Team Blitz India
NEW DELHI: The United Kingdom and India are said to be inching closer to finalising a Free Trade Agreement (FTA) but neither side is ready to put a timeframe to it.
UK Prime Minister Rishi Sunak will be in New Delhi for the G-20 Summit this weekend. He is slated to meet Prime Minister Narendra Modi during the visit and hold bilateral talks that may include FTA.
The two premiers, who are eager to strengthen the bonds, are expected to discuss issues like overall trade relations and diplomatic ties.
Contentious issues
The 19 months of FTA negotiations, currently in its 12th round, are said to be focusing on the contentious issues like investment agreement, import of automobiles and whiskey, environment, intellectual property rights, among others. India has sought easier visa rules for professionals, which is witnessing some resistance from the UK.
Blitz India reported earlier how the two sides have agreed to scale down its respective stands to reach a point of consensus. Incidentally, negotiations have successfully been closed on 19 out of the 26 chapters of policy areas.
According to UK Trade Secretary Kemi Badenoch, who was in India last week, negotiations between India and the UK have entered the final stages. It is the hardest part of any negotiations, and anything can happen, she added. “But I am very optimistic,” she told the media.
India Commerce and Industry Minister Piyush Goyal said that the talks were progressing extremely well and could conclude at an early date. “We are both confident that we will come out with a very balanced, equitable and fair agreement in the interest of both countries,” he stated.
Laser-focused talks
However, both Goyal and Badenoch refused to put any kind of a deadline to the negotiations.
British officials had earlier shared with the media that their negotiators were “laser-focused” on goods, services, and investments – some chapters, as mentioned, which were proving to be sticky issues in the FTA discussions.
The trade talks, which started on January 13, 2022, continued amid political changes in the UK. Questions were raised over its feasibility earlier this year. However, the two prime ministers had spoken over the phone and agreed to expedite discussions on outstanding issues.
