India and the United Kingdom began discussions on a free trade agreement on Thursday, which is anticipated to raise bilateral trade by billions of dollars in one of the most ambitious talks since Brexit.
Anne-Marie Trevelyan, the UK’s International Trade Secretary, met with Piyush Goyal, India’s commerce and industry minister, in New Delhi ahead of formal talks next week.
“This is the first of my major agreements this year as the United Kingdom embarks on its autonomous path following Brexit,” Trevelyan told reporters.
As they recover from the COVID-19 pandemic, she said the countries have a rare opportunity to strengthen connections in trade, military, environment, and health.
According to Goyal, the free trade deal, which is scheduled to be finalised in a year, will treble the current $50 billion in commerce by 2030. According to a British government statement, the pact has the potential to treble the United Kingdom’s GDP. By 2035, exports to India will have increased by $38 billion per year, resulting in an increase in two-way trade of $38 billion per year.
Both parties expect that the agreement will assist a variety of industries, ranging from food and beverage to cutting-edge renewable technology.
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