India and the United Kingdom recently concluded the fifth round of talks for a Free Trade Agreement (FTA) and both nations are hoping to sign a landmark deal by October.

The two countries aim to double bilateral trade to about $100 billion by 2030. The FTA negotiations which began in January, have so far covered several areas including labour, trade, development and MSMEs.

India is seeking a totalisation agreement which removes dual social security taxation for its companies. Meanwhile, a reduction in import duty on scotch whisky has been among the key demands of the UK.

Speaking to CNBC-TV18, Poonam Gupta of the FICCI UK Council said, “We all know that India has already said that by 2070, we want to be net zero. There are so many technologies in clean water, defence and other sectors wherein both the countries can participate and take advantage of the knowledge that we have in both the countries.”

She added, “UK remains very important for the Indian companies. I am in conversations on both sides — there are so many Indians who are looking to get a footprint in the UK ... for example, distilleries. They are looking to invest in the UK, and see where all they can take stake in technological advancements for example in education sector in the UK.”

On deal and negotiations Richard Heald, CEO of UKIBC said, “I am pretty positive in relation to an agreement by the end of October. Whether it's a total comprehensive free trade agreement we will have to see.”

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First Published:Aug 25, 2022 6:34 PM IST