India is hoping to fast track negotiations and close three free trade agreements, including one with the United Kingdom by February 2024, before the General Elections later in the year.
According to sources, negotiations are at an advanced stage for three free trade agreements, including the India-Oman Comprehensive Economic Partnership Agreement, the European Free Trade Association with the four nation bloc of Iceland, Liechtenstein, Norway, and Switzerland as well as the India-UK FTA.
“Negotiations are on at full speed with the aim to conclude all three agreements by the end of January and latest by February,” said a person familiar with the development.
The 14th round of FTA negotiations between India and UK are set to take place in the second week of January 2024 in New Delhi. According to the source, issues around market access for wines as well as automobiles from the UK are still to be resolved as well as on immigration and movement of professionals, which has been sought by India. The UK is also keen on India opening up the legal sector but negotiations are still underway on the issue.
“All issues related to services have been resolved for the India and UK FTA,” said the source, adding that the effort is to conclude the talks before the General Elections in April or May 2024.
Negotiations on the Bilateral Investment Treaty are also underway and while the effort is to sign it along with the FTA with the UK, it could be deferred if all the issues are not resolved.
The 13th round of negotiations for the UK-India Free Trade Agreement took place from September 18 to December 15, 2023. “The round included sessions both in person, in London and Delhi, and virtual talks. As with round 12, these negotiations focussed on complex issues including goods, services, and investment,” the ministry of commerce and industry had said in a statement on December 18.
Meanwhile, negotiations for the EFTA are also likely to continue in the month of January 2024 and the member countries are keen on concluding it before the General Elections in India.
The trade pact with Oman could be signed in January. The second round of talks are understood to have concluded in Muscat earlier this month.