An official stated that chief negotiators from India and the United Kingdom are likely to hold the next round of discussions for the planned free trade agreement soon to iron out disagreements on areas such as vehicles, medical devices, and professional mobility. According to the official, the UK team may come here for the 14th round of negotiations so that the talks can be ended as soon as possible.
"Virtual sessions are moving forward. However, we intend to hold a full-fledged round of negotiations. Both parties discuss all of the chapters over the complete round. "Some 60-70 sessions take place concurrently," added the unnamed official.
Rules of origin; intellectual property rights (IPRs); social security agreement; tariff concessions on electric vehicles, scotch whisky, lamb meat, chocolates and some confectionary items; and liberalization are all issues that need to be resolved. India has urged that all local court options be exhausted before resorting to international arbitration.
The talks for a free-trade agreement (FTA) between India and the United Kingdom began in January 2022, with the goal of concluding talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the United Kingdom. The agreement is divided into 26 chapters, which include products, services, investments, and intellectual property rights.
The Indian business is demanding greater access to the UK market for its qualified workers from areas such as IT and healthcare, as well as market access for a variety of commodities at zero customs tax norms in service areas like banking and insurance. The proposed bilateral investment treaty (BIT) is also being discussed. The investment pact is being negotiated separately between India and the United Kingdom.
These treaties aid in the promotion and protection of investments in each other's countries. The key point of contention in this agreement is the system for resolving disputes. BITs aid in the promotion and protection of investments in one another's nations.