Menu
BW CFO World
Community for Finance Professionals, Consultants and allied businesses
  • Home
  • News
  • Videos
  • Articles
    • Credit & Capital
    • Economic Trends
    • Financial Compliance
    • Financial Leadership
    • Financial Management
    • Financial Reporting
    • Financial Strategy
    • Risk Management
    • Taxation
  • Featured
  • Nominate for Awards
Close Menu
trade
September 9, 2021

India-UK In Good Position: Brit Trade Minster

admin Global News

By BW CFO World Online Bureau

Negotiations between India and UK are in a ‘sweet spot’ according to the Trade Minister of Britain

The UK and India are in a “sweet spot” of global trade dynamics as negotiations for a Free Trade Agreement (FTA) begin in the coming weeks, according to Britain’s trade minister in charge of the bilateral talks.

Liz Truss, UK Secretary of State for International Trade, revealed that the public consultation process ahead of the trade negotiations attracted “huge interest from businesses across the UK and its completion last month means that FTA negotiations can now begin.

Addressing a special reception hosted by the Lord Mayor of London to celebrate the UK-India Economic Partnership on Tuesday evening, the minister confirmed that both sides will hammer out the details during the upcoming visit of Commerce and Industry minister Piyush Goyal to the UK and Europe next week.

“We just completed our consultation on an Indian trade deal, which saw huge interest from businesses across the country. We are now going to begin negotiating a free trade agreement, said Truss. I see the UK and India in a sweet spot of the trade dynamics that are building up We are looking at a comprehensive trade agreement that covers everything, from financial services to legal services to digital and data, as well as goods and agriculture. We think there is strong possibility for us to get an early agreement, where we lower tariffs on both sides and start to see more goods flowing between our two countries”, she said.

Pointing to the post-Brexit scenario as the UK’s chance to set out an independent trade policy outside the European Union (EU), the senior Cabinet minister flagged India as the big, major opportunity ahead following 68 trade deals clinched by Britain since leaving the economic bloc.

“Like the UK, India is a science and tech superpower the Serum Institute of India provides two-thirds of the vaccines that inoculate children around the world. That is truly a tremendous achievement, said Truss. Working with India will help enhance the UK’s position as a global hub for digital and services. But for me it’s about more than that: it’s about two democracies who share values, share an approach to working together to the benefit of both of our population”, she said.

“In every possible way, we have a hugely strong relationship between our two nations and all I can see is things moving in the right direction. It’s vitally important that as we want to recover from the COVID crisis across the world, we see more free enterprise and free trade”, she noted.

“The other big trend we are seeing is the growth in the Indo-Pacific region, where a lot of our trade negotiations are oriented towards. India is expected to have more middle-class consumers than the US by 2030, and they would want to buy the finer things that Britain supplies whether that’s financial services, insurance, computer technology, high-value food and drink or indeed our advanced manufacturing products,” she pointed out.

Both the minister and the Lord Mayor, William Russell, underlined the Enhanced Trade Partnership (ETP) agreed between Prime Ministers Narendra Modi and Boris Johnson at their virtual summit in May as setting out an ambitious roadmap to at least double bilateral trade by 2030.

“The most innovative and dynamic part of our relationship is in the financial professional services and we at the City of London have done a lot to support that part of the relationship, said the Lord Mayor the leader of the financial hub of the UK capital.

“This relationship is only getting stronger, whether that’s through the India-UK 2030 Roadmap announced earlier this year by our Prime Ministers or the work of individual businesses like Barclays Bank, who have invested nearly GBP 300 million to expand their operations in India, he said.

Describing the bilateral ties as the investment opportunity of a generation, the Lord Mayor highlighted the key priorities for the UK-India relationship as enhanced mobility and resumption of business travel between both countries, doubling of financial professional services trade in the next decade and increased green investments to support India’s sustainability and decarbonisation agenda.

(PTI)

→

Revenue Deficit Grant Of Rs. 9,871 Crore Distributed To 17 Different States V-Shaped Recovery In Q1 Adds To Strong Macroeconomic Fundamentals

Related Posts

economy

Economic Trends, Global News

Japan’s central bank offers bond purchases to keep rates low

nirmala sitharaman 3

Economic Trends, Global News

India To Oppose International Arbitration Awards To Devas After Court Ruling: FM

economy

Economic Trends, Global News

Omicron Spread May Disrupt Global Supply Chain: EEPC India

Movements

  • adobe danDan Durn Appointed As Adobe’s New Chief Financial Officer
  • Vineet Mahajan_Vineet Mahajan Appointed As New CFO Of Avanse Financial Services On Sept 27
  • bharat pet director financeVetsa Ramakrishna Gupta To Lead Bharat Petroleum As Director Finance
  • tender cuts cfoTenderCuts Names Satya Rakesh as New CFO
  • dailmer CFOManish Thakore Helms Daimler India Commercial Vehicles as CFO

Selected Stories

  • start-upCash-strapped Pak Secures Deal With IMF To Restore Stalled USD 6 Bn Aid

    Read more

  • sahil-vaidya-imageOMTV Appoints Sahil Kiran Vaidya As Head Of Business And Strategy

    Read more

  • indian rupeeInvestors richer by over Rs 5.77 lakh cr as markets rally

    Read more

  • 20211208_135038Mutual Funds Can Resume Investing In International Stocks: Sebi

    Read more

  • green energyIndia Needs $223 Bn To Meet 2030 Renewable Capacity Goals: Report

    Read more

Categories

  • Accounting
  • CFO Stance
  • Credit & Capital
  • Economic Trends
  • Featured
  • Financial Compliance
  • Financial Leadership
  • Financial Management
  • Financial Reporting
  • Financial Strategy
  • Financial Technologies
  • Global News
  • Interview
  • Movements
  • Risk Management
  • Taxation

Recent Comments

    Back To Top
    BW CFO World
    • Home
    • News
    • Videos
    • Articles
      • Credit & Capital
      • Economic Trends
      • Financial Compliance
      • Financial Leadership
      • Financial Management
      • Financial Reporting
      • Financial Strategy
      • Risk Management
      • Taxation
    • Featured
    • Nominate for Awards
    © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.