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Commerce and Industry Minister Piyush Goyal has said the ongoing negotiations between India and the UK on a free trade agreement (FTA) are progressing ‘extremely well’ and it is expected to conclude at an early date. Goyal said both sides are confident that they will come out with a very balanced, equitable and fair agreement in the interest of businesses and people of both the countries.

Talking about the UK's demand on import duty concessions on auto, whiskey and dairy products, he said India and the UK both are pressing hard for their requests and concerns. He stated ‘There is hardly an issue on which we are not negotiating and I assure you that it will be a strong and hard outcome that will come out of all these negotiations... I believe we have to talk with sincerity, with speed but ensuring balance... and we are both committed to come up with a win-win solution for both countries. I hope it can happen at an early date.’

Out of the total 26 chapters in the proposed FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK. The main issues which could come up for discussion in this round include investment treaty, reduction of duties on auto and whiskey, rules of origin, intellectual property rights and matters pertaining to services. Besides, talking about the proposed trade pact with the European Union, he said that the negotiations are on but as the EU block has 27 nations, the negotiations would take a little longer.