This development comes after Prime Minister Narendra Modi held a bilateral meeting with his UK counterpart Keir Starmer on the sidelines of the G20 Summit in Brazil.
“We value and respect your heritage and traditions, and recognise the strength of our shared values and the celebration of Diwali – a time of coming together, of abundance, and welcome,” said Starmer in his message for the British Indian community.
Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House in New Delhi. After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.
India and the UK are set to hold the next round of talks for their proposed free trade agreement (FTA) in October, aiming to address outstanding issues and finalize the deal, according to a senior official.
External Affairs Minister S Jaishankar, and NSA Ajit Doval met with UK Foreign Secretary David Lammy in the national capital. Later in the evening, the UK official met PM Modi and both discussed the FTA.
This is Lammy's first official visit since the assumption of office, when Labour won a landslide victory in the July 4 elections to end 14 years of Conservative rule. He described India as an emerging superpower of the 21st century and one of the fastest-growing economies of the world.
Lammy had earlier said he was he wants to “finish the job” on the Free Trade Agreement, which has long been negotiated between both sides. The minister described India as an emerging superpower of the 21st century and one of the fastest-growing economies of the world.
The upcoming week will see the establishment of new guidelines for negotiations on the India-UK free trade agreement, coinciding with the anticipated arrival of UK Foreign Secretary David Lammy in India on Tuesday.
Negotiations for the proposed free trade agreement (FTA) between India and the UK commenced in January 2022. The 14th round of talks was paused due to concurrent general election cycles in both nations.
The Labour Party’s election manifesto for Thursday's polls committed to clinching the deal, stating, “We will seek a new strategic partnership with India, including an FTA, as well as deepening cooperation in areas like security, education, technology and climate change.”
The Labour Party led by Starmer swept 412 seats in the 650-member Parliament in a historic victory, sweeping Conservatives from power after 14 years. PM Modi on Friday congratulated Starmer for his win and applauded outgoing PM Rishi Sunak for his role in advancing India-UK relations.
So far, India and the UK have held a total of 13 rounds of discussions on the Free Trade Agreement as they seek to settle differences on certain contentious issues. India is reportedly concerned over the fairness of rules applied to Indian workers temporarily transferred to the UK on business visas.
Denying reports of offering any Free Trade Agreement (FTA) proposals to Maldives, the Ministry of External Affairs on Thursday said that if Maldives is considering FTA with India, it will surely be looked into.
According to the Maldives trade minister, President Muizzu has offered free trade agreements to all countries, in order to enter into agreements with as many countries as possible to offer ease in trade activities.
Rishi Sunak made a surprise announcement by declaring early elections on July 4, much before he completed three years in office. Opinion polls have predicted a record drubbing of the Conservatives to the opposition Labour, ending 14 years of Tory rule in the UK.
Foreign Secretary Vinay Kwatra met Sir Philip Barton, Permanent Under-Secretary at the Foreign, Commonwealth and Development Office (FCDO) on Friday, where they discussed raising the level of bilateral cooperation. The FTA talks between India and the UK began in 2022, containing 26 chapters.
UK Foreign Secretary, while responding to a question in the House of Lords on BBC restructuring its India operations and UK-India trade deal, underscored the significance of the ongoing trade deal, however, he stressed that India needs to do more to finalise the pact.
According to senior officials familiar with the discussions, defence, trade and regional issues were on the agenda of the talks.
India's rapidly growing market and economy have made it a lucrative option for several countries for free-trade agreements (FTAs). Several countries such as Oman, Peru, Europe, and the UK are keen on signing the pact, according to a report by economic think tank Global Trade Research Initiative.
"I hear this naysayers' narrative coming back -- why isn't India quickly signing up (the FTA) with the UK? Nobody says why isn't the UK quickly signing up with India?" EAM Jaishankar said taking strong objection to those criticising India for delays in firming up the free trade agreement.
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