India and the United Kingdom (United Kingdom) announced the resumption of negotiations for the free trade agreement (ALE) which had blocked more than eight months after the elections in the two countries.
This was announced on February 24 by Piyush Goyal, Minister of Commerce and Industry, and Jonathan Reynolds, Secretary of State for the Department of Affairs and Commerce, United Kingdom, which is in New Delhi.
“The two parties have agreed to resume negotiations to a balanced, mutually beneficial and prospective agreement which offers mutual growth and relies on the forces of the two complementary economies. The strengthening of trade relations between our two countries has the potential to unlock opportunities for businesses and consumers in our two nations and to develop more on our already deep links, “according to a joint declaration on the resumption of India- trade negotiations UK.
The ministers, however, refused to give a calendar as to the negotiations are completed and the ALE is signed.
“The United Kingdom and India strike a perfect agreement, just as Coldplay is a sky full of stars which illuminated the Narendra Modi stadium …”, Goyal told journalists, while referring to the British group concert in Ahmedabad at the end of January.
However, he noted that it is never too early and never too late to conclude a good agreement. “I think that I have always maintained in all our commercial negotiations in the years when trade agreements are for a long -term future,” said Goyal when he was questioned about the calendar of the agreement of the agreement , stressing that the objective is for a solid agreement, which is a victory for both parties. It is always good to conclude quickly, so we will have speed, but should not be eager, “he said.
Reynolds also stressed that the agreement is long -term, but stressed that this is an absolute priority of the British government and has full support from the British Prime Minister Keir Starmer.
In addition to the ALE, countries also negotiate a bilateral investment treaty as well as a double contribution agreement on social security or a totalization agreement.
The British Department of Commerce and Affairs noted that the trade ministers of the two countries will hinder negotiations on a modern economic agreement with two days of targeted discussion.
Bilateral trade between India and the United Kingdom amounted to $ 21.34 billion in 2023-24. The United Kingdom is the sixth investor in India.
Goyal declared that immigration has never been part of the ALE negotiations, but several countries where Indian students opt for higher education, encourage their education by giving them a certain period to acquire practical experience. This is done by a business visa, he noted.
On questions related to agriculture which were a sensitive point for India as well as other collision points for the United Kingdom, Reynolds expressed his hope that a common ground would be reached, and an agreement mutually beneficial will be concluded.
