Business
India, UK To Continue Negotiations On Free Trade Agreement Till August End
Commerce Minister Piyush Goyal with UK Trade Secretary Kemi Badenoch (Pic Via Twitter)
Indian and UK officials will continue their negotiations until the end of August in order to resolve differences regarding the proposed free trade agreement (FTA), according to the Commerce Ministry.
This will be followed by a higher-level review of the meeting.
After the G20 Trade and Investment Ministers Meeting (TIMM) in Jaipur, Commerce and Industry Minister Piyush Goyal and UK's Secretary of State for Trade Kemi Badenoch reviewed the progress of the negotiations on 26 August.
"Teams are going to continue negotiations till end of August 2023 which will be followed by stock taking at the higher level," the Commerce Ministry said in a statement on Sunday (27 August).
While expressing satisfaction over the last 12 rounds of negotiations wherein several chapters have been finalised, both exuded confidence on next round of negotiations to be similarly successful.
The ministers were briefed by both Chief Negotiators on the current status of the negotiations, including unresolved issues and their ongoing collaborative efforts to address them, the ministry said.
While appreciating the efforts of both the CNs, the ministers desired the good pace of exchanges to be continued with better understanding of each other’s aspirations and sensitivities, it added.
"Both leaders expressed their unwavering commitment to reaching a conclusion on a fair, balanced, and mutually beneficial trade deal that will enhance economic cooperation between the two countries," the ministry said.
In a separate statement, the ministry said that Goyal and Swiss State Secretary for Economic Affairs Helene Budliger Artieda also held talks on ways to strengthen economic ties.
They reviewed the progress made in the ongoing negotiations for a Trade and Economic Partnership Agreement (TEPA) between India and EFTA.
The EFTA consists of Iceland, Liechtenstein, Norway, and Switzerland.
"Both leaders reiterated their shared vision of achieving a mutually beneficial trade deal based on the principle of reciprocity that reflects the evolving economic landscapes of both India and the EFTA countries," it said, the ministry said.
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