Diwali deadline missed but India, UK completed majority of sections of free trade agreement
Trade Department Minister Greg Hands on Wednesday said that - Britain has completed the majority of sections of a free trade agreement with India but will only sign off on the deal once happy that it is fair and reciprocal.
Total Views | 95
London, Oct 27: Amid economic and political turmoil, the UK has completed most of the sections of the much-awaited free trade agreement with India.
This came after Trade Department Minister Greg Hands on Wednesday said that - Britain has completed the majority of sections of a free trade agreement with India but will only sign off on the deal once happy that it is fair and reciprocal.
"We have already closed the majority of chapters and look forward to the next round of talks shortly. We are working towards the best deal for both sides and won't sign until we have a deal that is fair, reciprocal and ultimately in the best interests of the British people and the UK economy," Hands told parliament.
He further questioned Labour Party whether they will ever support any UK trade deal as the party earlier had blocked such deals in past.
"Good to be back at the dispatch box today answering a Labour Urgent Question on a trade deal with India. Now a question to Labour: when will they ever support any UK trade deal? They didn't support our deals with Japan, Australia, New Zealand, Singapore or Canada!" tweeted Hands.
India and the UK who were looking to conclude the bilateral free trade agreement (FTA) pact by Diwali were shocked after the UK PM Liz Truss' resignation last Thursday. Notably, there is interest in India and the UK to see if a Free Trade Agreement (FTA) can be reached at an early date.
India and UK launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali but the deadline was missed due to a lack of consensus on issues. Even though most of the issues had been sorted out before Sunak took over as PM, Suella Braverman's loose remarks on Indians being the largest group of people overstaying in the UK was seen to be a major hurdle.
In his previous role as Chancellor of the Exchequer, Sunak had expressed support for the FTA as he saw enormous opportunities for both countries in the fintech and insurance sectors.
Bharati Web
Mes, Pune
