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.
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