Discussions surrounding the Free Trade Agreement (FTA) between India and the United Kingdom might extend beyond the upcoming General Elections in India, sources have revealed to CNBC-TV18.
According to sources, there is no immediate pressure or timeline to conclude the FTA before the elections. The government is cautious not to rush into any policy decision, particularly in the wake of the recent Budget, preferring a thorough deliberation process.
Both sides are actively engaged in resolving the remaining contentious issues. It is speculated that a political decision may be necessary to address these sticking points.
Among the key topics under discussion are the UK's demands for a reduction in duties on automobiles, Scotch whiskey, chocolates, and meat products.
Stocks of United Spirits and Gokaldas Exports were in focus on Wednesday.
Additionally, the UK is pushing for increased access to Indian markets, particularly in services such as telecom, legal, and financial services.
Recent discussions between Indian government officials and the Labour Party in the UK indicate a concerted effort to move the FTA negotiations forward.
Responding to CNBC-TV18's query, the Business and Trade Department affirmed that both the UK and India are committed to crafting a trade deal that serves the interests of both nations.
(Edited by : Amrita)
First Published: Mar 6, 2024 1:43 PM IST
