United Kingdom initiate process to discuss free trade talks with India
The United Kingdom has initiated a 14 week consultation process that involves business representatives among others to discuss about the prospects of having a free trade agreement with India. This consultation process has been started before the talks to be held between India and the United Kingdom in the months of September or October. This consultation process has been started by Britain’s trade secretary Liz Truss.
Main aim of the consultation process
This consultation process has been kick-started as a free trade agreement with India will improve opportunities of the various industries present as well as the service and job sectors in both the countries. India is also a huge market of British produced goods such as cars, whisky, etc. The United Kingdom also wants to target the youth and the growing middle income population of India the various goods and services provided by the British industries.
India and the United Kingdom had announced the intention to begin talks about a free trade agreement earlier this month after a summit held between Prime Minister Narendra Modi and Prime Minister of United Kingdom Boris Johnson. The two countries in the summit agreed to the idea of concluding pre Free Trade Agreement discussions by the end of this year. Moving on from that, both the countries were then expected to take up an interim trade deal that would b concluded by early 2022. Both the countries are of the view that the Free Trade Agreement talks should be wrapped up as soon as possible.