World News | India-UK FTA deal on track despite PM Truss resignation

New Delhi [India]Oct 24 (ANI): India and the UK, hoping to conclude a bilateral Free Trade Agreement (FTA) deal through Diwali, are in shock following the resignation of UK Prime Minister Liz Truss on Thursday, but the deal is on track, according to coalition commerce Minister Piyush Goyal.

Goyal noted that the free trade agreement with the UK was going well, and he said India would wait for a change in leadership before developing a strategy for the UK.

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“We’ll have to wait and see if they change leadership quickly. Let’s see who comes into government and what their views are. Only after that can we develop a strategy for the UK,” Prime Minister Liz Truss said. Following his resignation, Minister Goyal said on the free trade agreement with the UK.

UK Prime Minister Liz Truss resigned on Thursday, after being in power for less than two months, stating that she recognises she “cannot deliver the mandate” on which she was elected.

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Speaking on the sidelines of the Confederation of Indian Industry (CII) National Export Summit, Goyal said: “British politicians and businesses recognise that a free trade agreement with India is also very important to them… Canada, the EU free trade agreement, we may soon start another country or two, everything is on track.”

In her resignation speech, the British prime minister said: “I took office at a time of great economic and international instability. Families and businesses worry about how to pay their bills, and Putin’s illegal war in Ukraine threatens our entire continent and our nation’s Security has been delayed for too long because of slow economic growth.”

“I will remain prime minister until a successor is elected. Thank you,” Truss added.

The MEA said earlier that it is worth noting that India and the UK are interested to see if a free trade agreement (FTA) can be reached at an early date, but these issues are best left to negotiators. The overall goal of closing the deal on Diwali is, but the goal depends on the negotiation.

“Going forward, this will require mutual implementation of these understandings,” MEA spokesman Arindam Bagchi had said. Negotiations are continuing, and both sides are eager to reach some kind of free trade agreement that would help both countries, he said.

“Negotiations on a free trade agreement are underway. Both sides are interested to see if we can reach an agreement as soon as possible that is beneficial to both countries. It is best to resolve such issues between the trade ministers of both countries,” he said of UK Trade Minister’s Comments on Free Trade Agreements.

Both sides are interested in concluding a free trade agreement as soon as possible. “Diwali has been set as a target. In-depth discussions are taking place for this and are continuing,” he said. (ANI)

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)