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

Crackdown in Balochistan Draws Global Outrage

Despite repeated denials from Islamabad, rights watchdogs and political activists say the pattern of abuses reflects a systemic campaign to silence the Baloch voice….reports Asian Lite News Human rights organisations have renewed

‘Killer’ Chants as Munir Visits US Event

Videos of the protest against Munir have surfaced on social media. Overseas Pakistanis staged a protest during the US visit of Pakistan’s Chief of Army Staff, Field Marshal Asim Munir, shouting slogans

G7 Sides with Israel in Escalating Conflict

The leaders said “Iran is the principal source of regional instability and terror.”…reports Asian Lite News Leaders of the G7 nations, meeting at a summit in Canada, issued a joint statement backing

Awami League Slams ‘Fascist’ Yunus

The videos from the protest shared on the party’s social media page showed several party activists marching through the streets of Dhaka in support of Hasina…reports Asian Lite News Hundreds of Awami

Tehran Alert: India Asks Nationals to Evacuate

As the Israel-Iran conflict entered its fifth day, the hostilities between the two nations continued to escalate…reports Asian Lite News India has urged its nationals in Iran and Persons of Indian Origin(PIO)
Go toTop

Don't Miss

Modi Mania Grips Canada

This is PM Modi’s first visit to Canada after a

Army Chief visits Manipur ahead of Amit Shah’s visit

General Manoj Pande will visit various districts where he will