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India-UK FTA nears completion with minimal tariff line exclusions, says MEA
The Prime Minister will leave for a four-day foreign tour to the UK and Maldives on Wednesday afternoon. Commerce and Industry Minister Piyush Goyal will accompany the PM, with anticipation that the two sides will sign the FTA on Thursday.
In response to a question about any tariff lines being excluded from the India-UK FTA, Misri said that his understanding is that it is a significant agreement, and the inclusions of tariff lines are likely to be equally significant. 'So, by implication, I think the exclusions may not be that many,' he said.
Asked whether issues relating to energy security, in light of the fresh Western sanctions targeting the Russian energy sector, would be discussed during the Modi-Starmer talks, Misri emphasized that India places the 'highest priority' on ensuring energy security for its people and stressed the importance of having a 'clear-eyed' perception of the broader global energy market.
Last week, the European Union unveiled new punitive measures targeting the Russian energy sector, which included restrictions on the Vadinar refinery in Gujarat, where Russian oil major Rosneft owns a 49.13 per cent stake. 'We have been very clear that energy security is the highest priority of the Government of India to provide energy security for the people of India,' Misri said.
'We will do what we need to do regarding that (energy security). On energy-related issues, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is with respect to the broader energy market,' he added.
Misri also pointed out the need for clarity on where energy providers are located, who needs energy at what time, and where energy is coming from. 'We do understand that Europe faces a serious security issue, but the rest of the world is also dealing with issues that are existential,' he said, urging balance and perspective when discussing these matters.
On the topic of extradition, Misri said New Delhi continues to make the case for the return of fugitives such as Nirav Modi, Lalit Modi, and Vijay Mallya. 'Obviously, there is a legal process that such requests go through in the other country, and we continue to follow up closely with our partners in the UK on these matters,' Misri said.
During his visit to London, apart from meeting UK Labour leader Sir Keir Starmer, PM Modi will also meet King Charles and engage with business leaders from both India and the UK. Misri noted that the India-UK partnership was upgraded to a Comprehensive Strategic Partnership in 2021 and continues to be a close one.
The University of Southampton recently opened a campus in Gurugram, becoming the first foreign university to do so under India's New Education Policy. Several other UK universities are also considering opening campuses in India, Misri said. Bilateral trade between India and the UK crossed $55 billion in 2023-24. The UK is the sixth-largest investor in India, with cumulative investments of $36 billion.
India is also a significant source of foreign direct investment (FDI) in the UK, with cumulative investments close to $20 billion. There are nearly 1,000 Indian companies in the UK, providing employment to nearly 100,000 people, with a combined revenue exceeding $91 billion. Misri described the 1.8 million-strong Indian diaspora in the UK as the 'living bridge' connecting the two countries.
In the Maldives, PM Modi is set to inaugurate and lay foundation stones for several infrastructure projects. This will be the first state visit by a head of government hosted by President Mohamed Muizzu since he assumed office in November 2023.
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