism, technology, startups, education, climate change among others. Expected results on both sides are of creating jobs, increasing wages and driving innovations. This will also contribute in integrating value chains and help augment mutual efforts to strengthen the resilience of supply chains. The finalization of ambitious trade deal will also give major boost to Indian exports in labour intensive sectors like Leather, Textile, Jewellery and processed Agri-products. With UK currently as India’s 17th largest trading partner, the total trade between India and UK stood at USD12.5 billion FY 2021-22 (April-Dec).
From describing India-UK ties as ‘beacon in stormy seas’ to describing Prime Minister Narendra Modi as Britain’s ‘khaas-dost’, the British Prime Minister Boris Johnson has spelt out a better understanding between two vibrant democratic countries. The signing of the India-UK FTA will usher in a new age of cooperation and open the way for huge trade and investment opportunities for UK and Indian companies.
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