According to the leader of the organisation promoting bilateral commerce, the planned comprehensive free trade agreement between India and the United Kingdom, which is anticipated to be signed by the end of next month, might hasten joint ventures and increase bilateral investments.
In order to meet the deadline of Diwali, the Indian festival of lights falling on October 24, negotiation teams were working through the night, according to Richard Heald, executive chair of the UK India Business Council (UKIBC). Political authorities had already given their approval, he added.
In an interview, he said, “Negotiations teams no longer have negotiation rounds; they are working 24 hours a day to finalise the pact.” He added that UK businesses were looking forward to working with Indian companies in the renewable energy, automotive, education, health care, and defence sectors once the agreement was signed.
Earlier this month, Prime Minister Narendra Modi spoke by phone with his British colleague Liz Truss and discussed ways to further advance the comprehensive strategic partnership between India and the UK in all spheres.
India anticipates more exports of food, jewellery, textiles, and leather along with more visas for students and enterprises.
In the fiscal year 2021–2022, which ended in March, India’s exports of goods to the UK increased by over 28% to $10.5 billion, while imports increased by $7 billion.
The trade agreement, which aims to increase bilateral trade to $100 billion by 2030, has been the subject of negotiations between the two nations since January of this year.
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