Reportedly, British officials are likely to visit India in December with the aim of concluding talks on a free trade agreement (FTA) between the two countries in about four months. This news has been reported after two Indian government sources shared the possibility of an India visit, right after the nations missed their initial timeline that was supposed to be met on Diwali last month. Rumours surrounding Indian PM Narendra Modi’s visit to London on Diwali were doing rounds. However, in a twist of fate, the then PM Liz Truss resigned and Rishi Sunak took over as the first Indian origin British Asian PM of Britain.
Under the Free Trade Agreement between India and UK, the two countries aim to double bilateral trade by 2030.
"It will take 3-4 months of steady negotiations to complete this agreement, with broad understanding over issues such as mobility and short-term work visas to the UK," the official was quoted by Reuters.
It is believed that the FTA will be cemented by the end of March 2023. The official sources revealed that 14 chapters out of the 26 chapters of the trade deal have been finalised.
Meanwhile, West Midlands Mayor Andy Street is currently in India on a trade visit, where he has been having a varied experience. From meeting sports stars to Bollywood stars and working on future trade deals, he’s been doing it all in the whirlwind trip. His visit will include trips to Mumbai, Delhi, Chennai and Hyderabad to boost bilateral trade and investment. The UK has been trying to forge a free trade agreement with India and the fifth round of talks concluded in July 2022.
Mayor Street also visited the Bombay Stock Exchange - Asia’s oldest stock exchange - on November 9 during his Mumbai trip. Mumbai, the capital of the western state of Maharashtra, is also called the financial capital of India. It is also home to one of the biggest film industries in the world - Bollywood.
“Swapped the West Midlands drum for a gong in Mumbai this morning It was an honour to open the Bombay Stock Exchange - Asia’s oldest stock exchange - alongside Cllr Ian Brookfield,” he said in a tweet.
