India weighs softening its stand on UK FTA, expects UK to reciprocate

livemint.com:

New Delhi: India is contemplating softening its stand on some of the contentious issues that have held up a free trade agreement with the UK, according to two people aware of the matter who expect the UK to do the same. Both countries have underscored the significance of finding a “feasible solution" to speed up the process, they added. “India is planning to soften its stand on some of the sticky issues in the trade negotiations with the UK.

A similar approach is expected from its counterpart, without compromising their interests," one of the two people said, seeking anonymity. Signing the bilateral trade deal holds equal importance for both nations, he added. India and the UK initiated FTA discussions in January 2022 to bolster the economic ties.

Now, they are in the midst of the 14th and what is expected to be the final round of discussions, which began on 10 January. However, talks are currently on hold, and are expected to resume only after the Lok Sabha elections. Both countries are actively working towards a fair and balanced agreement, and are in favour of closing the deal at the earliest, considering its significance for both the economies, the second person said.

Mint reported on 7 March that the deal may be postponed until after the general elections if a consensus has not been found on outstanding issues. Queries emailed to the spokesperson of the Union commerce ministry and a UK official did not elicit a response at press time. “The window for concluding the FTA is narrowing, given the limited time between national elections on both sides.