Commerce and Industry Minister Piyush Goyal on Friday said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible.
“We are working hard, we are all committed to a fair, equitable, and balanced trade agreement, respecting each other’s sensitivities, respecting the different levels of developments that both the countries have and respecting the future potential that each country brings to the table,” Goyal told reporters here.
Keeping all of these circumstances in mind, the two countries have made “good” progress and the 12th round of talks is undergoing, he added.
When asked about the deadline for concluding the negotiations, the minister said no country in the world works through specific deadlines.
“But I would like to see it happen tomorrow, the faster the better … We are both committed to a good outcome, at the fastest possible speed,” he added.
UK Business and Trade Secretary Kemi Badenoch on Thursday said that India and Britain are actively discussing business mobility under the proposed free trade agreement (FTA) and the negotiations are now in the final stages.
The ministers were here to attend the G20 trade and investment ministers meeting.
Out of the total 26 chapters in the proposed FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK.
The bilateral trade between the countries increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.