Even as India is looking to speed up negotiations for trade deals with several countries, the India-UK free trade agreement could take some time and official sources have underlined that there is no fixed deadline for it.
“Negotiations are still underway on India-UK FTA with the objective of finalising it as soon as possible. But rather than just looking for some quick fixes, the effort is to resolve all issues in this trade agreement,” said the source.
Issues including visas for skilled Indian professionals and the totalisation agreement are some of the key pending asks for New Delhi while the UK continues to be keen on greater market access. Meanwhile, the bilateral investment treaty is also still under discussion.
Commerce and Industry Minister Piyush Goyal is currently in Europe and wrapped up a two-day trip to the UK on April 29. The visit was expected to give a push to the India-UK FTA amongst other issues during his meeting with Jonathan Reynolds UK Secretary of State for Business and Trade.
“Arrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations. In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties.,” Goyal had posted on X on April 28.
There was an expectation that there could be some announcement on the trade deal. On April 29, Goyal posted, “It was a pleasure to meet Chancellor of the Exchequer along with Secretary of State for Business and Trade, UK. Had a fruitful exchange on advancing India-UK economic ties and further building on our strong partnership.”
As part of his ongoing visit, Goyal is now in Osla where he is holding talks for implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) and strengthening of bilateral ties. He will also be visiting Brussels to take forward talks on the India-EU FTA.
India along with several other countries has been working to fast track free trade deals amidst the ongoing trade war by the US. While the US has hit a 90-day pause on the reciprocal tariffs, countries across the world are in talks to expand markets through trade pacts.
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