Skip to content
Search

Latest Stories

Report suggests India-UK trade deal unlikely this month

During his visit to India in September for the G20 summit, Sunak told reporters that he “won’t rush things”

Report suggests India-UK trade deal unlikely this month

A media report on Wednesday (18), indicated that the optimism surrounding the ongoing 13th round of negotiations for an India-UK free trade agreement (FTA) is fading.

Hopes of concluding the deal in time for prime minister Rishi Sunak to sign off before the India versus England World Cup cricket clash in Lucknow on October 29 appear to be diminishing.


‘The Financial Times' quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown.

“The discussions are not where we want them to be,” an official familiar with the talks said.

“The prime minister has said he will not sign a trade deal on arbitrary deadlines. He's going to do the right thing for the country,” said another official.

During his visit to India in September for the G20 summit, Sunak told reporters that he "won't rush things."

“I held warm and productive discussions with prime minister Modi on strengthening our relationship in defence, technology and a free trade deal between our nations,” he told the House of Commons in his update following the visit.

Speculation around his second visit to the country close on the heels of the first one has been rife for weeks, with Indian officials indicating that the prospect of such a trip was quite high. However, with general elections expected in both countries next year, the window for an FTA sign off seems to be shrinking.

Answering queries last month from the Parliament's Business and Trade Committee, which scrutinises the work of her department, UK Business and Trade Secretary Kemi Badenoch had admitted that both sides were “very close” to an agreement but media speculation around Sunak’s return visit to sign off on it on the margins of the World Cup were “very optimistic briefing for newspapers.”

“We are very close. It is possible, but I wouldn't be setting that sort of deadline. We will finish when we finish,” she said, in response to a question about the October 29 cricket match deadline.

Referencing former prime minister Boris Johnson previously setting a Diwali 2022 deadline for the FTA, Badenoch reiterated the Sunak-led government's approach of not setting out any timelines.

“We had the same thing last year, where they said we're going to have a deal by Diwali. Once you set a date, you create problems on your own side. We have always been very, very specific that it's about the deal, not the day. And, we will get there when we have a deal that is mutually beneficial for India and for the UK. We've done quite a lot, so it is close,” said the cabinet minister.

“It's the Pareto principle, that the few bits left are always the toughest bits,” she added.

The Pareto principle, also known as the 80/20 principle, is named after Italian economist Vilfredo Pareto and is a phenomenon that states that roughly 80 per cent of outcomes come from 20 per cent of causes.

According to official government figures, bilateral trade with India was worth an estimated GBP 36 billion in 2022 – a figure expected to be significantly boosted with an FTA which has undergone 12 negotiating rounds since January last year.

(PTI)

More For You

Fathers over 60 help 'reverse UK birthrate decline'

Photo for representation (Photo: iStock)

Fathers over 60 help 'reverse UK birthrate decline'

THE UK has recorded its first increase in births since 2021, with a notable rise in babies born to fathers over 60 helping to lift the numbers, according to new figures from the Office for National Statistics (ONS).

In 2024, there were 594,677 live births in England and Wales, up 0.6 per cent from the previous year. While this is a modest increase, it marks a change after several years of decline.

Keep ReadingShow less
Quad-leaders

The foreign ministers of the Quad — India, the US, Australia and Japan — met in Washington DC on Tuesday to outline priorities for the bloc’s annual summit to be held in India later this year. (Photo credit: X/@DrSJaishankar)

X/@DrSJaishankar

Quad condemns Pahalgam attack, flags China’s actions and Myanmar crisis

THE QUAD grouping has called for the perpetrators, organisers and financiers of the Pahalgam terror attack to be brought to justice without delay. The group also urged all UN member states to cooperate in the process.

The foreign ministers of the Quad — India, the US, Australia and Japan — met in Washington DC on Tuesday to outline priorities for the bloc’s annual summit to be held in India later this year.

Keep ReadingShow less
'Preventable' grid failure caused Heathrow fire, says report

FILE PHOTO: Airplanes remain parked on the tarmac at Heathrow International. REUTERS/Carlos Jasso

'Preventable' grid failure caused Heathrow fire, says report

A FIRE that shut London's Heathrow airport in March, stranding thousands of people, was caused by the UK power grid's failure to maintain an electricity substation, an official report said on Wednesday (2), prompting the energy watchdog to open a probe.

The closure of Heathrow, Europe's busiest airport, cost airlines tens of millions of pounds. It also raised questions about the resilience of Britain's infrastructure.

Keep ReadingShow less
Tributes paid to Asian mum who died in Leicester attack

Leicestershire Police

Tributes paid to Asian mum who died in Leicester attack

TRIBUTES have poured in for a 'kind-hearted' mother who tragically lost her life last week after being attacked in Leicester.

Nila Patel, 56, a British Indian woman described as a "beautiful, vibrant soul," died in hospital two days after suffering a head injury during an assault on Aylestone Road.

Keep ReadingShow less
Pakistan IMF

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington. (Photo: Reuters)

Reuters

Sri Lanka to receive USD 350 million as IMF completes fourth review

THE INTERNATIONAL MONETARY FUND (IMF) has completed the fourth review of Sri Lanka’s USD 2.9 billion bailout programme, allowing the country to access the next tranche of USD 350 million from the four-year facility.

The IMF had approved the nearly USD 3 billion bailout in March 2023 to support Sri Lanka’s efforts to restore macroeconomic stability, including fiscal and debt sustainability, during an unprecedented economic crisis.

Keep ReadingShow less