The India-UK Free Trade Agreement (FTA), according to a source in the commerce ministry, is anticipated to be completed by March 2023.
The agreement to increase commerce and investments between the two nations has been under negotiation between India and its former colonial master for almost 18 months. The goal was to wrap up the discussions by Diwali, but this somehow fell through.
According to the source, the FTA between the two nations is anticipated to be completed by March 2023.
Reducing tariffs on manufactured goods should be India’s top priority, according to West Midlands Mayor Andy Street, a member of Britain’s ruling Conservative Party, to order to help industries like the car industry. A government source claims that 14 of the trade agreement’s 26 chapters have been completed, and the visiting UK group will attempt to reach an understanding of the specifics of the remaining chapters.
During a chat with his Indian counterpart Narendra Modi last month, Britain’s new Prime Minister Rishi Sunak—the nation’s first head of state of Indian descent—expressed his desire for the trade agreement’s completion.