Free trade talks in final phase with Diwali deadline in sight, says London Lord Mayor
The Hindu
The timeline had been set during former British Prime Minister Boris Johnson's visit to India in April
The free trade agreement (FTA) talks between India and the UK are now in their final phase and despite some outstanding issues to be resolved, there is optimism on both sides that the Diwali deadline for a draft will be met, according to the Lord Mayor of London.
Vincent Keaveny, the 693rd Lord Mayor who represents the financial hub of the City of London globally, has just returned from a four-day visit to India following meetings with leading Indian businesses and investors and finance chiefs at the Reserve Bank of India (RBI) and Securities Exchange Board of India (SEBI).
As London’s ambassador for financial and professional services, the Lord Mayor's visit was aimed at strengthening India-U.K. financial services links, building strong and sustainable two-way capital flows.
“It was a really good time to be in India with the FTA negotiations entering into their final phase,” Mr. Keaveny told PTI.
“Prime Minister Modi has made it clear that he wants to sign the FTA by Diwali. There are some outstanding issues to be resolved but I think there’s a lot of optimism on both sides that we will get that done. Whatever the content of the agreement, it will be a real positive for the relationship between India and the UK across the board in the coming years,” he said.
His visit comes amid reports that Mr, Modi may be planning a visit to the U.K. to sign the FTA around Diwali, which falls on October 24. The timeline had been set during former British Prime Minister Boris Johnson's visit to India in April and there had been some speculation whether the change of leadership in the U.K. might impact that deadline.
Asked about the prospect, the Lord Mayor expressed optimism: “It is a tight deadline but there is optimism.