Commerce Minister Piyush Goyal met UK Trade Secretary Jonathan Reynolds in London to advance the India-UK Free Trade Agreement (FTA). The long-pending deal is nearing completion, with only a few key issues like service visas and tariffs on cars and liquor pending. Goyal’s visit follows Finance Minister Sitharaman’s recent UK trip, as both countries aim to strengthen trade and investment ties.

BulletsIn

• Goyal met UK Trade Secretary in London to finalise India-UK FTA
• Talks at final stage; few issues like service visas, tariffs remain
• UK agreed to offer ~100 extra work visas for Indians yearly
• India sought more service sector visas; UK offered only minor changes
• FTA may lower India’s high tariffs: 100% on cars, 150% on whisky
• Indian textile sector may benefit; faces up to 10% UK tariffs
• India may allow more UK EVs, whisky if market access improves
• Indian whisky brands want UK to ease 3-year maturation rule
• UK’s carbon tax could hurt Indian steel, aluminium exports
• May 19 UK-EU summit may align carbon tax rules with EU