India, UK close to clinching trade deal as Commerce Minister Piyush Goyal wraps up talks in London

India and the UK are close to clinching a free trade deal, following the talks held between the two sides during the London visit of Commerce Minister Piyush Goyal.

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Commerce Minister Piyush Goyal told a business roundtable in London on Tuesday that “25 of 26 matters have been agreed” upon during the negotiations, Politico quoted him as saying.

Amanda Brooks, director general for Trade Negotiations at the Department for Business and Trade, told reporters that a trade deal with India is close.

However, Minister Goyal had raised outstanding issues in a meeting with UK Trade Secretary Jonathan Reynolds. These included India's calls for a carve-out from Britain's forthcoming tax on high-emissions imports like steel and aluminium that the UK government has promised to roll out in 2027, Politico said.

Other issues include the description of Indian territory in the deal and the sunset clause in the pact’s parallel investment treaty.

Both nations had begun talks on a bilateral trade deal in early 2022, however, the talks stalled.