New Delhi, Apr 28 (PTI) India and the UK on Monday held discussions to push forward negotiations on the proposed free trade agreement to further strengthen bilateral economic ties.

To give an impetus to the talks, which are at an advanced stage, Commerce and Industry Minister Piyush Goyal has arrived in London for a two-day visit.

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"In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade @JReynoldsMP to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties," Goyal said in a post on X.

The FTA talks are progressing towards the final stages as both sides are working to resolve the remaining issues.

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A UK team was here recently to discuss issues in the bilateral investment treaty.

Finance Minister Nirmala Sitharaman on April 9 wrapped up the 13th Ministerial India-UK Economic and Financial Dialogue (EFD) with her British counterpart Chancellor Rachel Reeves on a positive note and eagerness to conclude the agreement negotiations soon.

On February 24, Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds announced the resumption of negotiations for the proposed FTA between the two countries.

The negotiations resumed after a gap of over eight months. The talks were launched on January 13, 2022. So far, 14 rounds of talks have been completed.

The two countries are actively negotiating on three different fronts - FTA, a bilateral investment treaty (BIT), and a Double Contribution Convention Agreement.

In such pacts, two countries either eliminate or significantly reduce customs duties on maximum goods traded between them. They also ease norms for promoting trade in services and bilateral investments.

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, including banking and insurance.

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 USD 20.36 billion in 2022-23. The average duty on goods imported from India into the UK is 4.2 per cent.

According to economic think tank GTRI, items including textiles, apparel (shirts, trousers, women's dresses, bed linen), footwear, carpets, cars, marine products, grapes, and mangoes would benefit from the pact, as these products face relatively low to moderate tariffs in the UK.

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