In terms of progress between the two negotiating groups, Diwali may be ready for a free trade agreement (FTA) between India and the UK, Commerce and Industry Minister Piyush Goyal said during a visit to the UK.

The minister arrived in London from the World Economic Forum in Davos to assess and interact with stakeholders and business people ahead of the fourth round of free trade agreement negotiations in the UK scheduled for June 13.

Goyal, who launched the annual UK-India Week on Thursday night at the India Global Forum (IGF) scheduled for June 27, pointed to the speedy conclusion of free trade agreements with the UAE and Australia as a good sign.

Diwali was due to sign a draft of FTA in October after British Prime Minister Boris Johnson held talks with Prime Minister Narendra Modi during his visit to India last month. Indian High Commissioner Gaitri Issar Kumar revealed at the event that PM Johnson had invited the Indian PM to visit the UK to sign the agreement when the draft agreement is ready later this year.

The minister pointed out that India is one of the fastest-growing economies globally; even if the annual growth rate is only 8%, it is at least ten times the economy’s current level. “This is an opportunity for a fair and just agreement, and the UAE and Australia understand that, and that’s why we were able to close down quickly,” he said.

Earlier on Thursday, the minister said he had fruitful discussions with UK Trade Secretary Anne-Marie Trevelyan on advancing the ongoing FTA negotiations to boost the India-UK trade and investment partnership further. We discussed the progress of the ongoing trade negotiations, opportunities to unlock the full potential of our trade and commercial relationships already worth more than £24 billion and opening new markets for businesses in the UK and India, Trevelyan said.

The two ministers also co-chaired a small business roundtable to discuss opportunities for businesses signed with FTA. Goyal will hold further talks with the business community during a two-day visit to the UK on Friday. In the 2021-2022 fiscal year (April-February), India-UK trade totalled $16 billion. The latest official data from the website of the Indian High Commission shows that in the 2021-2022 fiscal year (April-February), the UK is India’s 17th largest trading partner.