New Delhi: External Affairs Minister S Jaishankar on Thursday met with UK Secretary of State for International Trade Anne-Marie Trevelyan and welcomed the launch of Free Trade Agreement negotiations.
“Glad to meet UK Secretary of State for International Trade @annietrev. Welcomed the launch of FTA negotiations. Good discussion on our natural complementarities. New India and Global Britain can make a bigger difference working togther,” Jaishankar tweeted.
Glad to meet UK Secretary of State for International Trade @annietrev .
Welcomed the launch of FTA negotiations. Good discussion on our natural complementarities.
New India and Global Britain can make a bigger difference working togther. pic.twitter.com/mKqxdHrozZ
— Dr. S. Jaishankar (@DrSJaishankar) January 13, 2022
Earlier today, India and the United Kingdom formally launched negotiations for FTA between the two countries by Indian Minister for Commerce and Industry Piyush Goyal and UK Trade Secretary, Anne-Marie Trevelyan, who is in New Delhi for the discussions.
“An India-UK Free Trade Agreement would be a substantial opportunity for both of our economies and a significant moment in the India-UK bilateral relationship,” said India-UK joint media statement.
“The India-UK bilateral trading relationship is already significant, and both sides have agreed to double that bilateral trade by 2030, as part of Roadmap 2030 announced by Prime Minister Narendra Modi and Prime Minister Boris Johnson in May 2021. India and the UK will seek to agree to a mutually beneficial agreement supporting jobs, businesses, and communities in both countries,” read the statement.
As per the statement, “trade negotiations will be a priority for both India and UK, as both the countries build upon the Enhanced Trade Partnership launched by our Prime Ministers in May 2021.”
“During negotiations, and on the path to a comprehensive agreement, both Governments will consider the option of an Interim Agreement that generates early benefits for both countries. In parallel to trade negotiations, the India-UK Joint Economic and Trade Committee will continue to work in improving the India-UK trading relationship and addressing market access barriers outside of a trade agreement,” the joint statement read.
It added that both parties have agreed that the first round of negotiations will begin on January 17, and future rounds of negotiations will take place approximately every five weeks.