UK and India Make Progress on Free Trade Deal
The United Kingdom and India have made significant progress on a free trade agreement, according to UK Chancellor of the Exchequer Rishi Sunak. Sunak, who is currently on a three-day visit to India, said that the two countries have made “enormous progress” on the deal.
Background of the Deal
The UK and India have been in talks for a free trade agreement since 2018. The deal is expected to boost trade between the two countries, which currently stands at around £23 billion. The UK is India’s third-largest trading partner, behind the United States and China.
The UK is hoping to use the deal to increase its exports to India, which currently stands at around £6.5 billion. The UK is also hoping to increase its investment in India, which currently stands at around £5 billion.
Benefits of the Deal
The free trade agreement is expected to benefit both countries. For the UK, it is expected to increase exports to India, as well as increase investment in India. For India, it is expected to increase its access to the UK market, as well as increase its access to UK technology and services.
The deal is also expected to benefit both countries in terms of job creation. The UK is hoping to create up to 100,000 jobs in India, while India is hoping to create up to 200,000 jobs in the UK.
Rishi Sunak’s Visit to India
Rishi Sunak is currently on a three-day visit to India. During his visit, he is expected to meet with Indian Prime Minister Narendra Modi and other senior Indian officials. He is also expected to visit the Indian Institute of Technology in Mumbai and the Indian Institute of Management in Bangalore.
During his visit, Sunak is expected to discuss the free trade agreement, as well as other issues such as climate change and the global economy. He is also expected to discuss the UK’s post-Brexit trade relationship with India.
Outlook for the Deal
The UK and India are expected to finalize the free trade agreement in the coming months. Once the deal is finalized, it is expected to come into effect in 2023.
The free trade agreement is expected to be a major boost for both countries. It is expected to increase trade between the two countries, as well as create jobs in both countries. It is also expected to increase investment in both countries, as well as increase access to technology and services.
Conclusion
The UK and India have made significant progress on a free trade agreement. The deal is expected to benefit both countries, increasing trade between the two countries, creating jobs, and increasing investment. The deal is expected to be finalized in the coming months and come into effect in 2023.