On the wider bilateral partnership, he expressed similar optimism around an “obvious synergy” across different sectors…reports Asian Lite News
Ahead of the 12th round of the India-UK free trade agreement (FTA) negotiations starting in New Delhi on Wednesday, the Indian High Commissioner to the UK has expressed optimism that officials on both sides will be “able to get something working” and find a “right fit” towards a mutually beneficial pact.
High Commissioner Vikram Doraiswami said that he is positive as both countries seem keen to make necessary adjustments, recognising the complexities involved with the very different structures of the two similar-sized economies.
On the wider bilateral partnership, he expressed similar optimism around an “obvious synergy” across different sectors.
“I’m positive about it (FTA)… My intention is that to the extent we can, we would like a mutually beneficial forward-looking FTA to be concluded,” said the High Commissioner.
“I believe both sides are keen on making the necessary adjustments. Even though we’re both similar-sized economies, we are dissimilar in the structures of our economies and the complexities of our economies. So, getting the right fit together is very important,” he said.
The senior diplomat closely involved with the FTA negotiations, which began in January last year, noted that it is important that the UK side recognises some of the complexities of the structure of the Indian economy.
“It can’t be the same as a free trade agreement with a peer-developed country. On the other hand, we too have to take into account the fact that the UK hasn’t actually negotiated many free trade agreements in recent years when it was part of the European Union. So, there are those things that have to be adjusted. But overall, the trend line seems very positive,” he said.
The 11th round of negotiations concluded on July 18, with a joint outcome statement saying it covered detailed draft treaty text discussions across nine policy areas. According to official UK government statistics, the bilateral trade partnership was worth around GBP 36 billion in 2022 and an FTA is set to significantly enhance that relationship.
“I think our government has been very clear that we want the best possible partnership with the UK and, I believe, from what I hear from the UK leadership on both sides of the political aisle as well as from the senior leadership of the government here, that they too want a forward-looking partnership with us,” said Doraiswami.
India’s Commerce Secretary Sunil Barthwal has said the 11th round of talks in London was “very intense” and many issues got closed.