India and the United Kingdom are firming up dialogues on a broader free trade agreement targeted to be finalized by the end of the year, according to Bloomberg.
- Talks include opening up Indian markets to British medical devices, legal firms, and agricultural products including apples, quinces, and pears.
- The U.K. wants Indian tariffs slashed, particularly on whiskey currently set at 150% and on imported cars at 125%.
- India seeks a wider scope of employment in the U.K for its seafarers and nurses, and that domestically-paid skilled workers are exempt from certain taxes.
- The two parties seek to double trade by 2030 from $15.4 billion recorded in 2019 to 2020.
- Should a deal be realized, this will be the first major agreement for India since 2011 when it inked a trade agreement with Malaysia in 2011. A minor deal was inked with Mauritius in February.