India, UK 'Continuing Negotiations Against Pace' versus FTA: Joint Statement | Today news

New -Delhi: India and the UK are working to deepen bilateral ties, and ‘continued negotiations against Pace’ in terms of a free trade agreement and bilateral investment treaty that creates new opportunities for both economies, British Chancellor Rachel Reeves and Indian Finance Minister Nirmala Sitharaman said in a joint statement on Wednesday. “Both sides agree that a strong and robust British Indian relationship increases the resilience of both economies, including through trade, macroeconomic collaboration, resilience and cooperation on global challenges, both bilateral and multilateral,” the statement says. “We will continue to work together to face global challenges and support the rule -based international system,” he added. Read also | Finance Minister Nirmala Sitharaman to visit the UK and the US in April. The statement comes during Finance Minister Nirmala Sitharaman’s six -day visit to the United Kingdom and Austria, where she was the 13th economic and financial dialogue in India in London with her counterpart, Chancellor of the Schequer Rachel Reeves. The visit comes in a time of increased global trade uncertainty after the reciprocal rates imposed by US President Donald Trump. India is trying to strengthen partnerships and attract investments to navigate potential disruptions from the relocation of trade policies. Certainly, during 2023-24, exports of merchandise to the UK stood at $ 12.98 billion worth of value terms, annually by 13.3% higher than the export of goods at $ 8.4 billion, according to the Ministry of Commerce and Industry. Resumes negotiations India and the UK resumed for an FTA after an eight -month break in February. Challenges include the UK’s planned implementation of its carbon border adaptation mechanism (CBAM) from January 2026, which can create an uneven playing field in the proposed FTA with India, as well as issues about mobility for professionals. “The British side was pleased to update over its upcoming industrial strategy, where the partnership can support the industrial strategy’s growth sectors, such as advanced manufacturing and life sciences, where expertise and research capacity of the UK can complement as a global manufacturing center, as well as in clean energy, professional and business services, the financial services, creative industries and defenses. “Both sides look forward to the signing of the India-Ik Defense Industrial Roadmap to strengthen the ties between industrial sectors and the support of supply chains,” he added. while promoting shared objectives for inclusive and sustainable growth over multilateral platforms. “We agree on the importance of continuing involvement in the Financial Stability Board (FSB) to strengthen global financial stability, address systemic risks and ensure a resilient, inclusive and stable international financial system, including the implementation of agreed international reforms and standards,” the statement says. “We support the constant work on improving border border payments, addressing climate-related financial risks and improving the resilience of non-banking (NBFI) from a systemic perspective, including the work program to address the availability, use and quality of the non-bank, and the job addresses of risk. Read also | India needs greater sophistication in manufacturing, says FM Nirmala Sitharaman first published: 10 Apr 2025, 01:06 AM IST