“Great Opportunity” This Year Rishi Sunak, UK PM Optimistic About Signing FTA With India

Rishi Sunak, the prime minister of the UK, expressed an important sign of reaching a trade agreement this year, highlighting substantial advancements made between India & the United Kingdom. The aforementioned statements were made during the G20 Summit held in Delhi on Friday.

In an interview with ANI, Rishi Sunak expressed his enthusiasm for the establishment of a broad and ambitious trade agreement between India and the United Kingdom, emphasizing the shared interest of both Prime Minister Narendra Modi and himself. Both parties involved share the belief that there is a significant amount of work to be accomplished.

According to Bloomberg reports, quoting ANI, the British prime minister emphasized the existence of ongoing efforts and the necessity for a deal that is mutually beneficial for both nations.

The Prime Minister of the United Kingdom expressed the belief that there exists a significant potential for enhancing economic collaboration between India and the UK, thereby yielding tangible advantages for the respective populations of both nations.

The progress in various domains of bilateral cooperation, as outlined in the India-UK Complete Strategic Partnership and Roadmap 2030, was acknowledged by the two leaders, namely Prime Minister Modi and Rishi Sunak. Specifically, advancements were noted in the fields of economy, security and defence, technology, sustainable development and environmental issues, health, and accessibility sectors.

According to the Department of External Affairs, both presidents engaged in a discussion regarding international and regional matters that hold significance and are of mutual interest.

The status of discussions for the Free Trade Agreement was also assessed, with an expressed optimism that the outstanding matters can be promptly resolved. The aim is to achieve a Free Trade Agreement that is equitable, advantageous to all parties involved, and oriented towards future prospects. This information was conveyed in the statement.

In August, Nirmala Sitharaman, the finance minister, suggested that India was nearing a decision regarding the signing of a Free Trade Agreement (FTA) with the United Kingdom. Negotiations have been under progress since the year 2021, encompassing a total of 13 rounds of discussions thus far. The total value of bilateral commerce between the two nations reached USD 20.36 billion during the fiscal year 2022–23.

Prime Minister Modi extended an invitation to Prime Minister Sunak for a personal visit, to be scheduled at an early and mutually convenient date, with the aim of facilitating a more comprehensive and in-depth discussion. Prime Minister Sunak graciously accepted the offer and sent his congratulations to Prime Minister Modi on the successful conclusion of the G20 Summit, as stated in the press release.

Originally published at https://www.emeriobanque.com.