India-UK Free Trade Agreement Nears Completion: Piyush Goyal

New Delhi, Jul 11 (KNN) In a recent development, India's Commerce Minister Piyush Goyal has indicated that the long-anticipated Free Trade Agreement (FTA) between the United Kingdom and India is approaching its final stages.

Minister Goyal expressed optimism about the negotiations, stating, "Past discussions showed the two sides were pretty much on board on most of the issues we have discussed, and that a deal may close very quickly," according to a report by The Financial Times.

This announcement follows a telephone conversation between Indian Prime Minister Narendra Modi and newly elected UK Prime Minister Keir Starmer.

A UK government statement noted that Prime Minister Starmer expressed readiness ‘to conclude a deal that worked for both sides.’

The FTA negotiations, which began in January 2022, have progressed through 13 rounds, aiming to enhance the current EUR 38.1 billion annual trading relationship.

Key points of discussion include reduction of import duties on British goods such as Scotch whisky and electric vehicles, investment protection measures, social security agreements, and market access for British agricultural products.

The next round of talks between senior officials from both countries is scheduled for this month, aimed at resolving pending issues and concluding negotiations.

It's worth noting that while the UK has successfully negotiated FTAs with Australia and New Zealand, these deals have faced criticism from British farmers. Additionally, talks with Canada were recently paused due to disagreements over food safety standards.

As both nations move forward with the negotiations, the focus remains on crafting an agreement that balances the interests of both parties and strengthens the economic ties between the UK and India.

(KNN Bureau)