The source further said that efforts are on to iron out differences on issues such as mobility of people and concessions on the import duty levied on select items. The source added that even if the free trade agreement is not finalised during the visit, it will help in speeding up the negotiations. The visit would not, however, be limited to FTA negotiations, as per the source.
The development comes more than a month after Sunak visited New Delhi to attend the G20 Summit. At the G20 Summit 2023, Sunak agreed with Prime Minister Narendra Modi for a bilateral meeting focused on the FTA. At the time, Sunak agreed for a bilateral visit to India at "an early, mutually convenient date", according to an External Affairs Ministry.
In July this year, reports emerged that India and UK could sign a free trade agreement (FTA) by the end of 2023 as both countries have reached a consensus on the parts of the deal aimed at boosting economic growth and job creation. Union Commerce Secretary Sunil Barthwal said that India wants to finalise this deal at the earliest, according to a Reuters report.
Barthwal added that India is pushing for "zero tariff" for textile, leather and other labour-intensive manufacturing sectors. UK, on the other hand, sought concessions on tariffs imposed in other areas. If finalised, the FTA could provide UK with a wider market for its whisky, premium cars, and legal services.
Both the sides have finalised 24 out of the total 26 chapters of the proposed agreement, as per government sources. Both the countries have concluded the 13th round of negotations recently, according to news agency PTI.
Also Read: Australia vs South Africa ICC World Cup 2023: When and where to watch, squads, key players, venue, pitch report, weather prediction
Also Read: ICC World Cup 2023 India vs Pakistan, Bangladesh: BCCI to issue more tickets, sale to open on Wednesday