After his talks with Union Finance Minister Nirmala Sitharaman, visiting UK Chancellor Jeremy Hunt on Monday said that the Free Trade Agreement (FTA) between India and Britain will be finalised soon.
Addressing a press conference, Hunt said that the two countries are moving towards inking of a FTA.
Meanwhile India will also explore the possibility of direct listing of Indian companies at the London Stock Exchange (LSE), according to a joint statement issued after the conclusion of the 12th India-UK Economic and Financial Dialogue between Hunt and Sitharaman.
"The next step for this is a comprehensive FTA and bilateral investment treaty and I know discussions are ongoing as to how to finalise those as soon as possible," Hunt said on the trade pact.
Sitharaman echoed his view, but suggested that the negotiations will continue over the point of differences related to the proposed FTA.
"As you know, we agreed to have the investment negotiations (on FTA with UK) running parallel to the goods and services trade negotiations. So, we will be looking at points where there are convergences and if there are points on which we have to have further discussions, we will hold it. The keenness on both the sides is to conclude it as soon as possible," she said.
"The intention on both the sides is to expedite the discussions so that some quick agreements can lead to finally signing the FTA."
The announcements come within 48 hours after Prime Minister Narendra Modi and his British counterpart Rishi Sunak, in their bilateral meeting on the sidelines of the G20 Summit, agreed to "work at pace" towards signing the much-anticipated FTA.
Commenting on Indian companies looking to list directly on the LSE, Hunt said: "We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies."
He added that there is a new pensions and insurance partnership between the two countries, along with the establishment of knowledge and expertise sharing mechanism.
Sitharaman told reporters that India and the UK "are highly encouraged" by the intensified collaboration in the area of financial services.
Hunt and Sitharaman also announced the launch of the "new UK-India Infrastructure Financing Bridge".
This is a collaborative venture co-led by government think tank Niti Aayog and the City of London Corporation which is aimed at harnessing collective expertise in planning and implementing major infrastructure projects, Sitharaman informed.
J.P. Nadda holds meeting with Tripura BJP leaders; discusses party-related issues
Bharatiya Janata Party (BJP) national president J.P. Nadda on Sunday held an important meeting with Tripura's state unit leaders including Chief Minister Manik Saha and discussed various party affairs.
One body recovered from Telangana tunnel on day 16 of rescue operation
Rescue workers on Sunday - the 16th day of the operation - pulled out the body of one of the eight missing persons from the partially collapsed SLBC tunnel in Telangana’s Nagarkurnool district after the cadaver dogs from Kerala identified the spot for presence of human remains under the rubble.
FM says GST rates to be reduced further, rationalised; Congress demands overhaul
Union Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) rates will be reduced further as the process of rationalising tax slabs is nearing completion.
'Anti-incumbency is an issue of the past now': J.P. Nadda hails PM Modi's leadership in Tripura rally
Bharatiya Janata Party (BJP) national president J.P. Nadda on Sunday said that the political culture in India has changed after Narendra Modi became Prime Minister, adding that people earlier used to talk about the anti-incumbency factor against the government.
Budget Session: Second leg to see fireworks over delimitation row, Trump's tariffs; Waqf Bill on govt's agenda
The second leg of the Budget session of Parliament is set to resume on Monday and is expected to be a stormy one with both the Opposition and Government ready to outdo each other on multiple issues.
PM Modi visits Vice President Dhankhar in AIIMS, wishes him speedy recovery
Prime Minister Narendra Modi on Sunday visited the AIIMS Delhi to enquire about the health of Vice President Jagdeep Dhankhar and prayed for his speedy recovery.
India, EU to hold next round of trade talks on March 10
India and the European Union are scheduled to begin the next round of talks for a proposed free trade agreement (FTA) from Monday in Brussels with the aim of concluding the talks by the end of this year, a senior official said.
Nari Shakti is foundation of Viksit Bharat: CM Manik Saha
Tripura Chief Minister Prof. Dr. Manik Saha today said that women are crucial for making Ek Tripura Srestha Tripura and Nari Shakti of the 21st century is the foundation of Viksit Bharat.