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Want to ensure that the India-UK FTA is the first step in the ever-evolving trade, economic relationship: UK Foreign Secretary

Prime Minister Narendra Modi Britain’s Foreign Secretary James Cleverley has said there is a very ambitious desire to sign the India-UK Free Trade Agreement on Diwali and that his new British counterpart Liz Truss wants her administration to “match the pace and ambition” of the Indian leader.

Cleverly also stated that bilateral relations between India and Britain are long and broad, both of which are “huge pluses”, but also implying that “quite understandable that a very, very broad, meaningful free Willing to have a trade deal.”

“Obviously, Prime Minister Modi has a very ambitious desire to sign a free trade agreement by Diwali. Now that means both we and the Indian interlocutors will have to work very, very hard, but we are ready to do that,” Chaturai told the news agency. PTI In an interview on Wednesday during the high-level United Nations General Assembly session.

“We want to ensure that the deal we do, ideally by Diwali, is the first step in the ever-evolving trade and economic relationship with India. So, there is a lot to do and not a lot of time, Clever said, adding that he is eager to “match the prime minister’s ambition”.

“He (Modi) is a very high-energy political leader. He is very, very ambitious. He is ambitious for India as a country, he is ambitious for our relationship with India and it is all incredibly positive. Our Prime Minister (truss), I know because we have had this discussion, she wants us to match your Prime Minister’s pace and ambition. And that means other ministers and officials have to work really hard and really fast. Diwali is falling on 24th October this year.

“We need to continue discussing things like climate change, the impact on food security and, of course, our joint efforts to resolve various conflicts around the world, including, of course, the Russian aggression. Ukraine, So a very, very broad and busy agenda,” said deftly.

External Affairs Minister S. Jaishankar during a meeting with UK Foreign Secretary James Cleverley in USA. (Twitter: @DrSJaishankar/PTI)

That range of possible agreements also adds complexity, he said. While a free trade agreement has traditional areas such as the export and import of manufactured goods, agricultural goods, technology and service industries, mutual recognition of professional qualifications is also “incredibly important now.”

“It’s a challenge in a positive way because we have such a strong heritage and interconnected economies and societies,” he said.

Jaishankar said at an event at Columbia University that India has recently entered into a trade agreement with Australia and UAE. “We are in the middle, quite advanced in negotiations with the UK. We have started again with the EU, there is a lot of hope from there and there will be others that will happen.”

commerce and industry minister Piyush Goyal Last month, it was said that talks for a proposed free trade agreement between India and Britain are progressing at a brisk pace. The aim of the agreement is to promote bilateral trade and investment between the two countries. Goyal had said that India has signed a trade deal with UAE in record time and now our talks with UK are progressing at a fast pace.

In January, India and the UK formally began negotiations for a free trade agreement. He has set a deadline to conclude the talks by Diwali.

Cleverly met External Affairs Minister S Jaishankar late Wednesday evening on the sidelines of the UN General Assembly, the first opportunity to formally meet his Indian counterpart after Jaishankar’s “very kind message that he sent me congratulations” when he called on External Affairs Minister took over the post. Foreign, Commonwealth and Development Affairs of the United Kingdom under the new administration of Prime Minister Truss, who took office earlier this month when Queen Elizabeth formally asked him to form a new government.

The 96-year-old British monarch passed away two days after meeting the truss at Balmoral Castle in Scotland.

British High Commissioner to India Alex Ellis said in New Delhi That the best way to celebrate Diwali would be to have a good free trade agreement between India and the United Kingdom. He said the Free Trade Agreement (FTA) will create more jobs, growth and opportunities for both India and the UK.

Speaking on the sidelines of an event, he stressed that there was “high ambition” to complete the India-UK FTA by Diwali – a deadline already set by the two countries – and said “it would be an auspicious date”.

Asked whether a ‘Diwali blast’ can be expected for India with regards to the FTA, the British High Commissioner quipped, “I hope so.” Earlier, addressing an ASSOCHAM conference, Ellis said: “We aim to eliminate FTAs ​​by Diwali.”

India and the UK mostly trade in services which account for about 70 per cent of the total trade. The two countries also aim to increase their bilateral trade to $100 billion by the end of this decade.

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