New Delhi: India and the UK Monday discussed to advance the India-UK free trade agreement (FTA) negotiations while ensuring that the pact is balanced, ambitious and mutually beneficial.
In a post on X, Commerce and Industry Minister Piyush Goyal said both countries reaffirmed their commitment to strengthening trade and investment ties.
He held a meeting with UK Secretary of State for Business and Trade Jonathan Reynolds here.
“During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial,” Goyal said.
The India-UK FTA negotiations were launched on January 13, 2022.
The agreement is aimed at boosting bilateral trade and investments.
In such pacts, two countries either eliminate or significantly reduce customs duties on maximum goods traded between them. They also ease norms for promoting trade in services and bilateral investments.
The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23.
The United Kingdom is the sixth largest investor in India. The country has received USD 35.3 billion FDI during April 2000 and September 2024.
PTI