India may push for free trade pacts pre-elections: Govt source

When questioned about the possibility of finalising these agreements before the upcoming elections, a government official stated that "efforts are currently in progress."

Currently, senior officials from India and the UK are engaged in the 13th round of negotiations over the proposed deal. UK Business and Trade Secretary Kemi Badenoch recently visited India to hold talks. During her visit, she conducted bilateral meetings with Minister of Commerce and Industry Piyush Goyal and Finance Minister Nirmala Sitharaman.

Prior to the 12th round of negotiations, both sides had already concluded discussions on 19 out of the total 26 chapters in the proposed FTA. Investment-related matters are being negotiated separately as a bilateral investment treaty between India and the UK.

“The UK-India FTA is essentially ready for signing, with both governments prepared on most subjects," the official added.

Additionally, India is in discussions with the Gulf Cooperation Council to finalize a free trade agreement with the Gulf nations.

The Arab region is India's largest trading bloc, with trade over $ 240 billion in fiscal 2022-23, with over $184 billion of that trade attributed to GCC countries. The UAE remains India's third-largest trading partner, while Saudi Arabia ranks as the fourth largest.

According to the official, it is expected that it will take around three to four months from now to conclude discussions with the Gulf nations.

Furthermore, the central government is engaged in talks with Italy to establish a cooperative mechanism aimed at promoting investments. Minister Goyal is scheduled to visit Italy once again for bilateral discussions soon after a visit in April this year.