UK is near hanging ‘actually large’ India commerce deal price billions | Politics | News | EUROtoday

The UK is inching nearer to hanging a “really huge” commerce cope with India, the Daily Express can reveal.

Talks are set to proceed with the financial superpower within the hope of securing a multi-billion pound Free Trade Agreement as quickly as potential.

Kemi Badenoch this week mentioned getting the deal over the road is proving “challenging” however that she solely desires one which’s proper for Britain.

It is known that the 14th spherical of talks have now ended with negotiators coming back from Delhi. More are deliberate in order that additional “progress” could be made.

The mega tie-up might dramatically enhance commerce between the UK and India which is at the moment price £36 billion.

A Whitehall supply mentioned: “Talks haven’t broken down, we are going to continue negotiating.

“Progress has been made. We haven’t got everything we need yet, we need a deal that is right for the UK.

“The price on offer is really huge.”

India is because of go to the polls in both April or May as soon as a date has been set subsequent week.

Both Rishi Sunak and Indian President Narendra Modi, who’s searching for a 3rd time period in workplace, are mentioned to be “keen” to get the deal wrapped up as quickly as potential.

Speaking on Thursday the Business and Trade Secretary mentioned she didn’t wish to use the Indian election as a deadline for talks.

“We can truly signal an settlement earlier than the Indian election, Ms Badenoch mentioned at an occasion at Chatham House in London.

“I suspect that that is not necessarily going to be the case because I don’t want to use any election as a deadline,”

“It is possible that we can sign, but I’m not using it as a deadline.”

India, which is set to become the world’s third largest economy, would be the biggest country yet to strike a free trade agreement (FTA) with the UK since it left the EU’s trading system in 2021.

Britain hopes the FTA will open up trade in whisky and cars to India as well as services and investment opportunities, while New Delhi wants better access for manufactured goods, services and work visas.

The Prime Minister had hoped to get an agreement in place during the Autumn.

But a lack of progress in opening up Indian markets to British professional services, including law and accountancy firms meant talks stalled.

Issues over tariffs on electric vehicles have also proved to be a stumbling block.

In a blockbuster 12 months Ms Badenoch has already signed massive trade deals with Australia, New Zealand and Florida with negotiations with many more countries underway.

A gargantuan tie-up with Pacific nations in the CPTPP trading bloc is also close to being rubber-stamped.

Britain is also eyeing a major Brexit trade and security deal with Morocco which could open up massive opportunities from the entire African continent.

Earlier this week, one of India’s top businessmen warned that ministers have a narrow window to secure a trade deal or face letting Labour take credit for the victory.

Sunil Bharti Mittal, the billionaire chairman of Indian telecoms giant Bharti Enterprises and a close ally of Mr Modi said Ms Badenoch would have to seal an agreement between June and August 2024, given the forthcoming elections in India and expected autumn poll in the UK.

Mr Mittal told The Telegraph: “I think the window before the election is gone.”

The Indian entrepreneur, who has been concerned within the commerce talks, mentioned: “There have been many times it appeared to me that it is a done deal.

“My view is it can be done quickly, the question is will the British Government be able to do it before their elections? Some time through June to August, I would say, is the window.”