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India and the United Kingdom have inched closer towards a free trade agreement (FTA) after conclusion of the fourth round of talks. During the round held in London with most officials joining virtually, experts from both countries discussed on various technical issues. The fifth round of negotiations are due to take place next month in New Delhi.
For the fourth round of negotiations, detailed draft treaty text was advanced across the majority chapters. Technical experts from both sides discussed in 71 separated sessions covering 20 policy areas.
India and the United Kingdom have inched closer towards a free trade agreement (FTA) after conclusion of the fourth round of talks. During the round held in London with most officials joining virtually, experts from both countries discussed on various technical issues. The fifth round of negotiations are due to take place next month in New Delhi.
While the UK is eyeing large market of India to ensure its economic growth, India wants to increase its exports of labour-intensive products like textile, handicraft and footwear.
In recent months, India’s monthly apparel exports to the UK have remained very volatile. India’s clothing exports fell to $72.364 million in March 2022 from $143.344 million in February, according to Fibre2Fashion’s market insight tool TexPro. India’s exports were valued at $39.010 million in January 2022, $61.378 million in December 2021, $51.602 million in November 2021 and $114.502 million in October 2021. Annually, the value of export stood at $962.448 million in 2021, $1037.891 million in 2020 and $1194.198 million in 2019.
In the home textiles segment, India’s exports fell to $28.857 million in March 2022 from $30.231 million of February, as per TexPro. India’s exports were valued at $25.855 million in January 2022, $39.927 million in December 2021, $26.088 million in November 2021 and $41.298 million in October 2021. Annually, the export stood at $403.558 million in 2021, $305.304 million in 2020 and $348.896 million in 2019.
Fibre2Fashion News Desk (KUL)
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