Union Commerce Minister Piyush Goyal has said that the Free Trade Agreement (FTA) with the UK was well on track and India will wait for the change in leadership before coming up with a strategy. His statement comes in the wake of UK Prime Minister Liz Truss' resignation on Thursday.
"We will have to wait and see whether they have a quick change of leadership. Let's see who comes into the government and what their views are. It's only after that we'll be able to formulate a strategy vis a vis the UK," Goyal was quoted by ANI.
The FTA with UK was initially planned to be signed before Diwali but reports later emerged that India was miffed with the then UK Home Secretary Suella Braverman’s comments over the Indian visa concessions that the deal would involve. However, both parties later clarified that talks between India and the UK were "progressing well" and a deal that "works for both sides is more important than the date when it is signed."
Lizz Truss was also said to be interested in stronger bilateral ties with India and signing of the FTA, but her exit after six weeks in the job has cast a shadow over the pact.
Trade analysts believe that the current economic and political situation in the UK will shift policy-makers' attention off the deal. The lack of a proper policy directions may also delay the signing of the deal.
However, Goyal, addressing the concerns, highlighted the importance of the deal for both countries. "Politicians and businesses across the board in the UK recognised that it is very important for them also to do an FTA with India...But I would believe that our FTAs with the UK, Canada, EU, one or two more we may launch soon, all that is well on track," Goyal said on the sidelines of the Confederation of Indian Industry (CII) National Exports Summit.
Earlier, MEA spokesperson Arindam Bagchi had said that negotiations were continuing, and both sides are keen to reach some kind of FTA that helps both countries.
"There are ongoing negotiations on FTA. There is interest on both sides to see if we can work towards a deal beneficial to both countries at an early date. Best when such matters are left between the trade ministers of both countries," he said on UK Trade Secretary's remarks on the FTA.
He added that Diwali has been set as a goal. "Intensive discussions are underway towards this and they are continuing," he said.
