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HometreasuryUK Chancellor Jeremy Hunt: India-UK Free Trade Agreement Nearing Completion

UK Chancellor Jeremy Hunt: India-UK Free Trade Agreement Nearing Completion

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UK and India Move Closer to Free Trade Agreement

UK Chancellor Jeremy Hunt has announced that the Free Trade Agreement (FTA) between India and Britain is nearing completion. Hunt made the remarks after talks with Union Finance Minister Nirmala Sitharaman in New Delhi. Both countries are said to be “moving towards inking” the FTA, which is expected to boost trade and investment between the two nations. The FTA is also expected to create jobs and spur economic growth.

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

Hunt emphasized the need for a comprehensive FTA and bilateral investment treaty. He expressed optimism that discussions are ongoing and that the negotiations will be finalized as soon as possible. Sitharaman echoed his view, stating that while progress has been made, there are still differences to be addressed related to the proposed FTA.

The announcements come just two days after Indian Prime Minister Narendra Modi and UK Prime Minister Rishi Sunak agreed to work swiftly towards signing the much-anticipated FTA during their bilateral meeting at the G20 Summit.

Regarding the direct listing of Indian companies on the LSE, Hunt expressed satisfaction with India’s confirmation to explore the London Stock Exchange as an international destination. He also mentioned the establishment of a new pensions and insurance partnership between the two countries, as well as a mechanism for knowledge and expertise sharing.

Sitharaman highlighted the increased collaboration between India and the UK in the area of financial services. She also announced the launch of the “new UK-India Infrastructure Financing Bridge,” a joint initiative between government think tank Niti Aayog and the City of London Corporation. The initiative aims to leverage collective expertise in planning and implementing major infrastructure projects.

The news of progress in the FTA negotiations and the potential for Indian companies to list on the LSE has been welcomed by both countries. The FTA is expected to strengthen economic ties and open up new opportunities for trade and investment between the UK and India. Both sides are eager to expedite discussions and reach quick agreements in order to finalize the FTA.

More detail via India News, Breaking News, Entertainment News | India.com here… ( Image via India News, Breaking News, Entertainment News | India.com )

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