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PM Modi, Rishi Sunak discuss early conclusion of "mutually beneficial" Free Trade Agreement

World Wednesday 13/March/2024 04:11 AM
By: ANI
PM Modi, Rishi Sunak discuss early conclusion of "mutually beneficial" Free Trade Agreement

New Delhi: Prime Minister Narendra Modi held a conversation with his British counterpart Rishi Sunak and discussed the early conclusion of the Free Trade Agreement between India and the United Kingdom.

The two leaders also affirmed their commitment to further bolster the bilateral Comprehensive Strategic Partnership between the two nations.

"Had a good conversation with PM @RishiSunak. We reaffirmed our commitment to further strengthen the bilateral Comprehensive Strategic Partnership and work for early conclusion of a mutually beneficial Free Trade Agreement," PM Modi posted on X.

Notably, India and the UK are negotiating a Free Trade Agreement (FTA). Talks for FTA between India and the UK started in 2022.

The 13th round of negotiations between India and the UK took place from September 18 to December 15, 2023.

Earlier in January, during Defence Minister Rajnath Singh's visit to the UK, Rishi Sunak expressed hope that the ongoing FTA negotiations could be brought to a successful conclusion soon.

The India-UK Free Trade Agreement was also discussed during External Affairs Minister (EAM) S Jaishankar's meeting with UK Prime Minister Rishi Sunak on his recent visit to the country in November.
Meanwhile, India signed a USD 100 billion Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) bloc on Sunday.

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland.

As part of the agreement, EFTA has committed to promote investments to increase the stock of foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments.

Prime Minister Modi hailed the free trade pact, terming it a "watershed moment" in the history of ties between the five nations, while adding that it is a "win win situation" for both countries.

Union Commerce Minister Piyush Goyal co-chaired the meeting on the India-EFTA trade agreement in the national capital on Sunday.