The implementation of the Indian free trade agreement with the United Kingdom could take up to 15 months, but efforts would be undertaken to fix the process.
According to sources, while negotiations for India-Uk Ale have been concluded, the text of the agreement would be absent after about three after a long legal friction by the two countries. The FTA has 26 chapters and legal cleaning would be made jointly by India and the United Kingdom.
Following this, the ALE would be approved by the two countries. While in India, the Union cabinet is necessary to approve in the United Kingdom, it should be ratified by the Parliament.
“It can take up to a year, but the effort would be to try to make it faster,” said a person familiar with development.
India and the United Kingdom had announced, on May 6, the successful conclusion of the ALE negotiations which were to host bilateral trade at $ 120 billion by 2030.
Although the FTA and the double contributions Convention (DCC) will be signed together, the bilateral investment treaty is still being negotiated and will be signed separately, sources explained.
“The ILO is being negotiated by the Ministry of Economic Affairs of the Ministry of Finance. A lot of work has been done on it, but it will be signed separately,” said the source.
India and the United Kingdom are extremely optimistic about the advantages of the trade agreement, which is between the fifth and the sixth largest economy in the world and will help open opportunities for a more bilateral trade.
