India and UK committed to swift conclusion of Free Trade Agreement: FM Nirmala Sitharaman
There is definitely some discussion on the FTA… the key on both sides is to conclude it as soon as possible, she said in a press conference alongside UK Chancellor of Exchequer Jeremy Hunt.
NEW DELHI: India and United Kingdom have reaffirmed their commitment to expeditiously finalize a free trade agreement (FTA) between the two countries, as announced during the 12th India-UK Economic and Financial Dialogue.
Speaking at a joint press conference alongside UK Chancellor of Exchequer Jeremy Hunt, Indian Finance Minister Nirmala Sitharaman emphasized the significance of promptly concluding the FTA, stating, “There is definitely some discussion on the FTA… the key on both sides is to conclude it as soon as possible.”
The progress made in facilitating the direct listing of Indian companies on the London Stock Exchange (LSE) was appreciated by Hunt, who expressed his pleasure regarding India’s confirmation to explore the LSE as an international destination for such listings.
He further highlighted the establishment of the Pensions and Insurance Partnership, initiatives for knowledge and expertise-sharing, the new UK Infrastructure Financing Bridge, and the deepened partnership on India’s developmental GIFT City.
“We can really support each other’s plans to strengthen the relationship, and the next step of this is a comprehensive FTA and Bilateral Investment Treaty,” Hunt added.
Sitharaman highlighted the potential for collaboration between the two nations in emerging technologies, such as Artificial Intelligence and Machine Learning, as well as India’s recently enacted Digital Personal Data Protection Act. She noted the ample opportunities for both countries to collaborate on secure and inclusive financial intermediation frameworks.
Acknowledging the success of the India-UK Green Growth Equity Fund as a testament to the efficacy of public-private partnerships in channelling sustainable finance at a large scale, Sitharaman expressed her satisfaction with the outcome.
“Success of the India-UK Green Growth Equity Fund is a testament to the efficacy of public-private partnerships in channelling large-scale sustainable finance,” Sitharaman added.
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