Kopar Khairane
National

According to High Commissioner Doraiswami, the trend line for the India-UK FTA is quite favorable

<p>Before the 12th round of India-UK free trade agreement (FTA) negotiations, which will begin in New Delhi on Wednesday, the Indian High Commissioner to the UK expressed confidence that representatives on both sides will be “able to get something working” and find a “right fit” toward a deal that is advantageous to both parties.<img decoding=”async” class=”alignnone wp-image-127821″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-750×422.jpg” alt=”theindiaprint.com according to high commissioner doraiswami the trend line for the india uk fta is quite favorable image 1673079401 11zon” width=”1397″ height=”786″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-according-to-high-commissioner-doraiswami-the-trend-line-for-the-india-uk-fta-is-quite-favorable-image-1673079401-11zon.jpg 1200w” sizes=”(max-width: 1397px) 100vw, 1397px” title=”According to High Commissioner Doraiswami, the trend line for the India-UK FTA is quite favorable 6″></p>
<p>Vikram Doraiswami, the high commissioner, told PTI that he is optimistic since both nations seem eager to make the required reforms while also acknowledging the difficulties posed by the two economies’ extremely dissimilar structural arrangements.</p>
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<p>He voiced similar confidence over a “obvious synergy” across several industries in the context of the larger bilateral engagement.</p>
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<p>“I’m confident in it (FTA)… The High Commissioner said, “My objective is that we would want to finalize a mutually advantageous forward-looking FTA to the degree that we can.</p>
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<p>“I think both parties are eager to make the required changes. Even while our economies are comparable in size, they differ in their organizational systems and levels of complexity. Therefore, finding the appropriate match is crucial, he added.</p>
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<p>The senior diplomat directly engaged in the FTA discussions, which got underway in January of last year, said it’s critical that the UK side understand some of the intricacies of the Indian economy’s structure.</p>
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<p>It cannot be equivalent to a free trade deal with a comparable industrialized nation. On the other hand, we must also consider the fact that, although a member of the European Union, the UK didn’t really negotiate many free trade deals in recent years. Therefore, adjustments must be made to those items. However, the trend line seems to be extremely encouraging overall,” he remarked.</p>
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<p>The 11th round of talks came to an end on July 18, and according to a joint statement on the results, it included extensive discussions on the draft treaty language in nine different subject areas. The bilateral trade cooperation was estimated to be valued around GBP 36 billion in 2022, and an FTA is expected to greatly strengthen that relationship.</p>
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<p>Doraiswami stated, “I think our government has been very clear that we want the best partnership possible with the UK and, from what I hear from the UK leadership on both sides of the political aisle as well as from the senior leadership of the government here, that they too want a forward-looking partnership with us.</p>
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<p>The 11th round of negotiations in London, according to India’s Commerce Secretary Sunil Barthwal, were “very intense” and several concerns were resolved.</p>
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<p>19 of the proposed FTA’s 26 chapters have been completed. Investment is the subject of separate negotiations between India and the UK (a bilateral investment treaty).</p>
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<p>There are now just a handful of issues remaining. We are aiming to resolve the outstanding concerns when the UK delegation visits India for the Trade and Investment Working Group conference (in Jaipur).</p>
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<p>“So, when the UK team visits us in India, our target is to close the issues with the UK, and we are very hopeful that the issues will be sorted out,” Barthwal told reporters in New Delhi on Monday.</p>
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<p>Noting the complicated nature of India-UK history, High Commissioner Doraiswami emphasized the significance of the two countries’ continued cooperation after 76 years of independence from colonial control, emphasizing the need to learn from the past without “letting ourselves become prisoners of it.”</p>
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<p>“It’s critical that we establish a connection that plays to each of our advantages. For instance, London continues to be one of the major financial centers of the globe. The future of global growth lies in India. The need for high-quality, reasonably cost financing for our infrastructure expansion and green transitions go hand in hand. Additionally, it is clear that high-quality financing is required to identify the locations where investing would provide the highest returns. Obviously, both of them speak for themselves,” he remarked.</p>
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<p>When questioned about UK Security Minister Tom Tugendhat’s recent trip to India, where he announced a GBP 95,000 fund to combat pro-Khalistan extremism following an attack on the High Commission in London in March, the High Commissioner said it represented a turning point in strengthening the security pillar of the two countries’ relationship.</p>
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<p>We increasingly live in an unpredictable and difficult environment. For nations like the UK and India to see that there are more complicated difficulties than the basic ones that are often discussed, it makes perfect sense for them to collaborate much more closely. Not just nation-states are involved. There are issues with what is occurring inside communities, how communities are becoming more radicalized, and how it is transforming domestic politics, the speaker stated.</p>
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<p>“In all of this, it is crucial that nations like the UK collaborate with us because we also comprehend how some of this occurs. Therefore, the visit of Security Minister Tugendhat last week is a crucial turning point, and I believe he would have left with a clear understanding of how eager we are to integrate a genuine, functional security pillar into our cooperation, he said.</p>
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<p>The ambassador emphasized that “it is really now time that we got more British businesses into India as well” while discussing the relationship’s commercial aspects. The envoy noted how Indian companies had established a sizable foothold in the UK market.</p>
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