Express News Service
NEW DELHI: Prime Minister Narendra Modi’s interaction with his British counterpart Rishi Sunak on the sidelines of the G20 Summit in Bali could possibly fast-track the much-awaited India-UK Free Trade Agreement (FTA), sources said.
“The two leaders looked forward to the agreement of a UK-India free trade deal, which has the potential to unlock investment and increase jobs in both our countries, as well as expanding our deep cultural links,’’ according to a statement released by Rishi Sunak’s office.
The earlier deadline for the FTA was Diwali but it got stuck due to political changes in Britain. Sources point out that the deal is likely to be finalised by March next year. Sunak conveyed his gratitude to PM Modi for the overwhelming response of the Indian people to his appointment as prime minister.
“The leaders discussed the range of areas where the UK and India are working closely and have the opportunity to further develop our links, including defence and security,’’ the statement added. “It was great to meet Sunak. India attaches great importance to robust ties with Britain.
We discussed ways to increase commercial linkages, raise the scope of security cooperation in the context of India’s defence reforms and make people-to-people ties even stronger,’’ said Modi. Meanwhile, Sunak tweeted a photo with Modi with the caption ‘united by friendship’.
Officials working on the India-UK FTA say that about 15 of the 26 chapters that were up for discussion have been sealed. “Reducing taxes on whiskey is among the negotiations that the UK is trying for. If it succeeds in getting a tariff reduction on whiskey from India, it would not just be good for Scotland but could also encourage other countries to reduce tariffs,’’ said a source. UK is also seeking a tariff reduction on automobiles. India is seeking ‘ease of business’ and temporary visa norms for skilled professionals. The FTA is expected to increase the bilateral trade to $100 billion by 2030.
NEW DELHI: Prime Minister Narendra Modi’s interaction with his British counterpart Rishi Sunak on the sidelines of the G20 Summit in Bali could possibly fast-track the much-awaited India-UK Free Trade Agreement (FTA), sources said.
“The two leaders looked forward to the agreement of a UK-India free trade deal, which has the potential to unlock investment and increase jobs in both our countries, as well as expanding our deep cultural links,’’ according to a statement released by Rishi Sunak’s office.
The earlier deadline for the FTA was Diwali but it got stuck due to political changes in Britain. Sources point out that the deal is likely to be finalised by March next year. Sunak conveyed his gratitude to PM Modi for the overwhelming response of the Indian people to his appointment as prime minister.
“The leaders discussed the range of areas where the UK and India are working closely and have the opportunity to further develop our links, including defence and security,’’ the statement added. “It was great to meet Sunak. India attaches great importance to robust ties with Britain.
We discussed ways to increase commercial linkages, raise the scope of security cooperation in the context of India’s defence reforms and make people-to-people ties even stronger,’’ said Modi. Meanwhile, Sunak tweeted a photo with Modi with the caption ‘united by friendship’.
Officials working on the India-UK FTA say that about 15 of the 26 chapters that were up for discussion have been sealed. “Reducing taxes on whiskey is among the negotiations that the UK is trying for. If it succeeds in getting a tariff reduction on whiskey from India, it would not just be good for Scotland but could also encourage other countries to reduce tariffs,’’ said a source. UK is also seeking a tariff reduction on automobiles. India is seeking ‘ease of business’ and temporary visa norms for skilled professionals. The FTA is expected to increase the bilateral trade to $100 billion by 2030.
