Finance Minister Nirmala Sitharaman on Friday said that a free trade agreement (FTA) with the United Kingdom is expected soon and the country is also making an effort for FTA with Canada and EFTA countries. Talking during the B20 India Summit, Sitharaman also said that sustained global economic recovery will be a key issue for the next few years.
“We are continually making efforts for FTA with the UK, Canada, and EFTA countries along with the commerce ministry. The speed it is going now is this year we should conclude the agreement with FTA. FTA with European Free Trade Association also in the works,” Sitharaman said. EFTA includes Liechtenstein, Norway, Iceland, and Switzerland.
She elaborated on the significance of Free Trade Agreements (FTAs) in broadening supply chain diversity.
India and the United Kingdom have been engaged in FTA discussions since the last year. Notably, former British Prime Minister Boris Jonhson has said that the FTA between the two nations would be inked by Diwali in 2022.
In recent days, Kemi Badenoch, the UK Business and Trade Secretary, confirmed that active deliberations are underway regarding business mobility within the proposed FTA between India and Britain. These negotiations are now entering their final stages.
Speaking during the event, the Finance minister also said that the world can not bear another supply chain shock like Covid-19.