British lawmakers urge Rishi Sunak to lead PM delegation to India, finalise FTA

India and the UK may soon forge a Free Trade Agreement, with British leaders asserting that negotiations were ‘well advanced’. Lawmakers have also called for Prime Minister Rishi Sunak to lead a delegation to India “as soon as possible”.

“The UK-India free trade agreement is well-advanced. Although our trade at the moment is worth £29.6 billion, India is only the 12th largest trading partner of the UK. That is not enough; it should be so much higher,” Lord Karan Bilimoria said.

“The Indian express has left the station. It is now the fastest train in the world—the fastest-growing major economy in the world. The UK must be its closest and most trusted friend and partner in the decades ahead," he added.

According to Lord Tariq Ahmad, the next round of talks between the two countries would commence very soon. The UK Foreign Office Minister for South Asia told his peers during a debate in the Parliament that negotiations for a bilateral free trade agreement are “well advanced” and ongoing.

“As one of the world’s biggest and fastest-growing economies, India is a key partner to the UK… We are also looking at lowering non-tariff barriers on medical devices to benefit British exporters, and are well advanced in our negotiations for an ambitious and balanced free trade agreement,” he said.

Officials say that a strong trade deal with India could boost the UK economy by billions of pounds over the long term, helping families across the country. Cutting red tape and high tariffs could also make it easier and cheaper for UK companies to sell in India, driving growth and supporting jobs.

According to official UK government data, India-UK bilateral trade currently stands at around 29.6 billion pounds a year. Both sides formally launched FTA negotiations in January last year with former prime minister Boris Johnson announcing a Diwali deadline for its conclusion.

However, Prime Minister Rishi Sunak committed to working "at pace" towards an FTA that does not “sacrifice quality for speed” after that October deadline was missed amid political turmoil in the UK.

“As an update, we have now completed six rounds of negotiations for a trade deal and will begin the next round very soon… Several noble Lords talked about timelines," Ahmad said.

(With inputs from agencies)