Commerce and Industry Minister Piyush Goyal said that the next round of negotiations for the deal is set to begin next month . The deal contains 26 sections covering products, services, investments, and intellectual property rights .
New Delhi (New York): Both India and the United Kingdom are pursuing a high priority for the proposed free trade agreement (FTA), and Commerce and Industry Minister Piyush Goyal said today that the next round of negotiations for the deal is set to begin next month.We have a stable government, which is fortunate.I am in office now (in the United Kingdom), and I am in contact with my (UK) counterpart.We're considering holding an in-person meeting soon, but both of our departments are already engaged.
It has been reiterated in the G20 summit, according to Piyush Goyal.In January, India and Britain began negotiations for the FTA, with the aim of completing them by Diwali (October 24), but the deadline was missed due to political instability in the UK.The deal contains 26 sections covering products, services, investments, and intellectual property rights.It would also help Indian labour intensive industries such as textiles, leather, and gemstones and jewellery to boost exports in the UK market. The bilateral trading between the two countries has already topped $17.5 billion in 2021-22, up from $13.2 billion in 2020-21.India's exports amounted to $10.5 billion in 2021-22, while imports were $7 billion.The deal contains 26 chapters addressing products, services, investments, and intellectual property rights.Major imports include precious and semi-precious stones, ores and metal scraps, industrial goods, non-ferrous metals, chemicals, and machinery.In 2021-22, New Delhi attracted international direct investment of $1.64 billion.Between April 2000 and March 2022, the figure stood at about $32 billion.