Trade between the two countries

Negotiations on the India-UK Free Trade Agreement (FTA) are "progressing well" and an agreement that works for both sides is more important than its signing date, UK Trade Policy Minister Greg Hands said, referring to him. the draft India-UK free trade agreement.

The minister, who was joined by Britain's chief FTA negotiator at a Diwali reception in London on Tuesday, said the Department for International Trade (DIT) was committed to expanding the trade partnership between India and the UK.

He said his boss, Commerce Minister Kemi Badenoch, was continuing regular dialogue with Commerce Minister Piyush Goyal to build an "even more productive relationship" in which quality was more important than speed.

"The talks are progressing well. We have completed five formal rounds of FTA talks and see a path to a deal that will suit both sides," he said.

The Diwali schedule for the FTA project was announced by former British Prime Minister Boris Johnson during his meeting with Prime Minister Narendra Modi in New Delhi in April.

However, Kemi Badenoch, who led the DIT last month under the new Liz Truss government, recently confirmed that negotiators were no longer working on this timetable "to focus on the quality of the deal rather than its speed".

There has been much speculation as to whether controversial comments by UK Home Secretary Suella Braverman questioning expected Indian visa benefits, which would include a free trade agreement, could derail negotiations.

The event, organised by the UK Global India Forum (IGF) at the Taj Hotel in London, was also attended by other UK government ministers.

It is worth noting that the acting UK High Commissioner was reflecting on the International Monetary Fund (IMF), which called India a "bright spot" in the current headwinds for the global economy.