(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelThe long-awaited trade deal between India and Britain is likely to be signed after the completion of elections in the United Kingdom as the officials of India and the United Kingdom met virtually on May 7 last month.Last month, the Ministry of Commerce organised a Chintan Shivir to provide information related to Free Trade Agreement (FTA) to the stakeholders and officials. During the meeting officials discussed strategies and vision for 2047, economic assessments and modelling of FTAs, inclusion of new disciplines like environment, labour, gender issues, and digital trade.The meeting was organised under the Chintan Shivir initiative of the commerce ministry, GoI.Britain's PM Rishi Sunak has called for a snap election in the country. July 4 is the date of elections in the UK.A total of 13 rounds of negotiations for the India-UK FTA have been held so far, and the 14th round began on January 10, 2024.reported last month, citing sources that chapter-wise textual negotiations have nearly been completed, and negotiations on goods and services were at an advanced stage.The trade negotiations between both countries opened in January 2022. It aims to secure an "ambitious" outcome for bilateral trade - currently worth around GBP 38.1 billion a year, according to official statistics.The UK wants India to drastically lower tariffs on UK exports, which can now be as high as 150 per cent, including food, automobiles, and whisky. It includes FTA talks with the UK, EU, Australia, Eurasian Economic Union and Peru.

Source: The Times June 14, 2024 18:16 UTC