India and the UK have begun discussing a bilateral trade agreement. These efforts are in line with prime minister Boris Johnson’s assertion on the sidelines of the G7 Summit at France last year on ‘a big free trade agreement with India’ that featured prominently in his talks with PM Modi. From an Indian perspective too, a trade deal with the UK has various benefits. The UK and India are roughly of the same economic size with nominal GDPs of around $2.6 trillion, after the contractions post-Covid-19. They are the world’s fifth and sixth largest economies. The UK is the largest economy in Europe, after Germany, and a member of the G7. Among the G7, India has an FTA only with Japan. A trade pact with the UK would considerably brighten India’s Trans-Atlantic preferential market access prospects. Read More.