Tuesday’s statement by British Prime Minister Rishi Sunak indicated that he would only agree to a trade agreement with India if it benefitted the entire United Kingdom.
A representative for Rishi Sunak informed the media, “He claimed discussions for a free trade agreement were moving forward and that he would only accept a strategy that worked for the entire UK.
In a speech to his senior staff on Tuesday before departing for the G20 conference in India later this week, Prime Minister Rishi Sunak said he would only strike a trade agreement with India if it benefitted all of Britain.
His spokesman informed reporters that “he said negotiations around a free trade deal were progressing and that he would only agree to a strategy which worked for the entire UK.”
There have been eleven rounds of negotiations for a free trade agreement (FTA) between India and the United Kingdom. August 8 to August 31 saw the penultimate round of negotiations.
At the G7 Summit in Japan in May, Sunak had a meeting with Prime Minister Narendra Modi. According to Sunak’s office, both leaders had talked about the development of the India-UK free trade agreement.
According to Sunak’s office, Modi and Sunak had agreed that their teams would keep moving forward to complete a settlement that would benefit both parties.
According to Sunil Barthwal, the secretary of commerce, the eleventh round of discussions in London was “very intense” and several concerns were resolved. 19 of the proposed FTA’s 26 chapters had been completed.
Additionally, he had stated that India and the UK were negotiating a separate agreement (bilateral investment treaty) about the investment.
According to Barthwal, the investment treaty, tariffs on whisky and cars, rules of origin, intellectual property rights (IPRs), and concerns relating to services are the primary topics that might be discussed in the 12th round.
The UK is asking for a big reduction in import taxes on products including scotch whisky, cars, lamb, and some sweets.
Bilateral trade between India and the UK increased significantly from $17.5 billion in 2021–2022 to $20.36 billion in 2022–23.