UK-India trade talks halted … Post-Brexit trade talks continue, terms of trade remain tough
UK-India trade talks halted … Post-Brexit trade talks continue, terms of trade remain tough
Post-Brexit, bilateral trade talks are underway ... with tricky terms of trade and a general election on the horizon
UK's new FTAs with South Korea, Australia, New Zealand, and South Korea... negotiations paused with Canada
After BREXIT, the UK is preparing to enter into new trade agreements, mainly with countries that have trade agreements with the EU. South Korea also had a trade agreement with the EU through an FTA, but since the UK left the EU, South Korea has entered into a new trade agreement with the UK through a bilateral FTA.
The advantage of a bilateral trade agreement, or FTA, is that it is relatively easy for both countries to fulfill the terms of trade they seek. The problem is that if the other country wants better terms, negotiations can reach a stalemate.
The UK is preparing for a general election this year, and India is also preparing for a general election, so these were difficult negotiations with domestic public opinion in mind. The UK and India's trade talks are likely to be paused and will resume after the general election.
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| UK-India trade talks halted |
General Election in India: Predictions for April-May 2024
UK general election: expected October-November 2024 (early general election)
The Indian general election is expected to result in a second term for Prime Minister Modi.
In the UK general election, the ruling Conservative Party is expected to lose and the opposition Labor Party is expected to win. Opinion polls are showing a nearly 20% higher approval rating for the Ki-Stimmer-led Labor Party.
Key issues in the UK-India trade talks include discussions on employment and student visas for Indians, as well as tariffs on British whiskey, cheese, and cars, investor protection, and social security agreements.
The UK's Conservative government has been eager to tout economic stability through a free trade agreement with India as a key achievement after Brexit, but it's unlikely to be finalized before the general election.
Total trade between the UK and India is expected to increase by 16% from $17.5 billion in 2021-22 to $203.6 billion in 2022-23, increasing the need for a UK-India FTA.
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