India-UK Commences 12th Round of Free Trade Agreement Talks
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 ahead of the 12th round of the India-UK free trade agreement (FTA) negotiations, which begin in New Delhi on August 16. High Commissioner Vikram Doraiswami expressed optimism because both countries appear eager to make necessary adjustments, recognising the complexities involved with the two similar-sized economies' very different structures.
On the broader bilateral relationship, he expressed similar optimism about "obvious synergy" across various sectors.
"I'm optimistic about it (FTA)... My intention is to conclude a mutually beneficial forward-looking FTA to the greatest extent possible."
"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 involved in the FTA negotiations, which began in January last year, stated that it is critical that the UK side recognises some of the complexities of the Indian economy's structure.
"It cannot be comparable to a free trade agreement with a peer-developed country." On the other hand, we must consider the fact that the UK did not negotiate many free trade agreements during its time as a member of the European Union. So there are some things that need to be tweaked. "However, the trend line appears to be very positive overall," he said.