The two sides are set to meet again in April in New Delhi for the third round of talks as they explore the possibility of signing an early harvest deal.

“Trading was conducted in a hybrid manner, with some traders at a dedicated UK trading facility, and others attending virtually,” the department said. “For this round of negotiations, the draft text of the treaty has been shared and discussed in most of the chapters that will make up the agreement,” he added.

Technical experts from both sides met for discussions in 64 separate sessions covering 26 policy areas.

The ongoing negotiations are gaining momentum as the UK is India’s seventh-largest export market, accounting for 2.8% of its total exports, as of June 2021. Earlier this year, the two countries had reiterated their commitment to more than double the value of UK-India. trade by 2030. India had a trade surplus of $3.3 billion with the UK in 2020-21.

mint had previously reported that India was seeking duty exemptions for labour-intensive exports, including textiles, in addition to easier market access for fish products, pharmaceuticals and agricultural products, in the second round of India-UK Free Trade Agreement (FTA) negotiations.

Notably, India has a positive trade balance with the UK, but lost market share in some key products to other developing countries after the withdrawal of the Generalized System of Preferences (GSP).

Resolution Foundation, a British think tank, had said in a report that British companies were poised to enjoy a “first mover” advantage over the United States and the European Union (EU) in India thanks to the the.

In February, India concluded a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, the first major FTA signed by India under the Narendra Modi government since 2014. India is also negotiating an early harvest agreement or a mini FTA with Australia and Canada.