India, UK aim to launch FTA negotiations by November

In a free trade agreement, two or more trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them besides liberalizing norms to promote trade in services and investments. In an interim trade pact, customs duties are removed on a limited number of goods. India and the UK plan to launch the negotiations for a free trade agreement (FTA) by November this year with the aim of an Interim Agreement by March 2022 followed by a Comprehensive Agreement.
The interim trade pact would involve early tariff or market access concessions on certain key ‘high priority products and services, the commerce and industry ministry said in a statement on Tuesday.