India, UK to sign MoUs on market access, education and health

The MoUs are in addition to the ongoing negotiations for a proposed free trade agreement (FTA).

India, UK to sign MoUs on market access, education and health
Both India and the UK launched formal negotiations in January for the FTA, which could ultimately cover more than 90% of tariff lines. They aim to double bilateral trade of both goods and services to about $100 billion by 2030.

India and the UK will sign on Thursday three memorandums of understanding (MoUs), covering market access, health and education, sources told FE.

The MoUs are in addition to the ongoing negotiations for a proposed free trade agreement (FTA).

In April, British Prime Minister Boris Johnson had pitched for wrapping up the FTA by as early as Diwali in October. However, as Johnson stepped down from the position of the Conservative Party leader earlier this month (he will remain the Prime Minister until a new leader is selected, likely by October), there are fresh uncertainties as to whether the Diwali deadline could be met and whether there could be any realignment of priorities in the FTA negotiations.

Both India and the UK launched formal negotiations in January for the FTA, which could ultimately cover more than 90% of tariff lines. They aim to double bilateral trade of both goods and services to about $100 billion by 2030.

The India-UK trade is dominated by services, which make up about 70% of the overall annual commerce. Johnson has favoured more visas to Indian skilled IT professionals to tide over a shortage in the UK.

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