India recently completed the sixth round of negotiations with the United Kingdom (UK) and the third round with the European Union (EU). “The seventh round with the United Kingdom and the fourth round with the European Union will take place very soon.” Both trade treaties are on track, as per the official.
The official added that both agreements are comprehensive in nature, covering goods, services, investments, labour, the environment, and sustainability. All of these issues necessitate a high level of agreement among the negotiating countries, and these deliberations are complex.
“We had a good understanding the last time the UK negotiating team was here. Now there is a much clearer understanding. Both teams are negotiating at a comfortable speed and pace, and many issues are being resolved between the two teams,” the official said.
Negotiations with the UK began on January 13 of last year. The two countries’ bilateral trade increased to USD 17.5 billion in 2021–22, up from USD 13.2 billion in 2020–21. In 2021–22, India’s exports were worth USD 10.5 billion, while its imports were worth USD 7 billion.
On June 17, 2022, India and the EU formally resumed negotiations on the proposed agreement after an eight-year hiatus. In 2021-22, India’s bilateral trade with the European Union increased by 43.5 percent to USD 116.36 billion. “We will promote electronic item exports to Russia.” India is also attempting to increase rupee trade with Russia. The official website of the U.S. Russia, Bangladesh, and Sri Lanka are all eager to conduct rupee trade with India.