UK Investment Minister Lord Dominic Johnson has mentioned that he is very optimistic concerning the Free Trade Agreement (FTA) with India including that it is actually necessary for each nations and it’s for companies on each side to assist drive the agenda.
Addressing a UK-India Infrastructure Summit hosted by the City of London Corporation as a part of the India Global Forum UK-India Week, Johnson mentioned he’s “very optimistic” about an FTA at the same time as he declined to place a timeframe to it.
India and the UK lately concluded their tenth spherical of FTA negotiations and an eleventh spherical is about to start within the subsequent few weeks in direction of a complete settlement anticipated to considerably improve the bilateral buying and selling relationship price an estimated 34 billion kilos in 2022.
“I’m very optimistic about a free trade deal with India,” mentioned Johnson.
“It is hugely important for India if it wants to get the capital flows it needs to take itself to the next step, which is to become a global hyperpower economically. And it’s very good for the UK if we’re going to ensure that we’ve got the investment coming from India,” he mentioned.
The minister went on to make a clarion name for representatives of enterprise and trade gathered on the summit to be extra vocal about voicing their help for such an FTA.
“It’s really important for businesses to express their support for such a deal because it’s about allowing businesses to function more effectively with greater profits, wealth and security for the world,” he mentioned.
Describing the India-UK relationship because the “most symbiotic partnership”, the minister additionally backed a City of London suggestion for a brand new UK-India Green Finance Partnership to advertise higher two-way inexperienced funding flows.
“I truly believe India has reached escape velocity as an economy. And, I truly believe that the UK is literally India’s best friend, and the best placed country to take advantage of what is such a mutually beneficial long-term financial partnership,” he added.
Under the theme of “Financing a Sustainable Future”, the summit highlighted the immense scope and potential for funding in sustainable infrastructure improvement in India, and London’s experience in assembly India’s rising demand for inexperienced finance.
“The UK, particularly the City of London, has excellent capabilities in structuring and funnelling finance where it is needed. The UK has demonstrated technological capabilities while India is at the frontiers of innovation. Combining technology with financing would enhance the cooperation,” mentioned BVR Subrahmanyam, CEO of NITI Aayog.
“I would argue that your interests are best served in aligning with us in making sure that the transformation of India happens in a way that does not replicate any of the faults of the past,” famous Vikram Doraiswami, the Indian High Commissioner to the UK.
The summit, which varieties a part of a six-day collection of occasions working till Friday as a part of UK-India Week, opened with a keynote tackle by the Lord Mayor of the City of London Nicholas Lyon.
“Sustainable infrastructure is essential for India’s financial trajectory and to satisfy the wants of its fast-growing inhabitants, whereas fulfilling its ambition to achieve web zero by 2070.
With robust authorities backing and unparalleled world experience in sustainable finance and infrastructure financing options, the City of London and the UK will help India to entry one of many largest and diversified world capital swimming pools on the very best phrases,” he mentioned.
“As the fastest growing major economy in the world, and the most populous, India has huge aspirations and equally huge responsibilities. The rapid building of high quality sustainable physical and digital infrastructure will be critical to achieving India’s growth trajectory, as well as balancing its net zero commitments,” added Manoj Ladwa of India Global Forum, organisers of UK-India Week.
(With inputs from PTI)
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