Kemi Badenoch, Trade Secretary of Britain, is set to hold talks with her Indian counterpart this week in New Delhi
According to Badenoch’s office, she will meet with Indian Trade Minister Piyush Goyal. However, there is no confirmation of a trade agreement since further negotiations will take place later this year.
According to sources from both countries, there are talks on reaching a Free Trade Agreement. They hope a deal can be struck by the end of this year. However, British government sources claim that discussions will take place at the G20 summit held in Jaipur.
A source states that an in-depth discussion has to be held with the Indian ministries to iron out the details. The final decision will depend on the conditions set in the negotiation room. The discussions on complex areas such as goods, services, and investments are ongoing.
Badenoch will be visiting India from Britain for a three-day stay. During her visit, she will be meeting with Indian Commerce Minister Piyush Goyal. They will meet several other trade ministers at the G20 summit in Jaipur.
The Indian trade ministry has declared a new marketing campaign to help increase trade relations between the UK and India. Both nations wish to increase trade by 2030 in high-investment sectors such as education and agricultural technology.
Badenoch states that she is looking forward to this in India. She wishes to support the G20 Presidency and meet with key business leaders. She will also meet with the chair of the Tata Group. The meeting will discuss the group’s agreement to build an electric vehicle battery plant in the UK. The plant will supply the Jaguar Land Rover factories and increase Britain’s car industry.
What is a Free Trade Agreement?
A Free Trade Agreement (FTA) is a pact between two or more member nations. The agreement between the nations involved is to reduce tariffs on the import and export of predetermined goods and services.
However, the parties in agreement maintain the same structure with nations not involved in the FTA.