He confirmed that negotiations for a bilateral free trade agreement (FTA) are “well advanced”, with the next round of negotiations set to commence very soon. A strong trade deal with India could boost the UK economy by billions of pounds over the long term, helping families across the country, he said. “As an update, we have now completed six rounds of negotiations for a trade deal and will begin the next round very soon… Several noble Lords talked about timelines. Both sides formally launched FTA negotiations in January last year with former prime minister Boris Johnson announcing a Diwali deadline for its conclusion. Verma opened the debate by highlighting the recent creation of the India (Trade and Investment) All Party Parliamentary Group (APPG), backed by the British Indian think tank 1928 Institute as its secretariat.
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