India and the UK are interested to conclude the Free Trade Agreement (FTA) at the earliest and intensive discussions are underway so that it proves to be a win-win situation for both sides, the Ministry of External Affairs (MEA) said on Friday.
Responding to a question on the status of the FTA at the weekly media briefing, MEA Spokesperson Arindam Bagchi said, "There is interest on both sides to conclude the FTA at the earliest. I think Diwali was set as a goal. I understand that intensive discussions are underway towards this, still continuing".
The MEA Spokesperson added that "all negotiations are a part of give and take and there are elements, it needs to be a win-win for both sides".
The Prime Ministers of India and the UK had launched the Enhanced Trade Partnership (ETP) on May 4, 2021 to unleash the trade potential of the partnership by doubling trade by 2030 and reducing market barriers to trade in key sectors.
Following this, both sides had launched negotiations for a Free Trade Agreement on January 13, 2022.
Negotiators from India and the United Kingdom are working towards wrapping up discussions on major issues for the proposed FTA by the end of October. The two sides had concluded the fifth round of talks for the proposed FTA in New Delhi on July 29. India and UK officials will continue to work intensively throughout the summer towards the target to conclude the majority of talks on a comprehensive and balanced Free Trade Agreement by the end of October 2022, India's Ministry of Commerce and Industry said on August 3.
