Indian Prime Minister Narendra Modi spoke to his UK counterpart Rishi Sunak to discuss the “early conclusion” of the Free Trade Agreement (FTA), prompting speculations if the much-expected and equally anticipated India-UK Free Trade Agreement would be formalised before the respective countries go to polls.
In London’s corridors of power, a free trade deal with India would partly mitigate the adverse economic effects of Brexit and would give Sunak’s Conservative Party a fresh plank before the January 2025 elections in the UK.
“Had a good conversation with PM Rishi Sunak. We reaffirmed our commitment to further strengthen the bilateral Comprehensive Strategic Partnership and work for early conclusion of a mutually beneficial Free Trade Agreement,” PM Modi posted on X after the phone call.
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An official government readout said that the two leaders “reaffirmed their commitment to continue to strengthen the bilateral Comprehensive Strategic partnership”.
“They assessed positively the progress made towards early conclusion of a mutually beneficial Free Trade Agreement,” the readout said.
The two leaders also “expressed satisfaction on the progress made under the Roadmap 2030” in sectors such as trade, investment, defence, security, and emerging technologies.
PM Modi and Sunak also exchanged greetings for the upcoming festive occasion of Holi . “The two leaders also exchanged views on regional and global developments of mutual interest,” the readout added.
India-UK Free Trade Agreement (FTA) talks
India and the UK are negotiating a Free Trade Agreement since 2022. The 13th round of negotiations took place from September 18 to December 15, 2023. They succeeded in a fourteenth round in January following which the UK negotiators flew back to London without any public breakthrough announced.
Meanwhile, India on Sunday (March 10) signed a $100 billion Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) bloc. The EFTA is a trade organisation and free trade area consisting of four European states — Iceland, Liechtenstein, Norway and Switzerland.
(With inputs from agencies)
