India and the UK on Friday set an ambitious target of concluding a “comprehensive and balanced” free trade agreement (FTA) by Diwali this year to double bilateral trade by 2030. Prime Minister Narendra Modi and his visiting British counterpart Boris Johnson announced measures to enhance defence, security and trade partnerships.
Both leaders also called for an early resolution of all pending market access issues between the two nations in a “balanced manner” and noted that the FTA would unlock the full potential of the trade and commercial relationship, boosting jobs, investment, and exports.
“As the next round of talks begins here next week, we are telling our negotiators to get it done by Diwali in October. This could double our trade and investment by the end of the decade,” Johnson, who was on a two-day visit to India, said in a joint press conference.
“...we now have to reach a free trade agreement, a deal where you can lift those tariffs –you can…on our machinery and apples – actually you’ve already done it on apples and we, in turn, can lift the tariffs on your rice and textiles,” he said.
Johnson said that in the free trade deal, there would be some difficult issues. “Tariff on whisky is a tough one. It would be great if we can fix that. There are big opportunities and we can get it done,” he added.