India-UK Free Trade Agreement to bring economic development over next 25 years: UK High Commissioner

Sep 20, 2022 5:12 p.m IS

New Delhi [India]Sep 20 (ANI): India and the UK have high ambitions to finalize the Diwali Free Trade Agreement (FTA) this year, which will boost jobs and bring economic development to India in the next 25 years, according to Britain’s High Commissioner for India , said Alex Ellis on Tuesday.
“Both India and Britain need to grow because we have big ambitions from both Prime Ministers. The Free Trade Agreement is one of the best ways we can support the growth and development of the Indian economy and employment in India over the next 25 years. Now is the time to write a new chapter in our history as partners and support each other in our growth,” the British High Commissioner told ANI on the sidelines of an event in New Delhi.
When asked if it could be a “Diwali Dhamaka,” the British High Commissioner nodded and said, “I hope so.”
“I think we have big ambitions to finalize the free trade agreement by Diwali. The FTA will create more jobs, more growth and more growth and development opportunities for India,” he added.
Bilateral trade between India and the UK is expected to double from current levels by 2030, helped by greater economic engagements between the two countries, diversification of global supply chains and overall ease of doing business, as revealed in a report last month published industry report.

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As India and the UK work together for economic growth amid global disruptions, Grant Thornton Bharat, in partnership with the Confederation of Indian Industry (CII), has launched the second edition of the Britain Meets India (BMI) Report 2022 with support from the UK Department for international trade (DIT).
According to the report, 618 British companies have been identified in India, collectively employing around 4.66 billion people and generating a total turnover of Rs.3,634.9 billion. 58 of those 618 companies included in the report’s growth tracker (companies with sales in excess of Rs 500 million and growing 10 per cent year-on-year) – these fast-growing UK companies achieved average growth of 36.3 per cent, which was a 10 per cent jump from 2021, where fast-growing UK companies saw an average growth rate of 26 per cent.
The report was prepared by Alex Ellis CMG, UK High Commissioner for India, Chandrajit Banerjee, DG – CII, Vishesh C Chandiok, CEO, Grant Thornton Bharat and Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat in New, presented Delhi in the presence of over 50 dignitaries, industry and government representatives from the UK and India.
Meanwhile, the two countries completed the fifth round of Free Trade Agreement (FTA) talks last month, according to the Ministry of Trade and Industry.
The ministry said negotiation officials conducted these technical talks in a hybrid fashion — some of the teams met in New Delhi, India, and the majority of officials attended virtually.
Indian and UK officials will work intensively throughout the summer towards our goal of completing most of the talks on a comprehensive and balanced free trade agreement by the end of October 2022.
India and the UK started negotiations on a free trade agreement in January this year. The two countries are exploring the possibility of an interim agreement to generate quick wins to benefit businesses on both sides. (ANI)

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