There are no immediate indications about the impact of the recent political developments in Britain on the advanced India-UK negotiations for a free trade agreement (FTA) which aims at further strengthening economic ties between the countries, an official said. On July 7, British Prime Minister Boris Johnson announced his resignation as Conservative Party leader following an unprecedented mutiny from within his Cabinet and after being abandoned by his close allies in the wake of a series of scandals that rocked his government, triggering a leadership election for a new Tory leader who will go on to become his successor.
In January, both countries formally launched talks for a free trade agreement, which aims to boost bilateral trade and investments.
In such pacts, two countries either eliminate or significantly reduce customs duties on the maximum number of goods traded between them, besides easing norms for promoting investments and services trade.
Source : economictimes.indiatimes.com