Priya
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New Delhi. India and Britain will hold the next round of talks this month for the proposed free trade agreement (FTA) to resolve pending issues. The proposed FTA talks between the two countries began in January 2022. The 14th round of talks was halted due to elections in both the countries. An official says that both the countries are in touch with each other.
British Prime Minister Keir Starmer spoke to PM Narendra Modi on Saturday. Both leaders agreed to work towards concluding a mutually beneficial FTA. Indian industry is demanding greater access to British markets for its skilled professionals in sectors such as IT and healthcare and market access for several items at zero customs duty. On the other hand, Britain is demanding a cut in import duty on Scotch whisky, electric vehicles, chocolates and some other items.
Britain is also looking for more opportunities in the Indian markets in sectors such as telecom, legal and financial services (banking and insurance). The two countries are also negotiating a bilateral investment treaty (BIT). According to think tank GTRI (Global Trade Research Initiative), the agreement has almost been finalised and the Labour Party may approve it with some adjustments such as reducing the number of visas for Indian professionals.
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