The Indian Commerce Ministry has announced that negotiations between Indian and UK officials regarding a proposed free trade agreement (FTA) will continue until the end of August 2023. Following this, a review at a higher level will be conducted. The decision was made after Commerce and Industry Minister Piyush Goyal and UK’s Secretary of State for Trade Kemi Badenoch reviewed the progress of the FTA negotiations during the G20 Trade and Investment Ministers Meeting held in Jaipur.
Both Goyal and Badenoch expressed satisfaction with the advancements made in the last 12 rounds of negotiations, which resulted in the finalization of several chapters. They are confident that the upcoming round of talks will be equally successful. The Chief Negotiators of both countries updated the ministers on the current status of the negotiations, outstanding issues, and collaborative efforts to resolve them.
The ministers directed officials to maintain a productive pace of exchanges and deepen their understanding of each other’s aspirations and sensitivities. Both leaders reiterated their unwavering commitment to achieving a fair, balanced, and mutually beneficial trade deal that will strengthen economic cooperation between India and the UK.
In a separate statement, the ministry also mentioned discussions between Commerce and Industry Minister Piyush Goyal and Swiss State Secretary for Economic Affairs Helene Budliger Artieda. They reviewed the progress in ongoing negotiations for a Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), consisting of Iceland, Liechtenstein, Norway, and Switzerland. The leaders shared a 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.
