India-UK Trade Deal Talks: PM Modi and PM Sunak Review Developments
Prime Minister Narendra Modi and UK Prime Minister Rishi Sunak reviewed the progress of the ongoing Free Trade Agreement (FTA) negotiations, on 9th September, Saturday. PM Sunak visited India for the first time after becoming the Prime Minister in October 2022.
Under discussion since 2022, the FTA has seen 12 rounds of talks. India had earlier expected to resolve pending issues such as rules of origin, bilateral investment treaty, and intellectual property rights, among others, by the end of August.
“Both leaders expressed hope that the remaining issues could be addressed at the earliest so that a balanced, mutually beneficial, and forward-looking FTA is concluded soon,” an official readout released after the meeting said.
Prime Minister Modi also invited Prime Minister Sunak for a bilateral visit at an early, mutually convenient date for a more detailed discussion. “Prime Minister Sunak accepted the invitation,” the readout said.
PM Modi and the UK’s PM Sunak had a “productive conversation” about ongoing FTA negotiations. Sunak reiterated the UK’s ambition for a mutually beneficial trade deal that boosts bilateral trade in goods and services.
“Something I am particularly excited about is increasing the collaboration between our incredible researchers, our scientific community, and our universities. The UK and India are two of the leading science and technology superpowers of the world. And I think if we work more closely together, we can create jobs, create new businesses, and help solve some of the world’s most pressing problems,” Sunak said.
UK high commissioner Alex Ellis had told Times of India in an interview last week that the UK had prioritized text over time as it wanted to get the “right” deal with India.
According to the statement, Sunak praised Modi for India’s successful G20 presidency this year, highlighting India’s significant global leadership and influence.
“The leaders reflected on the close and growing ties between the UK and India, exemplified in the ‘living bridge’ between our people,” the statement said. It mentioned that they agreed it was important to build on the past and focus on the future, cementing a modern partnership in cutting-edge defence technology, trade, and innovation.