India Could Sign Trade Deal With UK This Year: Top Official

New Delhi: 

India and Britain could sign a free trade agreement (FTA) this year as both countries have reached consensus on the broad contours of the proposed deal aiming to boost economic growth and jobs, a top trade ministry official said.

“We want to finalise the deal at the earliest,” Sunil Barthwal, India’s commerce secretary, told reporters on Friday.

He said that on almost all contentious issues, negotiations were completed, and the deal could be signed “much before” the end of the year.

India sees an FTA with Britain as crucial to hopes of becoming a bigger exporter, while the UK would obtain wider access for its whisky, premium cars and legal services.

For India, an FTA with the UK would be its first with a developed country after it signed an interim trade pact with Australia last year.

For Britain, it is part of a quest for diversified global trade relationships after its 2020 exit from the European Union.

It comes at a crucial time for Prime Minister Narendra Modi, who wants to solidify India’s business-friendly image ahead of national elections early next year.