New Delhi: India and England agreed to launch negotiations for free trade agreements, consisting of goods and services, in November and aimed at achieving a temporary agreement in March.
England, along with the European Union, Australia, Canada and the UAE have been identified as a focused country for trade agreements, because the government spilled reluctance to the agreement.
The decision to launch negotiations with England was taken at a meeting between Trade & Minister of Industry Piyush Goyal and his colleague Elizabeth Truss.
“The proposed FTA between India and Britain is expected to unlock exceptional business opportunities and produce work.
Both parties have updated their commitment to increase trade in a way that benefits all,” said an official statement.
Goyal said that the work group would complete their work to understand the field of interest, sensitivity and ambition this month with the scope of the agreement proposed to be completed next month, opening the way for the launch of negotiations in November.
While the temporary agreement will focus most on goods, certain services can also be included.
“If necessary, we can also explore sign several reciprocal recognition agreements in selective services such as nursing and architectural services,” the official release said.
After Brexit, England has encouraged trade transactions with various countries and want to ensure that their businesses get adequate market access in partner countries.
England is the 14th largest trading partner in India, with the overall volume trading with England estimated at $ 13.1 billion last year.
With the exports of $ 8.2 billion India has a trade surplus of more than $ 3 billion.