India and UK may sign Free Trade Agreement (FTA) this year as both countries have reached a consensus on the broad contours of the proposed agreement aimed at boosting economic growth and employment.
India's Commerce Secretary Sunil Barthwal told reporters on Friday, "We want to finalize the deal as soon as possible." He said that almost all the contentious issues have been negotiated and the agreement will be finalized much before the end of the year. Can be signed."
India sees the Free Trade Agreement (FTA) with Britain as important to make itself a big exporter, while Britain will get wider access to the Indian market for its whiskey, premium cars, and legal services through this agreement.
The FTA with the UK will be India's first with a developed country after signing an interim trade deal with Australia last year. For the UK it is part of a quest for a more diverse global trading relationship following its 2020 exit from the EU.
The agreement will come at a crucial time for Prime Minister Narendra Modi, with the Lok Sabha elections due next year looking to strengthen India's business-friendly image ahead of the general elections. The 11th round of talks was held in London recently during the visit of Barthwal and Commerce and Industry Minister Piyush Goyal.
Barthwal said discussions have closed on 19 out of the total 26 chapters of the FTA, including issues related to the sensitive automobile sector. However, differences on intellectual property rights, rules of origin, and investment treaties between the two countries are yet to be ironed out, separate trade ministry sources said.
R Barthwal said that an in-principle agreement has been reached on the issue of investment norms, but the customs authorities of the two countries are still working out the modalities. When asked about the concessions being offered by India to Britain, he said, "Until everything is final, nothing is final." Bilateral trade between India and the UK is set to grow by 16.6% year-on-year to $20.42 billion in the financial year 2022-23 ending March.
RR vs MI: Hardik Pandya revealed the mistake of Mumbai Indians, said- 'In the beginning itself we...'
Mumbai Indians suffered a humiliating defeat by 9 wickets with 8 balls remaining at the hands of Rajasthan Royals in the 38th match of IPL 2024 on Monday. In the current season,
Animal Collection Day 5: 'Animal' broke the records of these films, Ranbir Kapoor's film reached here in just 5 days
Animal Collection Day 5: Not even a week has passed since the release of the film Animal, which made a good entry at the box office, but the business of the movie in such a short period is worth
IND vs AUS: When Kohli got a lease of life, Ashwin was surrounded by superstition, he stood in one place throughout the match, and said this
India defeated Australia by six wickets in their first match of the World Cup 2023. With this victory, Rohit Sharma's team has made a winning start. However, after Australia was bundled out for 199,
World Cup 2023: Amitabh Bachchan tweeted after India's defeat, said - the team that creates fear in everyone
After the defeat of Team India in the Cricket World Cup 2023, every Indian's heart broke into a hundred pieces. Looking at India's World Cup record, everyone thought that the World Cup would come
Israel-Hamas War: On the sixth day of the ceasefire, Hamas released 14 hostages, including 10 Israelis and four Thai citizens.
On the sixth day of the ceasefire in Gaza between Israel and Hamas, the Palestinian terrorist group released 14 more hostages. In exchange for the release of these hostages, Israel will release 30
Canada: 'No trade talks with India, investigation in Nijjar case is a priority', Canadian minister clarifies
The sourness in Canada-India relations over the killing of Khalistani terrorist Hardeep Singh Nijjar is not subsiding. Recently, it seemed that the situation between the two countries regarding trade
Mumbai Storm: Dust storm wreaks havoc in Ghatkopar, Mumbai, 100 feet tall hoarding fell; See pictures of the accident
There was a strong dust storm in Mumbai on Monday along with the first rain of this season. This storm caused devastation in the Ghatkopar area. A 100-foot-tall hoarding was
UAE Hindu Temple: PM Modi will leave for Qatar after the inauguration of the temple in Abu Dhabi, know today's complete program
Abu Dhabi Hindu Temple: Prime Minister Narendra Modi is on a two-day visit to the United Arab Emirates. PM Modi will inaugurate the first Hindu temple in Abu Dhabi today. Apart from this, PM Modi will
Weather Update: Monsoon is weak in Delhi-NCR, ups and downs in UP's weather; Know the condition of your state
Weather Update Today: If you also live in Delhi and are waiting for rain, then this news can make you a little sad. There is little hope of rain in the country's capital for the next week or so. There
Ramayan: Nitesh Tiwari's 'Ramayan' stuck in legal troubles! Will Ranbir Kapoor's film be locked even before its announcement?
Bollywood actor Ranbir Kapoor and Nitesh Tiwari's upcoming film 'Ramayana' is continuously in the headlines. The audience is desperate to know every update related to the