India and Great Britain will have as its objective the double bilateral trade in a decade, said on Monday the Minister of Indian Trade, Piyush Goyal, while the two countries resumed commercial conversations in the shadow of the tariff threats of the president of the United States, Donald Trump.
Countries would accelerate conversations on a proposed commercial agreement, including a free trade agreement and an investment treaty, Goyal said at a joint press conference with the Secretary of Business and Commerce of Great Britain, Jonathan Reynolds.
The ministers did not answer the questions about whether their conversations were affected by Trump's orders To raise tariffs and take other measures to counteract what he sees as barriers to US assets.
His joint statement said that the resumption of commercial conversations had emerged from the discussions among his prime ministers outside the G20 summit in November, an event that took place in the period prior to the inauguration of Trump.
“This will be a sponsor Free Trade Agreement,” Goyal said, added that he could boost the merchandise trade with Britain two or three times in a decade, without giving a detailed timeline.
The bilateral trade of goods and services between India and Great Britain, currently the fifth and sixth largest economies in the world, respectively, touched £ 41 billion ($ 52 billion) in the 12 months until September 2024, show estimates of the estimates of the British government
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Commercial conversations stopped in March last year before elections in both countries.
After years of delays, India signed trade agreements with several countries, including the EAU and Australia in 2022, and a pact last year with The European Free Trade Association – A group composed of Switzerland, Norway, Iceland and Liechtenstein.
Earlier this month, India Corted tariffs In Bourbon whiskey up to 100 percent of 150 percent after Trump's “unfair” levies in the market in southern Asia.
Key obstacles include the steep import tax of India in British whiskey and their demand to facilitate that Indian companies and professionals obtain visa to work in Britain.
“There are always sensibilities in the commercial negotiations that you must respect,” said Reynolds, citing India's concerns about Great Britain's demands for India to reduce agricultural tariffs and open his dairy market market.
Rejecting some media reports, Goyal said immigration would not be part of any discussion under the commercial pact.
Reynolds said his government was dealing with immigration as a separate issue outside of commercial conversations.
The commercial discussions of India-Reinino Unido are the first since the Labor Party came to power in Great Britain in July last year. Reynolds said that ensuring an agreement is an “priority” for his government.
It is also expected that Great Britain Investment Minister Poppy Gustafsson meets investors in the Mumbai Financial Capital and the Ti Bengaluru center to urge Indian companies to invest.
Both countries would also discuss a separate treaty on Social Security, in addition to the PACT of Commerce and Investment, Goyal said.