India and the United Kingdom will soon start formal negotiations for a free trade agreement (FTA) by this month. While a panel including officials of the UK’s trade ministry and businesses will visit India to negotiate. Both the countries may do a virtual launch due to increasing Covid-19 infections. Both the countries want to do the agreement by March 2022. The trade pact will involve early tariff or market access on certain high priority products and services. Whisky, cars, vaccines, basmati rice, wool, yarn, instant coffee, and tea are the top Indian industry products identified for duty cuts.

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Removal of tariffs on automotive products and barriers to trade in food and drink, services, and healthcare and medical device sectors are among the objectives of the FTA agreement. The India-UK Joint Economic and Trade Committee will also meet in the negotiations. India’s exports to the UK in FY21 were $8.15 billion, and imports were $4.95 billion. Last year, both countries had agreed to improve trade partnership to double bilateral trade to about Rs 5 lakh crore by the year 2030.