New Delhi: A free trade agreement is very close for a final call with the UK while negotiations for a trade pact with Canada are expected to conclude soon, Finance Minister Nirmala Sitharaman said on Friday.

Speaking at the B20 Summit India 2023, organised by CII, the Minister said India has already signed trade pacts with Australia, the UAE and several other countries.

"FTAs should actually encourage you (global investors) to be in India," she told the gathering of global leaders.

"An FTA agreement is very close for a final call with the UK and I think negotiations with Canada are also progressing and I expect that to come to a conclusion sooner than later," Sitharaman said.

She further said the finance ministry and commerce ministry are working closely on trade agreements with different countries.

"The fact that at this stage we are tying up the agreement with one of the Western developed countries shows that India is opening up for a lot more ... Mutually we should benefit from agreeing with each other," she added.

Meanwhile in Jaipur, Commerce and Industry Minister Piyush Goyal said the negotiations between India and the UK for the proposed free trade agreement are progressing and both countries are committed to concluding the talks as early as possible.

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