The process of legal scrubbing of the India-UK free trade agreement (FTA) text is progressing at a faster pace, and the pact is expected to be signed by the end of July, an official said on Tuesday.
To give an impetus to the process, Commerce Secretary Sunil Barthwal is in London with his official team. Barthwal will meet UK Secretary of State for Business and Trade Jonathan Reynolds and other British senior officials during his two-day visit.
The two countries announced the conclusion of the negotiations on May 6. It will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030.
The world’s fifth and sixth-largest economies concluded the deal after three years of on-off negotiations.
Once the FTA is signed, it will require approval from the British Parliament and India’s Cabinet before it can take effect. The implementation is likely to take about a year after the signing.
“The agreement is likely to be signed by July end. India’s legal team is also there in London for the legal scrubbing of the text. The pact’s text would be put in public domain after signing,” the official said, adding the commerce secretary’s visit is important, as issues such as the implementation process of the pact would be discussed.
Commerce and Industry Minister Piyush Goyal was also in London earlier this month. He held discussions with Reynolds on issues related to the implementation of the FTA.
Prime Minister Narendra Modi has invited UK Prime Minister Keir Starmer to India.