India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday. Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership. The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. "We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a v
Deadline for agreement will depend on talks, he says as Diwali timeline goes by
Britain's third female Prime Minister, Liz Truss, is out of office on Thursday after one of the shortest tenures at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize. Truss, who until Wednesday insisted in Parliament that she was a "fighter and not a quitter", resigned after just six weeks after her position became untenable after a series of policy U-turns, Cabinet upheavals and an open revolt against her ability to lead a deeply divided Conservative Party. Truss, who in her innings as foreign and trade minister batted for stronger bilateral ties with India, took charge at 10 Downing Street last month after defeating Indian-origin ex-chancellor Rishi Sunak in the Conservative Party leadership race. The 47-year-old was faced with one of the toughest in-trays in the top job as a result of the spiralling cost-of-living crisis in the country, which rivalled any of the issues faced by her women predecessors in office
The Diwali timeline for a draft FTA had been announced by former British Prime Minister Boris Johnson during his meeting with Prime Minister Narendra Modi in New Delhi in April
Trade experts said that it will be interesting to see if the UK will be willing to sign the trade deal, without India giving any commitments on the new-age trade issues
One of the officials said that the trade deal between India and the UK is at the last stage
Braverman's remarks on Indians overstaying in the UK have reportedly annoyed the officials in New Delhi and the India-UK FTA is on a verge of collapse
The smaller nation is scoring high in attracting global corporations and their suppliers
Comments come a day after UK home secretary cast doubts over the proposed FTA with India over the issue of migration, and branded Indians as the largest group who overstay their visas
The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength
Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties
India's auto industry push for a phased duty reduction to protect interests
No country is better placed than India to take advantage of the China+1 strategy. But first industry must believe in itself, then trade can drive the future
Union Commerce Minister Piyush Goyal on Tuesday said the UK is keen to stick to the Diwali deadline for India-UK free trade agreement and both countries are working towards it
For Bangladesh, the potential of additional exports to India could range from $3 billion to $5 billion in a time span of 10 years
India is currently negotiating trade deals with developed nations such as the United Kingdom (UK), Canada and the European Union (EU).
The minister also called for integration of One District One Product initiative with ONDC
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Canada is expected to seek greater market access for agricultural products such as pulses. Both nations may steer away from including sensitive items such as dairy in the trade deal
Three of the regions India is said to be in trade talks with are significant milk producers themselves; Balyan also bats for further hike in milk procurement prices