The free trade agreement (FTA) talks between India and the UK are now in their final phase and despite some outstanding issues to be resolved, there is optimism on both sides that the Diwali deadline for a draft will be met, according to the lord mayor of London.

Vincent Keaveny, the 693rd Lord Mayor who represents the financial hub of the City of London globally, has just returned from a four-day visit to India following meetings with leading Indian businesses and investors and finance chiefs at the Reserve Bank of India(RBI) and Securities Exchange Board of India (Sebi).

As London’s ambassador for financial and professional services, the Lord Mayor’svisit was aimed at strengthening India-UK financial services links, and building strong and sustainable two-way capital flows between the nations.

“It was a really good time to be in India with the FTA negotiations entering into their final phase,” Keaveny told PTI.

“Prime Minister Modi has made it clear that he wants to sign the FTA by Diwali. There are some outstanding issues to be resolved but I think there's a lot of optimism on both sides that we will get that done. Whatever the content of the agreement, it will be a real positive for India-UK relationship,” he said.

Keaveny’s visit comes amid reports that Modi may be in the UK to sign the FTAaround Diwali, which is on October 24.