India and the UK are reportedly close to finalising a bilateral free trade treaty, with the majority of the issues in the proposed free trade agreement (FTA) either agreed upon or at an advanced stage of talks.
The 14th round of negotiations between officials of the two countries are currently underway in Delhi.
“The majority of the chapters are either closed or at an advanced stage of negotiation. Discussions are being held at the higher level as well as at the team level to iron out differences,” Additional Secretary in the Department of Commerce L. Satya Srinivas told reporters, PTI reported.
The talks for the pact began in January 2022. The current round of talks is expected to be the final one.
Talks between the two sides on the proposed Bilateral Investment Treaty (BIT) are also progressing.
There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights.
Issues concerning both goods and services are pending for conclusion.
The bilateral trade between India and the UK increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22.
Upcoming talks
On the progress of talks for the India-Oman free trade agreement, Additional Secretary in the Department of Commerce Amardeep Singh Bhatia said that substantial progress has been made on the deal and the next round of talks will start from January 16.
As for the proposed trade deal between India and the European Union (EU), the seventh round of talks will be held from February 19-23 in New Delhi.
Similarly, the sixth round of negotiations for a proposed trade agreement between India and the South American nation Peru is scheduled from February 12-15.
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