New Delhi, March 19 The free trade agreement (FTA) between India and the UK, signed last July, is likely to be implemented by early May, as both sides are "finalizing a few outstanding issues," officials said on Thursday.
According to officials, the EU has indicated November as the timeline for the ratification of the trade pact with India, and its implementation is expected this year.
However, they indicated that trade talks with Israel and the six-member Gulf Cooperation Council (GCC), comprising Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain, have slowed amid the ongoing conflict in the region.
Regarding the US-India trade pact, officials said the process "stands," however, "any trade agreement is based on preferential market access versus competitors. If we secure that, then the trade deal will stand".
On January 27 this year, India and the EU announced the conclusion of negotiations for the free trade agreement, described as "the mother of all deals," under which 93 per cent of Indian shipments will enjoy duty-free access to the 27-nation bloc, while the import of luxury cars and wines from the EU will become less expensive.
India and the UK signed the Comprehensive Economic and Trade Agreement (CETA) on July 24 last year, under which 99 per cent of Indian exports will enter the British market at zero duty, while tariffs on British products, such as cars and whisky, will be reduced in India.
The agreement requires approval from the UK parliament before it can be implemented.