India, UK resolve to fast track negotiations on trade deal

”Both sides recognised the importance of fast-tracking the discussions on a trade deal as well as concluding a comprehensive migration and mobility partnership agreement that can facilitate swifter movement of students and professionals in both directions,” it said. Raab’s three-day visit to India from December 14-17 comes at a time the UK is holding complex negotiations with the European Union on reaching a post-Brexit trade deal.

In the wake of Brexit, the UK has been looking at ramping up trade cooperation with leading economies like India. There have been apprehensions that its separation from the European Union without a trade deal could severely cripple its financial markets and may have long-term implications for its economy. A statement by the UK government said the ’Enhanced Trade Partnership’ will unlock economic benefit for both the countries.

”Ahead of a future free trade agreement, it will boost bilateral trade and investment, which already stands at almost 24 billion pound and grew by 11 percent in the last financial year. UK-India investment supports over half a million jobs in each other’s economies,” it said. It said as a major economic and diplomatic power in the Indo-Pacific, closer UK-India economic, security and scientific ties will boost growth and create jobs for Britons and Indians.

”An immediate win has been the UK global tariff schedule, which could reduce tariffs on Indian exports by up to 40 million pound per year from January 1, 2021,” the statement said. The MEA said Jaishankar and Raab also held discussions on a number of regional and global issues of mutual interest and reiterated their shared commitment to a multi-polar world and faith in multilateralism.

”They explored ways to strengthen cooperation in the Indo-Pacific, on countering terrorism and radical extremism and addressing emerging challenges in the cyber, maritime and space domains,” it said.