November 29, 2022
1 min read

Bilateral investment treaty key to FTA talks, says McCole

He argued that it would also be in India’s interest to put such a treaty in place…reports Asian Lite News

With 14 of the 26 chapters in the India-UK free trade agreement (FTA) already finalised, the next round of talks will focus on three chapters and especially the prospect of a bilateral investment treaty, according to Kevin McCole, managing director of the UK India Business Council (UKIBC) — a non-profit body that works with governments and firms to promote trade and business ties between the two countries.

McCole said, “[UK investors] will be considering what protection they have in India as investors or what legal recourse is there? If there’s no bilateral investment treaty, then that becomes a factor in the decision-making that happens at the board level.”

He argued that it would also be in India’s interest to put such a treaty in place.

The India-UK FTA, for which five rounds of talks have taken place, was earlier slated to be concluded by Diwali this year. Reports indicate that the Indian government is now looking to finalise the agreement by March 2023.

Without confirming whether the UK is following this new timeline, McCole said London “would not want to compromise quality for speed”.

McCole has previously written about the importance of former UK PM Boris Johnson and Prime Minister Narendra Modi being “long-standing friends”. He was asked how this compares to Modi’s relationship with the current UK prime minister, Rishi Sunak.

“There was a real chemistry between Mr Modi and Mr Johnson which would have played an important role in the end-game,” said McCole.

“The personal relationship (between Modi and Sunak) is at a nascent stage but the relationship between the two countries isn’t. There’s also the 2030 roadmap that both governments remain committed to,” he said, adding that Sunak’s “family background” helps in understanding a country and economy like India.

ALSO READ-Sunak reiterates UK’s commitment to FTA with India

Previous Story

Waves of art

Next Story

Breather for Lanka as more tourists arrive in Colombo

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments remain flexible and could be paused or reversed depending on market conditions. Eight OPEC+ nations have unexpectedly decided to accelerate their oil
Go toTop

Don't Miss

India’s anti-ballistic missile test a notice to China

DRDO chief Samir Kamat said that the Phase II BMD

Procurement through GeM crosses Rs 2 lakh cr

Union Commerce and Industry Minister Piyush Goyal highlighted the role