Bharti Airtel Founder and Chairman Sunil Bharti Mittal has said that he is optimistic that India and the UK are very close to signing the free trade agreement (FTA). Mittal suggested that both countries need to consider each other's demands and positions to move forward on the completion of FTA talks.
In an exclusive chat with CNBC-TV18, Mittal emphasised that there are a lot of complementarities between the two countries; while India is open for foreign investment in most of the sectors, the UK has a lot to offer.
“It's (UK) a much smaller market compared to India, but it's got strength in biotech, defence, and various technologies. We saw the collaboration between Oxford University and the Serum Institute to produce, in a very quick time frame, the COVID-19 vaccine.”
Even though the FTA is imminent, there are last-minute issues that have been delaying the process. Mittal reckons Prime Minister Rishi Sunak will have a task at his hands to sign the FTA between June and September ahead of the UK general elections, as he expects the incumbent Modi government to win the Lok Sabha elections.
Mittal has been convincing companies in the UK to be a bit more accommodating of India’s position, as it only has a few requirements. India, which has a $3.3 trillion economy, has a very strong position. He also added that even India could be a bit flexible in accepting the UK’s demands to reduce tariffs on electric vehicles and Scotch whiskey.
“I would say gone are the days when India would sign something much more easily. India's requirements are not that many, and equally, I tell my friends on the Indian side that some of the UK demands could be considered as well,” Mittal stressed.
Mittal, who became the first Indian to be conferred with Honorary Knighthood, KBE, by King Charles III on Wednesday, highlighted that with the presence of technology, there is a lot of scope for investment in the UK in telecom, manufacturing and other sectors.
Watch the accompanying video for the entire conversation
(Edited by : Ajay Vaishnav)
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