The UK on Tuesday launched a 14-week consultation to seek views of the public and businesses, as it gears up for a trade deal with India, according to an official statement released by the UK government.
Free trade agreement (FTA) negotiations are expected to begin around autumn this year. Earlier this month, India and the UK inked a slew of pacts, including the launch of an enhanced trade partnership (ETP), which would include negotiating a comprehensive FTA and an interim trade agreement for delivering early gains.
Both nations had decided to work towards a roadmap for concluding pre-FTA discussion by year-end.
“The UK wants a deal that slashes barriers to doing business and trading with India’s £2 trillion economy and market of 1.4 billion consumers. This includes removing tariffs of up to 150% on whisky and 125% on British-made cars,” an official statement said.
Both the countries had agreed to conclude the pre-FTA discussions by the end of this year. They also decided for an interim trade deal for an FTA by the middle of next year.
Public consultations are expected to help the UK firm up a deal to include ‘closer cooperation’ in industries such as science, technology and services, creating high-value jobs across the country. These consultations will include a questionnaire to help the country understand participants’ experiences and priorities while doing business with India.