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Will Rishi Sunak increase the pace of free trade agreement between India and UK? what the experts say

Highlights

Former UK PM Boris Johnson had set the deadline for this agreement by October.
Amidst the political upheaval in England, this agreement has not progressed so far.
The views of the experts are divided on what stand Rishi Sunak will take in this matter.

New Delhi. The appointment of Indian-origin Rishi Sunak as the Prime Minister of Britain will help give the necessary momentum to the Free Trade Agreement (FTA) talks between the two. Earlier, the deadline for the FTA agreement between India and Britain was kept till Diwali. But this deadline has passed in the midst of political instability in Britain. Former British Prime Minister Boris Johnson, during his visit to India in April this year, had set a deadline for the completion of this agreement by October.

At the same time, Sunak has expressed his commitment to the FTA. He described financial services as a particularly ‘exciting’ aspect of bilateral trade relations. He pointed to huge opportunities for both the countries in the financial technology and insurance sectors. Sunak had earlier said in July, “I support India’s increasingly influential role as the largest democracy in the region and in the world. FTA will prove to be a big step in this direction.”

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Sunak will take FTA in the right direction
The City of London Corporation, the financial center of the UK capital, expressed hope that Sunak’s focus on financial services would steer the FTA in the right direction. Chris Hayward, policy chairman of the City of London Corporation, said, “The trade deal with India could be one of the most ambitious and commercially meaningful agreements for the UK.” It will help to speed up the conversation. This will boost bilateral trade and investment between the two countries. Khalid Khan, Vice Chairman, FIEO, a premier organization of Indian exporters, said, “This is a very positive news for India. This development will certainly help in giving the necessary impetus to the talks on the FTA.

Sunak will see his home first
However, Professor Biswajit Dhar of Jawaharlal Nehru University said that the new Prime Minister of Britain will first focus on domestic issues and organize the economy. “In a crisis, there are no trade agreements. These are when the economy is performing well.” Earlier on October 20, Commerce Secretary Sunil Barthwal had said that negotiations for a proposed trade deal between India and the UK were progressing in the right direction and both sides had a better understanding. An agreement is expected to be reached soon.

Tags: business news in hindi, England, India, Rishi Sunak, united kingdom

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