India, UK Free Trade Pact by 2022 end |
Indian Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Anne-Marie Trevelyan on January 13 launched the negotiations for a bilateral trade pact that targets doubling bilateral trade by 2030. Also, it will boost Indian exports in labor-intensive sectors like leather, textile, jewellry, and processed Agri-products. Goyal said that the two sides are working closely to conclude both the interim agreement and the final FTA by the end of 2022. India`s exports to the UK were $8.15 billion in 2020-21, while imports aggregated at $4.95 billion. India`s main exports to the U.K. include ready-made garments and textiles, gems and jewelry, engineering goods, petroleum products, transport equipment, spices, pharmaceuticals, and marine products. Imports from Britain include precious and semi-precious stones, ores and metal scraps, engineering goods, chemicals, and machinery. In the services sector, the UK is the largest market in Europe for Indian IT services.
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