PM Modi And PM Sunak Reaffirm Commitment To Trade Deal

PM Modi And PM Sunak Reaffirm Commitment To Trade Deal

PM Narendra Modi and UK PM Rishi Sunak recently discussed the growing bilateral partnership and the ongoing negotiations for an India-UK Free Trade Agreement. Both leaders emphasised their commitment to strengthening this strategic partnership during a telephone conversation.

They highlighted the significance of securing a comprehensive deal that would foster mutual benefits, with bilateral trade currently valued at around GBP 36 billion annually. Britain and India have engaged in on-and-off negotiations for a Free Trade Agreement (FTA) over the past two years, amid anticipation of national elections in both countries in 2024.

PM Modi is likely to win the third term, with election dates likely to be disclosed shortly. British Trade Minister Kemi Badenoch characterised the discussions as “challenging,” clarifying that the Indian election isn’t a decisive deadline.

In his recent conversation with PM Modi, Chancellor Rishi Sunak echoed British officials’ emphasis on the value of securing a comprehensive deal over expediency. Meanwhile, India recently inked a free trade pact with several European nations, committing to a tariff reduction while expecting $100 billion in investments over the next 15 years. This dynamic backdrop underscores the complexities and strategic considerations at play in the ongoing FTA negotiations between Britain and India.