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Negotiations on the proposed free trade agreement (FTA) between India and the United Kingdom (UK), which commenced 19 months ago, are now in their final stages, according to a top UK government official on Thursday.
The two countries are “actively discussing” aspects related to the bilateral investment treaty (BIT) and local business mobility issues. Kemi Badenoch, UK secretary of state for business and trade, made these comments on the sidelines of the G20 Trade and Investment Ministerial in Jaipur.
Badenoch further clarified that visa and visa liberalisation matters were not part of the FTA framework since they fell under immigration issues. Instead, only business mobility is included within the framework.
“With any negotiation, the hardest bit tends to come at the end. We have closed many chapters and accomplished many, perhaps simpler, tasks. We've reached agreements in several areas, and now we are in the final stages. I can't give a deadline; anything can happen,” Badenoch told reporters.
"I'm working closely with my counterpart, Minister Piyush Goyal, to ensure we can deliver something that both countries will find mutually beneficial," she added.
Badenoch began a three-day visit to India on August 24, initially attending the G20 Trade Ministers Meeting in Jaipur, followed by travel to New Delhi for a Business 20 (B20) summit. She is also scheduled to meet with Commerce and Industry Minister Goyal.
Commenting on the outcome of the ongoing G20 trade and investment ministerial, Badenoch stated that it was very challenging to get many countries to agree on a communique. “From our perspective, what we are really emphasising is the significant impact the war in Russia-Ukraine has had on UK trade, European trade, and global trade. So given the members of the G20, it's understandably difficult," she said.
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Her visit coincides with the ongoing 12th round of FTA talks between India and the UK. The countries aim to resolve pending issues related to the FTA, such as rules of origin, the bilateral investment treaty, intellectual property rights, and other matters concerning goods and services by the end of the month. Out of the total 26 chapters in the proposed FTA, 19 have been closed.
