LONDON: Intensive talks are on to achieve the goal of liberating most of India-UK Business settlement (FTA) talks till Diwali, UK government sources said on Thursday.
Officials said the two countries continue to negotiate a “high-ambition free trade agreement” that could boost UK Economy to exceed GBP 3 billion by 2035.
“The UK and India have set a target to conclude most of the talks by Diwali (October 24) and in-depth talks are on,” the sources said.
Officials familiar with the talks sought to reframe the issue of mobility by distinguishing between temporary business visas and long-term stays, saying that business mobility is not the same as immigration because business mobility requires talent to work for a specific Includes temporary admission to Time period in a trading partner country.
“Whatever commitment we seek on the temporary admissions, it will be aimed at encouraging the best and brightest talent in India to work in the UK temporarily,” official sources said.
It follows the UK Home Secretary Suella BravermanVery vocal concerns about the approach of “open borders” with India as part of an FTA, which many feared would have pushed FTA talks away from the end-October timeline because of the issue of mobility. It is in the center. What would India consider a win-win trade deal. According to the UK government, any agreement with India on visas and migration would fall under the country’s comprehensive point-based immigration system and would be subject to cabinet approval.
While the UK’s Department for International Trade (DIT) declined to comment on “live talks”, it did not rule out the possibility of the Diwali deadline being met, saying the deadline was “focus on efforts and driving progress”. .
“The UK has a close, positive working relationship with India and a thriving trade partnership of more than GBP 24 billion in 2021. We continue to seek improvements in our current trading relationship, and that is why we have a high-ambition We are negotiating a free trade agreement,” a DIT spokesperson said.
“We are clear that we will not sacrifice quality for speed, and will only sign if we have an agreement that serves the interests of both countries,” the spokesman said.
There has been intense speculation in recent days over the Diwali timeline for the FTA, which was announced by former Prime Minister Boris Johnson during his visit to India in April. However, there has been considerable political turmoil in Britain since then and Johnson has been replaced by Liz Truss and a new cabinet team.
A trade deal with India, which is expected to more than double bilateral trade by 2030, is seen as a major victory for the new prime minister in a few weeks hit by the turmoil in financial markets.
Strategic experts on both sides believe that if the Diwali deadline for FTAs is still met, the result could be a much less comprehensive deal than expected, leaving key areas open for future talks. could.
Britain’s Trade Secretary Kemi Badenoch laid the groundwork for last week, when he said an FTA with India would not mean “we can’t do much more later”.
On the UK side, some of the key questions are around opening up of India’s legal services sector and easing high tariffs on Scotch whisky. For India, talent mobility and the issue of digital data are some of the key factors.
Officials said the two countries continue to negotiate a “high-ambition free trade agreement” that could boost UK Economy to exceed GBP 3 billion by 2035.
“The UK and India have set a target to conclude most of the talks by Diwali (October 24) and in-depth talks are on,” the sources said.
Officials familiar with the talks sought to reframe the issue of mobility by distinguishing between temporary business visas and long-term stays, saying that business mobility is not the same as immigration because business mobility requires talent to work for a specific Includes temporary admission to Time period in a trading partner country.
“Whatever commitment we seek on the temporary admissions, it will be aimed at encouraging the best and brightest talent in India to work in the UK temporarily,” official sources said.
It follows the UK Home Secretary Suella BravermanVery vocal concerns about the approach of “open borders” with India as part of an FTA, which many feared would have pushed FTA talks away from the end-October timeline because of the issue of mobility. It is in the center. What would India consider a win-win trade deal. According to the UK government, any agreement with India on visas and migration would fall under the country’s comprehensive point-based immigration system and would be subject to cabinet approval.
While the UK’s Department for International Trade (DIT) declined to comment on “live talks”, it did not rule out the possibility of the Diwali deadline being met, saying the deadline was “focus on efforts and driving progress”. .
“The UK has a close, positive working relationship with India and a thriving trade partnership of more than GBP 24 billion in 2021. We continue to seek improvements in our current trading relationship, and that is why we have a high-ambition We are negotiating a free trade agreement,” a DIT spokesperson said.
“We are clear that we will not sacrifice quality for speed, and will only sign if we have an agreement that serves the interests of both countries,” the spokesman said.
There has been intense speculation in recent days over the Diwali timeline for the FTA, which was announced by former Prime Minister Boris Johnson during his visit to India in April. However, there has been considerable political turmoil in Britain since then and Johnson has been replaced by Liz Truss and a new cabinet team.
A trade deal with India, which is expected to more than double bilateral trade by 2030, is seen as a major victory for the new prime minister in a few weeks hit by the turmoil in financial markets.
Strategic experts on both sides believe that if the Diwali deadline for FTAs is still met, the result could be a much less comprehensive deal than expected, leaving key areas open for future talks. could.
Britain’s Trade Secretary Kemi Badenoch laid the groundwork for last week, when he said an FTA with India would not mean “we can’t do much more later”.
On the UK side, some of the key questions are around opening up of India’s legal services sector and easing high tariffs on Scotch whisky. For India, talent mobility and the issue of digital data are some of the key factors.