CURRENT AFFAIRS

Detailed explanation-1: -Formal negotiations for their bilateral FTA, called the India-UAE Comprehensive Economic Partnership Agreement (CEPA), began September 2021. The two countries wanted to conclude talks by December 2021 and close the deal by March 2022.

Detailed explanation-2: -According to official U.K. government data, India-U.K. bilateral trade currently stands at around 29.6 billion pounds a year. Both sides formally launched FTA negotiations in January last year with former prime minister Boris Johnson announcing a Diwali deadline for its conclusion.

Detailed explanation-3: -India and the United Kingdom (UK) have decided to iron out the differences while keeping both nations’ sensitivities in mind, and agreed to conclude the negotiations towards a free trade agreement (FTA) at the earliest.

Detailed explanation-4: -India and the UK are expected to start formal negotiations for a free trade agreement (FTA) in the second week of January followed by the first round of talks after a week. Both countries aim to put an interim trade agreement in place by March 2022 followed by a comprehensive agreement.

Detailed explanation-5: -Yes, the #IndAusECTA was signed last year, on 2nd April, 2022; after Ratification and Exchange of Written Instruments, the Agreement has come into force on 29th December 2022. It helps matters that Australia exports largely raw materials to India, while India exports finished goods.