India-UK FTA: Both countries keen on concluding the deal as soon as possible, says FM Sitharaman

Finance Minister Nirmala Sitharaman and UK's Chancellor of the Exchequer Jeremy Hunt addressed the press on the success of the India-United Kingdom financial dialogue at the G20 Summit.

During the meet, Finance Minister Nirmala Sitharaman mentioned that both the countries are keen on concluding the trade deal as soon as possible, while UK's Chancellor of the Exchequer Jeremy Hunt identified India as one of the most exciting places in the world and that it has the roadmap to become a developed nation by 2047.

"There was definitely some discussion on the FTA (between India and the UK) - the investment aspects of it...The intention on both sides is to expedite the discussions so that some quick agreements can lead to finally signing the FTA. We have agreed to have the investment negotiations running parallel to the goods & services trade negotiations...The keenness on both sides is to conclude it as soon as possible", said Finance Minister Nirmala Sitharaman.

"India is one of the most exciting places anywhere in the world that investors could wish to consider. It is going to be the fastest-growing G20 country this year and next. It has a very clear roadmap to becoming a developed nation by 2047... So, there is a huge opportunity", said UK's Chancellor of the Exchequer Jeremy Hunt

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Both the countries have launched the UK-India Infrastructure Financing Bridge, which is a collaborative venture co-led by NITI Aayog and the City of London Corporation. This is aimed at harnessing collective expertise in planning and implementing major infrastructure projects.

"Today we have also launched the UK-India Infrastructure Financing Bridge. It is a collaborative venture co-led by NITI Aayog and the City of London Corporation aimed at harnessing collective expertise in planning and implementing major infrastructure projects. We remain committed to collaborate, deliberate and innovate to navigate the challenges and seize the opportunities that lie ahead for both nations", said Finance Minister Nirmala Sitharaman.

While speaking on the success of the India-UK Green Growth Equity Fund, Sitharaman said that testament to the efficacy of public-private partnerships in channelling large-scale sustainable finance and that there are ample opportunities for both nations to collaborate on frameworks for secure and inclusive financial intermediation.

"With emerging technologies such as Artificial Intelligence and Machine Learning redefining financial services and India's new Digital Personal Data Protection Act, there are ample opportunities for both nations to collaborate on frameworks for secure and inclusive financial intermediation. Success of the India-UK Green Growth Equity Fund is a testament to the efficacy of public-private partnerships in channelling large-scale sustainable finance", said Nirmala Sitharaman.

Meanwhile, India has also given its first confirmation for exploring the London Stock Exchange as an international destination for the direct listing of Indian companies. Along with this agreement on new Pensions and Insurance partnerships, the establishment of knowledge and expertise-sharing & the new UK Infrastructure Financing Bridge and a deepened partnership on the developmental GIFT City are also inked.

"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. Alongside that, there is a new Pensions and Insurance Partnership, the establishment of knowledge and expertise-sharing & the new UK Infrastructure Financing Bridge and a deepened partnership on the developmental GIFT City. So, we can really support each other's plans to strengthen relationship and the way the next step of this is a comprehensive Free Trade Agreement and Bilateral Investment Treaty", said UK 's Chancellor of the Exchequer Jeremy Hunt.