India and the UK are close to finalizing a transformative Free Trade Agreement, set to bolster their £38.1 billion annual trade partnership. Amid progress, NITI Aayog CEO Subrahmanyam praised the imminent breakthrough, highlighting the diverse dimensions of their collaboration. The UK-India Infrastructure Financing Bridge underscores their unwavering commitment beyond the FTA. Officials express optimism, emphasizing the strategic value of the FTA in fostering innovation and economic growth. Plans to expedite negotiations signal a promising future for enhanced economic cooperation between the two nations.
India and the UK are on the brink of finalizing an exciting new chapter in their economic relationship as the Free Trade Agreement (FTA) negotiations reach their pinnacle. NITI Aayog CEO B.V.R. Subrahmanyam expressed confidence that both nations are tantalizingly close to sealing the deal, which aims to significantly boost the existing GBP 38.1 billion annual bilateral trade partnership.
Amidst the signing of the UK-India Infrastructure Financing Bridge (UKIIFB) agreement, emphasis was placed on the depth and breadth of the partnership, highlighting that it is not contingent on the FTA alone. The commitment to this agreement remains steadfast even as new governments in both countries take the reins.
Subrahmanyam lauded the progress, stating, "The two sides are on the verge of a breakthrough. It's just a matter of reaching out a little further to grasp the deal." He outlined the multifaceted nature of the India-UK partnership, encompassing areas like infrastructure finance, climate action, and technology, underscoring the role of FTAs in accelerating cooperation and unlocking opportunities in goods and services.
The UKIIFB, a collaboration between NITI Aayog and the City of London Corporation, signals a swift and unhindered pace in economic collaboration, independent of the FTA negotiations. Indian High Commissioner to the UK, Vikram Doraiswami, expressed optimism about the proximity to a deal while acknowledging the final hurdles to be overcome.
The significance of the FTA was reiterated by Doraiswami, who emphasized its role in fostering a robust strategic relationship between India and the UK, spanning financial services, technology, and innovation. Similarly, Ben Mellor from the UK's FCDO highlighted the commitment of the new government to advance talks initiated under the former administration, recognizing the mutual benefits a comprehensive FTA would bring.
Looking ahead, UK Business and Trade Secretary Jonathan Reynolds announced plans to expedite negotiations, with a focus on the services sector. Chris Hayward of the City of London Corporation echoed the sentiment, emphasizing the ongoing verification process and shared aspirations for a service-oriented FTA.
With both nations poised for further discussions, the unfolding developments promise to usher in a new era of economic cooperation between India and the UK, underpinned by shared goals of growth, innovation, and prosperity.
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