UK Launches Free Trade Agreement Negotiations With India

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Last Updated14/01/2022

UK Launches Free Trade Agreement Negotiations With India
The UK government on Thursday announced the launch of free trade agreement (FTA) negotiations with India, describing it as a ""golden opportunity"" to put British businesses at the ""front of the queue"" of the Indian economy
The first round of negotiations is expected to start next week, which the British government said would make it the UK's quickest start of formal talks between negotiating teams following a launch.

Proposed FTA expected to help double bilateral trade by 2030
It will give major fillip to Indian exports in labour intensive sectors like Leather, Textile, Jewellery and processed Agri-products
It will give a big boost to employment generation

The UK is among India’s major trading partners and during the year 2016-17, the UK ranked 15th in the list of India’s top 25 trading partners
Bilateral trade between India-UK: USD 12.48 billion in 2020
Exports from UK:Electrical, electronic equipment,Pearls, precious stones, metals, coins Optical, photo, technical, medical apparatus,Iron and steel,etc
Exports from India:Machinery, nuclear reactors, boilers,Articles of apparel, knit or crocheted,Pharmaceutical products,Articles of apparel, Pearls, precious stones, metals, coins,etc

Inward investment: UK is the 6th largest inward investor in India, after Mauritius, Singapore, Netherlands, Japan, and USA
Equity investment: US $28.39 billion (April 2000 - June 2020), accounting for around 6% of all foreign direct investment into India
Indian Investment: India is the second largest investor in the UK.
There are 842 Indian companies in the UK, employing more than 110,000 people.

The UK is among the favoured destinations for Indian students to pursue higher education.
Around 50,000 Indian students are currently studying in the UK.
Point-based immigration system: India was one of the biggest beneficiaries of the UK's new liberalised point-based immigration system.
UK-India Education and Research Initiative (UKIERI): launched in 2005 , It focus on higher education and research, schools and professional and technical skills
Other educational initiatives: Joint Working Group on Education, Newton-Bhabha Fund and Scholarship schemes

MoU on Cultural Cooperation: signed in July 2010.
The Nehru Centre (TNC): estd in 1992 in London, for cultural outreach of the High Commission of India in the UK.

Strategic partnership Agreement: signed in 2004
Capability partnership: both countries agreed to elevate their Defence relationship by establishing capability partnerships in strategic areas in November 2015
Maritime Cooperation: UK is deploying Carrier Strike Group in the Indian Ocean region this year in line with its strategic tilt to the Indo-Pacific.
IFC-IOR: The UK has officially joined the Indian Navy’s Information Fusion Centre-Indian Ocean Region (IFC-IOR) based in Gurugram and deputed its officer for it.
Ajeya Warrior-army-to-army biennial exercise
Konakan -joint navy-to-navy annual exercise
Indradhanush-joint air-to-air exercise

India-UK technical partnership program: it was announced in 2018, to bring together the best minds working in tech to unlock its future potential and deliver high-skilled jobs and economic growth
India-UK Clean Energy Research and Development Centre: it brings together leading energy researchers from ten UK universities with their counterparts across India to share experience and develop technologies critical to the future of sustainable energy systems.