According to media reports from India, India and the UK are "very close" to concluding negotiations for a proposed free trade agreement (FTA) after recently concluding the eleventh round of negotiations in London.
India’s Commerce Secretary, Sunil Barthwal, had followed the visit of Commerce and Industry Minister Piyush Goyal during the talks earlier this month. It was widely seen as a sign of good progress and political with high-level visits.
Barthwal was quoted across the Indian media as saying that both sides are working to iron out differences on issues, including investment treaty, intellectual property rights (IPRs) and rules of origin, a senior government official said on July 28.
“We are very close and are trying to conclude the talks as early as possible… remaining issues include IPRs, rules of origin and investment treaty,” Barthwal said.
Of a total 26 chapters in the FTA, 19 have been closed and the senior official pointed out that the UK will be the first country with which India would have a comprehensive FTA of its kind.
During his UK visit between July 10 and 12, Goyal met his UK counterpart – Business and Trade Secretary Kemi Badenoch – and Minister of State for International Trade Nigel Huddleston during which they are said to have “discussed ways to make progress on the FTA negotiations and wider trade and investment opportunities for the UK and India”.
“Shri Sunil Barthwal, Commerce Secretary, Government of India also visited the UK during the round. He met with senior UK trade officials and took stock of the progress made in the eleventh round of negotiations,” the UK’s Department for Business and Trade (DBT) noted.
In a joint outcome statement issued by the DBT, it was stated that the twelfth round of negotiations is expected in the coming months.
India and the UK have been negotiating an FTA since January last year to significantly enhance the bilateral trading relationship, worth an estimated £36 billion in 2022.
(ANI)