The latest round of trade negotiations between the UK and India has ended without a resolution, as reported by a British official who cited the upcoming Indian elections as a factor delaying an
agreement.
Over the past two years, the two nations have engaged in intermittent discussions regarding a Free Trade Agreement (FTA). Both countries are scheduled to hold national elections in 2024.
Indian Prime Minister Narendra Modi is seeking an unprecedented third term, with the election anticipated to take place by May, although the specific date remains unannounced.
A British official stated, "Neither side is walking away from talks," emphasizing that the delay is due to the inability to finalize a deal meeting mutual aspirations.
Earlier this week, Prime Minister Modi and his British counterpart, Rishi Sunak, reaffirmed their commitment to securing a new trade deal, acknowledging the necessity of time to achieve comprehensive outcomes.
"The UK's stance is firm that we will not settle for a deal until we attain ambitious results across goods, services, and investment," reiterated the British official on Friday.
Recently, India inked a free trade agreement with several European nations, including Switzerland, Norway, Iceland, and Liechtenstein, pledging to reduce tariffs while receiving $100 billion in investments over the next 15 years. Photo by Prime Minister's Office (GODL-India), Wikimedia commons.