'We are very close' on FTA with India: UK trade minister
India and the UK are “very close” to achieving a mutually beneficial free trade agreement (FTA) but the aspects left to agree on are the toughest ones, Britain's Business and Trade Secretary in charge of the negotiations has told a parliamentary panel.
)
India and the UK are “very close” to achieving a mutually beneficial free trade agreement (FTA) but the aspects left to agree on are the toughest ones, Britain's Business and Trade Secretary in charge of the negotiations has told a parliamentary panel.
Kemi Badenoch was answering questions posed by the cross-party House of Commons Business and Trade Committee, which scrutinises the work of the Department of Business and Trade (DBT), on Tuesday when she was asked about the timeline for signing off on the FTA – which has completed 12 rounds of negotiations.
The Cabinet minister was specifically asked about some UK media reports suggesting that cricket fan British Prime Minister Rishi Sunak may be planning a return visit to India next month to sign the deal on the sidelines of the World Cup being hosted across the country.
“We have never set a deadline. I think this is a very optimistic briefing for newspapers,” responded Badenoch.
“We are very close. It is possible, but I wouldn't be setting that sort of deadline. We will finish when we finish,” she said.
Referencing former British prime minister Boris Johnson setting a Diwali 2022 deadline for an agreement, Badenoch reiterated the Sunak-led government's approach of not setting any end dates.
“We had the same thing last year, where they said we're going to have a deal by Diwali. Once you set a date, you create problems on your own side. We have always been very, very specific that it's about the deal, not the day. And, we will get there when we have a deal that is mutually beneficial for India and for the UK. We've done quite a lot, so it is close,” she said.
“It's the Pareto principle, that the few bits left are always the toughest bits,” she added.
The Pareto principle, also known as the 80/20 principle, is named after Italian economist Vilfredo Pareto and is a phenomenon that states that roughly 80 per cent of outcomes come from 20 per cent of causes.
Badenoch reviewed progress with her Indian counterpart, Commerce and Industry Minister Piyush Goyal, during a visit to India last month coinciding with Round 12 of the FTA negotiations.
Sunak's visit to New Delhi for the G20 Leaders' Summit earlier this month also concluded with a commitment to an FTA, with the British Indian leader telling reporters that he "won't rush things".
Meanwhile, amid a diplomatic standoff between two of its allies -- India and Canada -- over the contentious issue of pro-Khalistan extremism, Sunak's spokesperson at Downing Street reiterated this week that trade talks with New Delhi remain on track.
“Work on the trade negotiations will continue as before… when we have concerns with countries we're negotiating trade deals with, we'll raise them directly,” the spokesperson told reporters on Tuesday.
According to official DBT figures, UK-India bilateral trade was worth an estimated GBP 36 billion in 2022 -- a figure expected to be significantly boosted with an FTA.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

LIC Saral Pension Plan: How to get Rs 64,000 annual pension on Rs 10 lakh one-time investment in this annuity scheme that everyone is talking about

Gratuity Calculation: What will be your gratuity on Rs 45,000 last-drawn basic salary for 6 years & 9 months of service?

Rs 1,500 Monthly SIP for 20 Years vs Rs 15,000 Monthly SIP for 5 Years: Know which one can give you higher returns in long term

Income Tax Calculations: What will be your tax liability if your salary is Rs 8.25 lakh, Rs 14.50 lakh, Rs 20.75 lakh, or Rs 26.10 lakh? See calculations

8th Pay Commission Pension Calculations: Can basic pension be more than Rs 2.75 lakh in new Pay Commission? See how it may be possible

SBI Revamped Gold Deposit Scheme: Do you keep your gold in bank locker? You can also earn interest on it through this SBI scheme

Monthly Pension Calculations: Is your basic pension Rs 26,000, Rs 38,000, or Rs 47,000? Know what can be your total pension as per latest DR rates
08:17 PM IST