India and the UK concluded their 10th round of negotiations on a free trade agreement (FTA) in New Delhi on Friday, with detailed discussions on the key aspects of the proposed deal.
The latest round of negotiations began on June 5 and were spread over five days. “Substantial progress has been made in the negotiations and the deal is expected to be completed by the end of the year,” an official, who did not wish to be named, said.
The FTA negotiations cover 26 policy areas or chapters.
“Thirteen chapters have been substantially closed for negotiations and significant progress has been made in other chapters,” the official said.
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Apart from a comprehensive FTA, both sides are also negotiating a Bilateral Investment Treaty. The investment treaty will be completed with the FTA.
India and UK started negotiating FTA in January of 2021 and now aim to get the deal ready for signing by 2023-end.
India’s merchandise exports to the UK grew 9% on year in FY 23 to $11.4 billion, while imports were up 27.7% to $8.9 billion.