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Trade agreements

India-UK FTA to be Unveiled on July 24, Expected to Double Trade to $120 Billion by 2030

Strategic Insights

— 2 min read

As Prime Minister Narendra Modi embarks on a two-day official visit to the UK, the India-UK Free Trade Agreement (FTA) will be one of the key focus areas. Negotiations for the FTA were finalized on May 6 this year, and reports suggest that the agreement will be unveiled on July 24. The agreement aims to double bilateral trade in goods and services from $60 billion to $120 billion by 2030, but its implementation will require ratification from both the Indian and British Parliaments, a process that could take close to a year. Meanwhile, the Indian government has expressed concern over the issue of Khalistani extremism in the UK and will continue to bring it to the attention of its partners.

Key Takeaways:

  • The India-UK FTA is expected to be unveiled on July 24, after negotiations were finalized on May 6 this year.
  • The agreement aims to double bilateral trade in goods and services from $60 billion to $120 billion by 2030.
  • The implementation of the FTA will require ratification from both the Indian and British Parliaments, a process that could take close to a year.
  • India has expressed concern over the issue of Khalistani extremism in the UK and will continue to bring it to the attention of its partners.
  • The Indian High Commission in the UK has been targeted by extremists in the past, and there have been security breaches, including an incident in March this year where a Khalistani protester broke through the security cordon and ran towards External Affairs Minister S Jaishankar.
  • The Indian government has been pressing for the extradition of fugitives such as Lalit Modi and Vijay Mallya, but London has so far not obliged.
  • Prime Minister Modi will also visit the Maldives for a state visit from July 25-26, where discussions are expected to be held on an FTA, an investment pact, and new areas of cooperation, especially in the field of renewable energy.

Statistics:

  • Bilateral trade in goods and services between India and the UK is expected to double from $60 billion to $120 billion by 2030.
  • The India-UK FTA negotiations were finalized on May 6 this year.
  • The implementation of the FTA will require ratification from both the Indian and British Parliaments, a process that could take close to a year.
  • India has been pressing for the extradition of fugitives such as Lalit Modi and Vijay Mallya since they are a matter of concern and impact social cohesion and social order.

Sources:

  • Indian National Press (Bombay) Pvt. Ltd.
  • Contify.com
  • Foreign Secretary Vikram Misri's statement on May 6 this year
  • Indian High Commission in the UK's reports on security breaches and incidents involving Khalistani extremism
  • Government of India's statements on extradition of fugitives and bilateral trade with the UK.

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