A proposed free trade agreement (FTA) between the UK and India could be finalized this year, according to British government negotiators, who have said the bulk of the deal has been settled.
The Guardian reports that business leaders were told on a call last week that 90 percent of the deal has been agreed, with one of the most contentious issues holding up talks - UK visas for Indian workers - largely resolved.
However, outstanding issues where discussions are ongoing include the reduction of tariffs on Indian imports of British whisky, cars and pharmaceuticals.
The UK is keen to reach agreements on these sectors to encourage new markets for parts of the economy that are set to be heavily impacted by import duties in the US, the news source noted.
“We are nearly there. We are as close as we’ve ever been, but conversations at the political level cut both ways,” a government source told the paper.
India’s finance minister Nirmala Sitharaman added there is a "great sense of positivity and dedication" for a successful outcome, as she held talks in London with her UK counterpart Rachel Reeves on a bilateral investment treaty, which is being negotiated in parallel with the FTA.
Following the visit, the UK government announced £128 million worth of new export deals and investments with India.
Ms Reeves stated: "In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we’re negotiating trade deals with countries across the world, including India."