The formal launch of negotiations between India and the UK over the Free Trade Agreement (FTA) is on the calendar for the second week of January 2022.
"The idea is to launch the negotiations and the first round of talks this month," an official told ET.
While a delegation comprising representatives of the UK's trade ministry and businesses is to visit India to launch the negotiations, the two sides may consider doing a virtual launch, a source was quoted saying.
The intention is to put the agreement (an interim one) in place by March 2022 which will eventually be followed by a formal comprehensive agreement. This will impact early tariff or market concessions around high priority products. This will comprise whisky, cars, vaccines, basmati rice, wool, yarn, instant coffee, and tea premix from India’s top industries, in return for which India wants enhanced mobility for its professionals.
India's exports to the UK in FY21 were $8.15 billion ($60,700 crores) and imports were $4.95 billion ($36,850 crores). Last year, the two countries had agreed on an enhanced trade partnership with the goal to double bilateral trade to £50 billion, or about Rs 5 lakh crore, by 2030.
