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On asked about the inclusion of visa in the India-UK FTA talks, Commerce & Industry Minister Piyush Goyal says immigration has never been part of trade negotiations.
Commerce & Industry Minister Piyush Goyal meets UK Business and Trade Secretary Jonathan Reynolds (left), who is on a three-day visit to India.
India-UK FTA Talks: Union Commerce & Industry Minister Piyush Goyal on Monday (February 24) said India and the UK have decided to restart negotiations for a free-trade agreement (FTA). It comes about a year after the FTA negotiations had stalled in May 2024, ahead of the US general elections.
Piyush Goyal informed about the resumption of the India-UK FTA talks after meeting UK Business and Trade Secretary Jonathan Reynolds, who is on a three-day visit to India.
India and the UK launched talks for an FTA in January 2022 to boost economic ties between the two nations. So far, 14 rounds of discussions have taken place. Now, the 15th round of negotiation will take place.
“During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial,” Goyal said.
We are restarting talks for a forward-looking, transparent, and ambitious India-UK Free Trade Agreement that will be a win-win for both nations
pic.twitter.com/xPKFsBF7vW— Piyush Goyal (@PiyushGoyal) February 24, 2025
“All options are on the table. We are in active negotiations on three different aspects – the FTA, the Bilateral Investment Treaty, and a Double Contribution Convention Agreement. And all three are in parallel and conjoined with each other,” Goyal said while speaking at an event.
Reynolds also spoke about the FTA negotiations. “India is a vital partner for UK in an increasingly volatile and multipolar world. We have kickstarted negotiations for UK and India FTA again. Through these talks we want to secure a mutually beneficial agreement,” he said.
When asked if the FTA can be expected by this year, Goyal said, “It’s never too early and never too late to conclude a good agreement.”
“Neither should we rush into things but it is always good to conclude fast. We will have speed but not haste,” he said.
Reynolds echoed the sentiment when he said that for UK it is about quality of the trade agreements rather than the speed of delivering them.
“But there is really an urgency and this is a top priority for the UK government and has strong support from the Prime Minister of UK and key cabinet colleagues,” he added.
On asked about the inclusion of visa in the FTA talks, Goyal said immigration has never been part of trade negotiations.
The India-UK FTA Talks: Key Things You Need To Know
India and the UK launched talks for an FTA in January 2022 to boost economic ties between the two nations. So far, 14 rounds of discussions have taken place.
There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights.
Trade in goods, including passenger vehicles, is one of the areas under the India-UK FTA negotiations.
In a free-trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. The UK side is demanding duty concessions in the automobile sector.
According to market experts, the FTA will bring in cheaper alcohol in the domestic market. However, for India’s IT, electrical, and fashion industries, the FTA will ensure greater market access.
According to the official UK Department for Business and Trade (DBT) statistics, the total trade in goods and services between the UK and India was GBP 42 billion in the four quarters to the end of 2024.
This is expected to be significantly enhanced with an FTA, negotiations for which began in January 2022 before being paused in the fourteenth round for general elections in both countries in 2024. The FTA talks are expected to resume later this month.
The bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.
