The United Kingdom and India are reportedly on the verge of finalising a long-anticipated free trade agreement (FTA), according to senior Indian diplomat Nidhi Tripathi. Speaking at the British Chambers of Commerce trade conference in London, Tripathi, who serves as the economic minister in India’s High Commission, expressed optimism about the deal’s imminent completion, reports Bloomberg.
“We are very close, and this agreement is going to be a game-changer for both of us,” she stated, highlighting the benefits for service suppliers from both nations.
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Negotiations for the trade deal began in January 2022 but faced multiple delays, including pauses due to elections in both India and the UK. Talks were initially launched under former UK Prime Minister Boris Johnson, with his successors, Rishi Sunak and the newly elected Labour government, continuing efforts to reach an agreement. The latest push came after UK Business and Trade Secretary Jonathan Reynolds visited India last month, helping to revive discussions.
Strengthened bilateral relations
A UK official involved in the negotiations noted that progress has been more positive than at any previous stage. The relationship between Reynolds and his Indian counterpart, Piyush Goyal, has played a significant role in fostering constructive discussions.
ALSO READFTA on fast track
If signed, the FTA is expected to enhance predictability and stability for businesses in both countries, opening doors for increased trade and investment. With more than a dozen rounds of talks and several missed deadlines, stakeholders are hopeful that an agreement will soon be finalised, strengthening economic ties between two of the world’s major economies.
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