India and UK have initiated a consultation process as preparation for formal negotiations on a free trade agreement (FTA) between the two nations, government sources in India said on Tuesday, May 25.
The sources said that both sides have set a timeline of 14 weeks to complete the consultation process in order to commence formal trade negotiations by the end of 2021.
As per the broad objective laid out, both India and the UK have set an achievable target of doubling trade between the two countries from the current level of $33 billion by 2030.
It was pointed out that, while the UK government is keen to accelerate the conclusion of a slew of bilateral trade agreements (including with India) post-Brexit, the Indian government is also keen to expanding FTAs with western developed countries after it took a policy decision to stay away from the Regional Comprehensive Economic Co-operation Partnership (RCEP), a free trade agreement of 10 ASEAN and five non-ASEAN countries.