According to sources, in an attempt to resolve the remaining obstacles in the India-UK Free Trade Agreement (FTA) before UK Prime Minister Rishi Sunak’s upcoming visit to India at the end of this month, the Cabinet Secretary presided over a meeting on Thursday. The meeting involved Secretaries from crucial Ministries, who aimed to address the challenging issues hindering the agreement’s progress.
During the Committee of Secretaries (CoS) meeting, an attempt was made to ascertain the level of flexibility exhibited by Indian negotiators in the ongoing last-minute negotiations in crucial domains. According to a reliable source monitoring the situation, India is making significant efforts to conclude the India-UK Free Trade Agreement before the end of the current month.
As stated by the source, the meeting was attended by secretaries and senior officials from various Ministries, such as Finance, Agriculture, Food Processing, Heavy Industries, and Pharmaceuticals.
Sunak is set to embark on a four-day visit to India before the end of the current month, with concerted efforts being made by both nations to establish favourable circumstances for the potential announcement of the India-UK Free Trade Agreement during this visit.
According to the source, the Committee of Secretaries meeting featured a presentation by the Commerce Department regarding the ongoing negotiations.
The challenging aspects that require resolution encompass regulations about the origin of processed food, automobiles, and engineering goods. It also involves facilitating entry for professional service providers from the United Kingdom into India, implementing tariff reductions for significant commodities such as Scotch whisky, cars, and medical equipment, and liberalising work visa policies for Indian labourers.
Neither party is willing to relinquish their current stances in certain challenging regions. Ultimately, the leaders may be required to make a political decision. According to the source, authorities would persist in addressing the existing disparities. Upon its implementation, the Free Trade Agreement (FTA) is projected to result in a twofold increase in bilateral trade, reaching $100 billion by 2030.
There have been suggestions in the British media that Sunak’s visit to India may be associated with the potential announcement of the India-UK Free Trade Agreement during that period. Although there has been no official announcement from either side regarding the visit, undisclosed officials have provided information on the intended trip of Sunak to India.
However, there have yet to be formal announcements on the dates from the United Kingdom or India. The Free Trade Agreement (FTA) is anticipated to result in a twofold increase in bilateral trade, reaching a value of $100 billion by 2030.
