FM Sitharaman To Visit London Next Week For Talks To Bolster India-UK Economic Ties

Finance Minister Nirmala Sitharaman will visit London from April 8-10 to discuss trade and investment issues.

She will participate in the India-UK Economic and Financial Dialogue (EFD), a key mechanism for strengthening economic ties between the two countries.

Sitharaman is expected to meet UK Chancellor of the Exchequer Rachel Reeves.

Talks may cover the India-UK Free Trade Agreement (FTA) and the Bilateral Investment Treaty.

A senior official said both sides will review trade and investment progress under institutional dialogues like the EFD.

On February 24, Commerce Minister Piyush Goyal announced that India and the UK had restarted FTA negotiations.

He said talks include the FTA, the Bilateral Investment Treaty, and a Double Contribution Convention Agreement. Goyal stressed that India seeks a balanced deal, stating, “We will have speed but not haste.”

The FTA covers 26 chapters, including goods, services, and investments.

The UK wants lower tariffs on electric vehicles and Scotch whisky, while India seeks relaxed visa rules for professionals.

The India-UK EFD focuses on financial reforms, sustainable development, and regulatory cooperation.

In December, India hosted the third Financial Markets Dialogue at GIFT City, Gujarat. Officials discussed capital markets, insurance, FinTech, and sustainable finance.

India-UK bilateral trade reached £36.3 billion in FY 2022-23, a 34.2% increase from the previous year.

India exported £21.6 billion and imported £14.7 billion.

India remains the UK’s second-largest FDI source, investing in 108 projects and creating 7,533 jobs.

The UK is the sixth-largest investor in India, with a cumulative $35 billion in equity investments.

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