The UK is inching closer to striking a “really huge” trade deal with India, the Daily Express can reveal.
Talks are set to continue with the economic superpower in the hope of securing a multi-billion pound Free Trade Agreement as soon as possible.
Kemi Badenoch this week said getting the deal over the line is proving “challenging” but that she only wants one that’s right for Britain.
It is understood that the 14th round of talks have now ended with negotiators returning from Delhi. More are planned so that further “progress” can be made.
The mega tie-up could dramatically boost trade between the UK and India which is currently worth £36 billion.
A Whitehall source said: “Talks haven’t broken down, we are going to continue negotiating.
“Progress has been made. We haven’t got everything we need yet, we need a deal that is right for the UK.
“The price on offer is really huge.”
India is due to go to the polls in either April or May once a date has been set next week.
Both Rishi Sunak and Indian President Narendra Modi, who is seeking a third term in office, are said to be “keen” to get the deal wrapped up as soon as possible.
Speaking on Thursday the Business and Trade Secretary said she didn’t want to use the Indian election as a deadline for talks.
“We can actually sign an agreement before the Indian election, Ms Badenoch said at an event at Chatham House in London.
“I suspect that that is not necessarily going to be the case because I don’t want to use any election as a deadline,”
“It is possible that we can sign, but I’m not using it as a deadline.”
India, which is set to become the world’s third largest economy, would be the biggest country yet to strike a free trade agreement (FTA) with the UK since it left the EU’s trading system in 2021.
Britain hopes the FTA will open up trade in whisky and cars to India as well as services and investment opportunities, while New Delhi wants better access for manufactured goods, services and work visas.
The Prime Minister had hoped to get an agreement in place during the Autumn.
But a lack of progress in opening up Indian markets to British professional services, including law and accountancy firms meant talks stalled.
Issues over tariffs on electric vehicles have also proved to be a stumbling block.
In a blockbuster 12 months Ms Badenoch has already signed massive trade deals with Australia, New Zealand and Florida with negotiations with many more countries underway.
A gargantuan tie-up with Pacific nations in the CPTPP trading bloc is also close to being rubber-stamped.
Britain is also eyeing a major Brexit trade and security deal with Morocco which could open up massive opportunities from the entire African continent.
Earlier this week, one of India’s top businessmen warned that ministers have a narrow window to secure a trade deal or face letting Labour take credit for the victory.
Sunil Bharti Mittal, the billionaire chairman of Indian telecoms giant Bharti Enterprises and a close ally of Mr Modi said Ms Badenoch would have to seal an agreement between June and August 2024, given the forthcoming elections in India and expected autumn poll in the UK.
Mr Mittal told The Telegraph: “I think the window before the election is gone.”
The Indian entrepreneur, who has been involved in the trade talks, said: “There have been many times it appeared to me that it is a done deal.
“My view is it can be done quickly, the question is will the British Government be able to do it before their elections? Some time through June to August, I would say, is the window.”
