Market access

India and UK to sign MoUs on market access, health and education

Three MoUs covering market access, health and education will be signed by India and the UK on Thursday, according to online news sources.

In addition to the ongoing discussions for a possible free trade agreement, MoUs (FTA). British Prime Minister Boris Johnson proposed in April that the FTA be concluded by Diwali in October.

However, since Johnson resigned as leader of the Conservative Party earlier this month (he will continue to serve as Prime Minister until a new leader is chosen, most likely in October), there are new doubts about whether the Diwali deadline could be met and whether the FTA negotiations could realign their priorities.

For the FTA, which could eventually encompass over 90% of tariff lines, India and the UK began formal talks in January. By 2030, they hope to have doubled bilateral trade in goods and services, reaching around $100 billion.

Services, which account for more than 70% of India’s total annual trade with the UK, dominate the market. To fill a shortfall in the UK, Johnson encouraged the immigration of more Indian computer scientists.