India and the UK are exploring the possibility of a free trade agreement following the Britain's decision to exit from the European Union, Commerce and Industry Minister Nirmala Sitharaman said.
"Naturally," she said when asked whether India and the UK are evaluating possibility of a preferential or a free trade agreement with the UK.
She was speaking to reporters after her meeting with UK Secretary of State for Business, Innovation and Skill Sajid Javid.
"Once the process of informal discussions starts then we get into discussions in detail. They will all fall into a formal framework...whether it is a preferential or a free trade agreement that will be a mutually discussed matter," Sitharaman said.
India is already negotiating a comprehensive free trade agreement with the EU, and after the Brexit, it will have to rework its strategy of negotiations.
Sitharaman said that with the UK moving out of the EU, the FTA talks with the European Union are going to be a fresh exercise. "With the EU of course, it shall continue but with recalibrated now that UK is out of EU, so we shall be doing both," she said.
After the meeting, visiting minister Javid said his discussion with Sitharaman "was very positive and constructive".
"India and UK already have a very strong trade and investment relations and we are looking at how we can go further and look forward to working with her," he told reporters.
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