National flags of India and UK.
Credit: iStock Photo
New Delhi: India and the UK are expected to hold the next round of talks for a proposed free trade agreement in November, a senior official said on Wednesday.
The official said that the Budget presentation exercise is there in Britain on October 30 and after that "we expect the UK would come forward" for the next round of negotiations.
The officials of the UK are also briefing their new ministers about the proposed free trade agreement (FTA).
The India-UK talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles.
Due to the elections in India and Britain, both the countries lost that period.
There are pending issues in both the goods and services sectors.
The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty.
On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, electric vehicles, lamb meat, chocolates and certain confectionary items.
Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).
The two countries are also negotiating a bilateral investment treaty (BIT).
There are 26 chapters in the agreement, which includes goods, services, investments and intellectual property rights.
The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from 20.36 billion in 2022-23.