India, UK Free Trade Agreement by Diwali |
India`s Union Minister of Commerce and Industry Piyush Goyal has said that he has received a letter from Britain showing their willingness to follow the Diwali deadline for the India-UK Free Trade Agreement. India and Britain concluded the fifth round of talks for a Free Trade Agreement on July 29, 2022. British High Commissioner to India Alex Ellis also reaffirmed the same and said that India and the UK aim to complete the Free Trade Agreement by Diwali this year. Ellis underscored that the agreement between the two nations will increase employment and offer economic development to India for the next 25 years. He stressed that now is the time for the UK and India to support each other as partners in the growth of the two nations. Alex Ellis made the remarks on the sidelines of an event held in New Delhi. The UK High Commissioner underscored that the FTA will create more jobs and opportunities for India to "grow and develop." According to an Industry report released in August, trade between India and the UK will double by 2030 from the current level by more economic engagements between the two nations and diversification of global supply chains, and ease of doing business. India and the UK had expressed willingness to have a comprehensive free trade agreement during a virtual summit between Indian Prime Minister Narendra Modi and his then-British counterpart Boris Johnson.
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