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

21 Jul 2022 , 10:33 AM

Three Memorandums of Understanding (MoUs) covering market access, health, and education will be signed by India and the UK on Thursday, as per online news sources.

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

However, since Johnson resigned as the head 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 may eventually encompass more than 90% of tariff lines, both India and the UK began official discussions in January. By 2030, they hope to have doubled bilateral trade in both products and services, reaching around $100 billion.

Services, which account for over 70% of total yearly trade between India and the UK, dominate the market. To address a shortfall in the UK, Johnson has favored giving more Indian IT specialists immigration.