India's commerce ministry is awaiting a response from the UK regarding the resumption of negotiations for a proposed foreign trade agreement (FTA). Commerce Secretary Sunil Barthwal noted that positive bipartisan sentiments in the UK suggest that India should be a priority for the current government, especially following the recent Budget session. FTA talks were paused in March 2024 as both nations awaited the outcomes of their general elections.
Commerce Secretary Sunil Barthwal expressed confidence that US-India trade ties will continue to grow regardless of political changes in the US. He highlighted the increasing economic integration, with bilateral trade exceeding $190 billion and significant growth in both exports and imports between FY20 and FY24.
India's merchandise trade deficit widened to $27.14 billion in October, up from $20.8 billion in September, driven by a nearly 20% increase in imports, despite a 13.4% rise in exports. Commerce Secretary Sunil Barthwal noted that Indian exporters have managed to navigate a volatile global environment effectively.
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