- Monday, April 29, 2024
‘Neither side is walking away from talks and it’s just that we don’t have what we need yet to finalise a deal that meets our joint ambition across goods, services and investment,’ said UK sources.
By: Shubham Ghosh
THE 14th round of free trade agreement (FTA) talks between India and the UK concluded on Friday (15), a day before the Election Commission of India was set to announce the schedule of the upcoming general elections in the country.
British officials familiar with the negotiations said the move was expected as India heads into the poll mode and the next round of the FTA talks could commence only after the elections to the Lok Sabha or the Lower House of the Indian government got over.
The talks, which opened in January 2022, aim at securing an “ambitious” outcome for the India-UK bilateral trade — currently worth around 38.1 billion annually as per official statistics released in February.
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“We anticipate that while some talks might happen between rounds, the next round of negotiations will take place after the Indian elections,” official sources in the UK said, according to news agency Press Trust of India.
“Neither side is walking away from talks. It’s just that we don’t have what we need yet to finalise a deal that meets our joint ambition across goods, services and investment. We’re very proud of the track record we have and how far we’ve been able to come with this trade deal so far. Negotiators have worked really hard in the past few years and we’ve managed to get a lot of chapters closed,” the sources added.
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The development follows a phone call between Indian prime minister Narendra Modi and his UK counterpart Rishi Sunak this week when both leaders reaffirmed their commitment towards “securing a historic and comprehensive deal” and reiterated the importance of reaching an “ambitious outcome”.
“The UK and India are continuing to work towards an ambitious trade deal. Whilst we don’t comment on the details of live negotiations, we are clear that we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy,” spokesperson of the UK Department of Business and Trade spokesperson said.
Last week, Indian commerce and industry minister Piyush Goyal told PTI in an interview in New Delhi that long-term benefits for the economy were the key in such FTA negotiations and that India was seeking a “balanced, fair and equitable” deal.
His UK counterpart Kemi Badenoch, said during a trade conference in London earlier that while a trade deal with India is “possible” before general elections in the country, Britain does not want to use that as a deadline.
Modi and his Hindu nationalist Bharatiya Janata Party are looking to win their third consecutive term in this year’s elections. The UK is also expected to go to its national voting later this year.
(With PTI inputs)
