India and UK Reiterate Commitment to Swiftly Finalize Free Trade Agreement (FTA)

India and UK Reiterate Commitment to Swiftly Finalize Free Trade Agreement (FTA). Image/PTI

India and the United Kingdom have once again reaffirmed their dedication to promptly concluding a free trade agreement (FTA) between the two nations. This commitment was reiterated during the 12th India-UK Economic and Financial Dialogue.

Stressing the Importance of the FTA

During a joint press conference alongside UK Chancellor of Exchequer Jeremy Hunt, Indian Finance Minister Nirmala Sitharaman emphasized the significance of expeditiously finalizing the FTA. She stated, “There is definitely some discussion on the FTA… the key on both sides is to conclude it as soon as possible.”

Progress in Facilitating Direct Listing on London Stock Exchange

Hunt expressed his satisfaction with the progress made in facilitating the direct listing of Indian companies on the London Stock Exchange (LSE). He welcomed India’s confirmation to explore the LSE as an international destination for such listings.

Deepening Partnership and Initiatives

Hunt highlighted several areas of cooperation and partnership, including:

• Establishment of the Pensions and Insurance Partnership.
• Initiatives for knowledge and expertise-sharing.
• Introduction of the new UK Infrastructure Financing Bridge.
• Strengthened partnership in India’s developmental GIFT City.

He emphasized the importance of a comprehensive FTA and Bilateral Investment Treaty as the next steps in strengthening the bilateral relationship.

Collaboration in Emerging Technologies and Data Protection

Sitharaman discussed the potential for collaboration in emerging technologies, particularly Artificial Intelligence and Machine Learning. She also mentioned India’s recently enacted Digital Personal Data Protection Act, opening opportunities for both countries to work together on secure and inclusive financial intermediation frameworks.

Success of India-UK Green Growth Equity Fund

Sitharaman expressed satisfaction with the success of the India-UK Green Growth Equity Fund, highlighting it as a testament to the effectiveness of public-private partnerships in channeling sustainable finance on a large scale.

The reaffirmation of their commitment to an FTA and the discussion of various collaboration areas underscore the growing economic and trade ties between India and the UK.

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