The implementation of the free trade agreement in India with the United Kingdom may take up to 15 months from now, but efforts will be made to link the process.
According to the sources, while the FTA-UK negotiations have been completed, the text of the agreement will be after about three after the lengthy legal cleaning by both countries. The Free Trade Agreement includes 26 chapters and the legal will be jointly cleaned by India and the United Kingdom.
After that, the free trade agreement will be approved by the two countries. While in India, the matter will require the approval of the Council of Ministers in the United Kingdom, it must be ratified by Parliament.
“This may take up to one year, but the effort is an attempt to make it faster,” said a person familiar with the development.
On May 6, India and the United Kingdom announced the successful conclusion of the Free Trade Convention negotiations that would reach the double bilateral trade of $ 120 billion by 2030.
While the Free Trade Agreement and the Double Contribution Agreement (DCC) will be signed together, the bilateral investment treaty is still under negotiation and will be signed separately, as indicated by the sources.
The source said: “This thing is negotiated by the Ministry of Economic Affairs at the Ministry of Finance. A lot of work has been done on this, but it will be signed separately.”
India and the United Kingdom are very optimistic about the benefits of the commercial deal, which is between the fifth and sixth the largest economies in the world and will help open opportunities for more bilateral trade.
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