UK DELIVERING ON NEW FTA WITH INDIA, SAYS PM RISHI SUNAK

LONDON: British Prime Minister Rishi Sunak has reiterated the UK’s commitment to a free trade agreement (FTA) with India as part of the country’s wider focus on enhancing ties with the strategic Indo-Pacific region and standing up to competitors with “robust pragmatism”.

Delivering his first major foreign policy speech since taking charge at 10 Downing Street last month at the Lord Mayor of London’s Banquet on Monday night, the British Indian leader reflected upon his heritage and committed to promoting British values of “freedom and openness” around the world.

“Before I came into politics, I invested in businesses around the world. And the opportunity in the Indo-Pacific is compelling,” Sunak said.

“By 2050, the Indo-Pacific will deliver over half of global growth compared with just a quarter from Europe and North America combined. That’s why we’re joining the Trans-Pacific trade deal, the CPTPP, delivering a new FTA with India and pursuing one with Indonesia,” he added.

India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali but the deadline was missed due to a lack of consensus on issues.

The focus of the FTA negotiations is on reducing the barriers to trade, cutting tariffs, and supporting easier imports and exports into each other’s markets.