India, UK likely to sign trade deal this year, official confirms

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FTA, 19 have been closed. "Remaining issues include IPRs, rules of origin, and investment treaty," the official added. In the rules of origin chapters, both countries are talking about product-specific rules, value addition, change in chapter heading, and certification.

For India, an FTA with the UK would be its first with a developed country after it signed an interim trade pact with Australia last year. For Britain, it is part of a quest for diversified global trade relationships after its 2020 exit from the European Union. "While we’ve made good progress in closing chapters, we’re now focused on the high ambition areas including goods, services, and investment," a spokesperson for Britain's Department for Business and Trade said.

"We are clear that we will only sign when we have a deal that is fair, balanced, and ultimately in the best interests of the British people and the economy." The 11th round of talks was concluded recently in London during a visit by Barthwal and Commerce and Industry Minister Piyush Goyal. Bilateral trade between India and the United Kingdom rose 16.6% year-on-year to $20.42 billion in the 2022-23 fiscal year ending in March. India's main exports to the UK are ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment, spices, machinery and instruments, pharmaceuticals, and marine products.

The main imports include precious and semi-precious stones, ores and metal scraps, engineering goods, and professional instruments other than electronics, chemicals, and machinery. In the services sector, the UK is the largest market in Europe for Indian IT services. In the field of investment, the UK is one of the top investors in