New Delhi: Commerce and Industry Minister Piyush Goyal is likely to visit London again this week as India and the UK are making a last-ditch effort to iron out differences and announce the conclusion of talks for the proposed free trade agreement (FTA), sources said.
There are four or five outstanding issues in all three pacts that the two countries are negotiating, they added. The three pacts under negotiation are - free trade agreement, bilateral investment agreement (BIT), and social security pact (officially dubbed as Double Contribution Convention Agreement).
The two sides were preparing to announce the closure of these negotiations on April 29 in London but differences cropped up over certain technical issues at the last minute.
Goyal concluded his two-day visit to London on April 29. On Monday he held bilateral meetings with UK Secretary of State for Business and Trade Jonathan Reynolds MP. The two held discussions to push forward negotiations on these pacts. The minister at present is in Oslo (Norway) and is scheduled to visit Brussels on Thursday. After that, he may visit London again on Friday or Saturday, according to the sources.
One of the sources said that there are outstanding technical issues in areas including BIT, and financial services.
“Talks are progressing at a faster pace. Talks are going on. We are very optimistic. A lot of issues were closed during the visit of Finance Minister Nirmala Sitharaman and the commerce minister,” they said, adding issues pertaining to matters including visas, wines, spirits, and electric vehicles have been resolved and closed.
Sitharaman on April 9 wrapped up the 13th Ministerial India-UK Economic and Financial Dialogue (EFD) with her British counterpart Chancellor Rachel Reeves on a positive note and expressed eagerness to conclude the agreement negotiations soon.
The trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23. The average duty on goods imported from India into the UK is 4.2%.