India, UK to restart trade talks in new year: Starmer

British Prime Minister Sir Keir Starmer attends a bilateral meeting with Indian Prime Minister Narendra Modi on the sidelines of the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil. | Photo credit: Reuters

India and the United Kingdom have decided to restart talks to conclude a free trade agreement in the new year, following the election of a new Labor government in the United Kingdom.

The announcement of the imminent resumption of negotiations, begun in 2022 under the conservative government of Boris Johnson, was announced by British Prime Minister Keir Starmer, following a bilateral meeting with Prime Minister Narendra Modi in Rio de Janeiro. Janeiro, on the sidelines of the G20 summit. .

A new trade deal with India will support jobs and prosperity in the UK and is a step forward in our mission to generate growth and opportunity across our country, Mr Starmer said. Bilateral trade between the two countries is valued at 42 billion ($53.2 billion) over the twelve months to June 2024, according to official UK data.

India and the UK concluded most of the 26 chapters under discussion, but the negotiations dragged on with over 14 rounds of trade talks outlasting two British Prime Ministers (Mr Johnson and Rishi Sunak). The last round of negotiations took place in March, after which India, and then the United Kingdom, went to the polls.

India is the world's fifth largest economy and a key trading partner for the UK. We believe there is much to be done here, which benefits both countries, said British Business and Trade Secretary Johnathan Reynolds.

The UK is seeking to deepen cooperation on education, security, technology and climate change, Downing Street said in a statement.

Published – November 19, 2024 at 06:55 IST

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