India-U.K. FTA: Half the chapters in pact agreed on; working to complete deal early, says U.K. International Trade Minister

The United Kingdom is keen that free trade pact being negotiated with India is completed at the earliest as it re-focuses its attention of the growing markets of the Indo-Pacific.

The United Kingdom is keen that free trade pact being negotiated with India is completed at the earliest as it re-focuses its attention of the growing markets of the Indo-Pacific, however the financial powerhouse is not setting any deadlines for the agreements which will include deals on service sector and investments.

U.K,’s Minister for International Trade, Mr. Nigel Huddleston, in an exclusive interview to PTI said that half the chapters in the deal have already been concluded and work is on to complete the negotiations as soon as possible.

“We have made good progress on the FTA…we have concluded negotiations on half the chapters in the pact. We want a comprehensive agreement on both goods and services. It (the pact with India) is going to be very important as part of our shift towards the Indo-Pacific,” the U.K. Minister said.

“We are particularly keen to get this FTA with India as we have strong historic ties,” he added.

British Prime Minister Mr. Rishi Sunak had earlier last week indicated that both countries were aiming for a “truly ambitious trade deal.” The FTA which has been in the works for some years now is expected to be a comprehensive pact covering not only goods and services trade but also in investments.

Mr. Huddleston pointed out that 80% of Great Britain’s economy was dependent on services and the chapters on services are therefore an important part of the deal being negotiated for both the countries.

Britain which has an $3.1 trillion economy according to World bank data, has long been a service sector powerhouse. The city of London, which is one the world’s biggest financial markets, has also long attracted Indian companies seeking to raise funds from the global market.