September 11, 2023
2 mins read

UK Chancellor, Indian FM Signal Imminent FTA Agreement

Sitharaman told reporters that India and the UK “are highly encouraged” by the intensified collaboration in the area of financial services…reports Asian Lite News

After his talks with Union Finance Minister Nirmala Sitharaman, visiting UK Chancellor Jeremy Hunt on Monday said that the Free Trade Agreement (FTA) between India and Britain will be finalised soon.

Addressing a press conference, Hunt said that the two countries are moving towards inking of a FTA.

Meanwhile India will also explore the possibility of direct listing of Indian companies at the London Stock Exchange (LSE), according to a joint statement issued after the conclusion of the 12th India-UK Economic and Financial Dialogue between Hunt and Sitharaman.

“The next step for this is a comprehensive FTA and bilateral investment treaty and I know discussions are ongoing as to how to finalise those as soon as possible,” Hunt said on the trade pact.

Sitharaman echoed his view, but suggested that the negotiations will continue over the point of differences related to the proposed FTA.

“As you know, we agreed to have the investment negotiations (on FTA with UK) running parallel to the goods and services trade negotiations. So, we will be looking at points where there are convergences and if there are points on which we have to have further discussions, we will hold it. The keenness on both the sides is to conclude it as soon as possible,” she said.

“The intention on both the sides is to expedite the discussions so that some quick agreements can lead to finally signing the FTA.”

The announcements come within 48 hours after Prime Minister Narendra Modi and his British counterpart Rishi Sunak, in their bilateral meeting on the sidelines of the G20 Summit, agreed to “work at pace” towards signing the much-anticipated FTA.

Commenting on Indian companies looking to list directly on the LSE, Hunt said: “We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies.”

He added that there is a new pensions and insurance partnership between the two countries, along with the establishment of knowledge and expertise sharing mechanism.

Sitharaman told reporters that India and the UK “are highly encouraged” by the intensified collaboration in the area of financial services.

Hunt and Sitharaman also announced the launch of the “new UK-India Infrastructure Financing Bridge”.

This is a collaborative venture co-led by government think tank Niti Aayog and the City of London Corporation which is aimed at harnessing collective expertise in planning and implementing major infrastructure projects, Sitharaman informed.

ALSO READ-Sunak optimistic about FTA with India this year

Previous Story

Modern Brides Embrace Pastel Lehengas

Next Story

A SEISMIC SHIFT IN GEOPOLITICS: The G20 Under India’s Presidency

Latest from -Top News

UN urges restraint in Pak-Afghan clashes

Bennett’s statement came after Taliban spokesperson Zabihullah Mujahid said that 12 Afghan civilians were killed and over 100 others injured in recent attacks…reports Asian Lite News UN Special Rapporteur on human rights

Pakistan-Afghanistan border Attack kills 12

Mujahid said that multiple Pakistani soldiers were killed in retaliatory action by Afghan forces…reports Asian Lite News At least 12 people were killed and more than 100 injured in a Pakistani military

India, UK military conduct joint exercise

The exercise also reaffirmed the shared commitment of India and the United Kingdom towards maintaining regional peace, security, and stability. The Indian Air Force (IAF) conducted a joint exercise with the United

16 dead in Dhaka factory fire

The death toll in the blaze is likely to rise, warned another fire official, who did not want to be named….reports Asian Lite News At least 16 people have died after a

India wins unopposed seat on UNHRC

India last served on the HRC in 2024, completing a second consecutive term….reports Asian Lite News India has been elected unopposed to the UN Human Rights Council (HRC) for the seventh time,
Go toTop

Don't Miss

Jaishankar: ASEAN Key to India’s ‘Act East’ Policy

Stressing the pivotal role of the Association of Southeast Asian

Jaishankar’s Perth Talks Focus on Indo-Pacific, West Asia

Both leaders expressed delight at the opportunity to strengthen the