21st November 2024 (9 Topics)
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UK-India trade talks to re-launch
Context
Free trade talks between India and the UK will be relaunched in the new year.
What is Free Trade Agreement?
- It is a pact between two or more nations to reduce barriersto imports and exports among them.
- Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitionsto inhibit their exchange.
- The concept of free trade is the opposite of trade protectionism or economic isolationism.
India-UK Trade Relations
- India’s trade relationship with the United Kingdom continues to grow steadily, showcasing immense potential for deeper collaboration and strategic engagement.
- As per the latest data from April to September 2024, India’s exports to the UK witnessed a robust growth of 12.38%, reaching USD 7.32 billion, compared to USD 6.51 billion during the same period in 2023.
- Mineral fuels, machinery, and precious stones, pharmaceuticals, apparels, iron and steel and chemicals lead India’s export basket to the UK, contributing a 68.72% share of total exports.
- The United Kingdom is a priority country for the achievement of India’s ambitious USD 1 trillion export target by FY30, with exports to the UK expected to reach USD 30 billion by 2029-30.
- The UK remained the sixth largest investor in India, with a cumulative investment of approximately USD 31.92 billion during FY 2000-22.This constituted around 4% of the total Foreign Direct Investment (FDI)into India.
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