India and UK to Resume Free Trade Agreement Talks in 2025, Announce PM Modi and UK PM Keir Starmer
India and UK to Resume Free Trade Agreement Talks in 2025
The UK India Business Council has expressed its support for the announcement to restart Free Trade Agreement (FTA) discussions between India and the UK in early 2025. This announcement was made by UK Prime Minister Keir Starmer after a meeting with Indian Prime Minister Narendra Modi during the G20 summit in Brazil.
Importance of the FTA
Prime Minister Keir Starmer emphasized that a new trade deal with India would boost jobs and prosperity in the UK, contributing to economic growth and improving living standards. The UK-India Business Council (UKIBC) has been actively involved in the negotiations, which have seen 13 rounds so far, with a strong commitment from both sides to finalize the deal.
UKIBC's Role and Vision
Kevin McCole, Managing Director of UKIBC, expressed excitement about the resumption of negotiations, highlighting the potential for a fair and ambitious deal between the world's 5th and 6th largest economies. The UKIBC aims to facilitate smoother exchanges of students and workers and enhance research and development collaboration between the two nations.
The bilateral trade between India and the UK is currently valued at £42 billion (USD 53.2 billion) as of June 2024. The UKIBC, a not-for-profit organization, is dedicated to growing UK-India trade and investment by providing strategic support to businesses and universities in both countries.
The UKIBC believes that a strong UK-India economic partnership can drive positive global change, creating prosperity and jobs in both countries through collaboration in ideas, technology, services, and products.
Doubts Revealed
Free Trade Agreement (FTA)
A Free Trade Agreement is a deal between two or more countries to reduce or remove barriers like taxes on goods and services traded between them. This makes it easier and cheaper for businesses to buy and sell products across borders.
UK India Business Council (UKIBC)
The UK India Business Council is an organization that helps businesses in the UK and India work together. They provide support and advice to companies looking to trade or invest in each other's countries.
Keir Starmer
Keir Starmer is the Prime Minister of the United Kingdom. He is a political leader who represents the UK in international matters and makes important decisions for the country.
Narendra Modi
Narendra Modi is the Prime Minister of India. He is the leader of the Indian government and represents India in global discussions and agreements.
G20 summit
The G20 summit is a meeting of leaders from 20 major economies around the world. They come together to discuss important global issues like trade, economy, and climate change.
Bilateral trade
Bilateral trade refers to the exchange of goods and services between two countries. In this context, it means the trade happening between India and the UK.
£42 billion
£42 billion is the total value of goods and services traded between India and the UK. It shows how much business is happening between the two countries.
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