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The 13th Ministerial India-UK Economic and Financial Dialogue (EFD), held earlier this week in London, concluded with strong signals of progress toward finalising the long-pending Free Trade Agreement (FTA). Finance Minister Nirmala Sitharaman and UK Chancellor Rachel Reeves expressed mutual eagerness to complete negotiations swiftly. The dialogue resulted in trade and investment announcements worth GBP 400 million, including major contributions from Indian firms like Paytm and Mphasis. Discussions also spanned financial services, defence, sustainable finance, education, and bilateral collaboration, with both governments reiterating their commitment to economic growth through policy coordination and open trade.
Earlier this week, Finance Minister Nirmala Sitharaman concluded the 13th edition of the Ministerial India-UK Economic and Financial Dialogue (EFD) in London, jointly hosted with her British counterpart, Chancellor Rachel Reeves. The meeting, held at the London Stock Exchange, ended on a hopeful note, as both leaders showed mutual intent to fast-track the Free Trade Agreement (FTA) between the two nations. Advertisement
The UK Treasury noted that the dialogue has triggered a trade and investment boost worth GBP 400 million, with Indian companies such as Paytm and Mphasis unveiling plans to invest in the UK market. A joint statement issued after the talks outlined a shared roadmap to strengthen growth, deepen ties in financial services, and promote cooperation on policy fronts including the UK's Industrial Strategy, taxation, sustainable finance, and efforts to combat illicit finance.
Additionally, the two nations identified new areas for defence collaboration. A key takeaway was the finalisation of the India-UK Defence Industrial Roadmap, which aims to enhance industrial ties and integrate defence-related supply chains between both countries.
Speaking to reporters after the meeting, Sitharaman acknowledged the value of focused, point-to-point discussions held during the dialogue. She highlighted the ongoing FTA negotiations and conveyed that both governments demonstrated a strong willingness and urgency to wrap up the process soon. She indicated optimism about concluding the investment treaty, adding that remaining issues are few and manageable.
Chancellor Reeves echoed similar sentiments, reaffirming the UK's intent to maintain rapid momentum in sealing the trade pact. She explained that the goal of the FTA is to remove tariff and non-tariff barriers that restrict bilateral trade, adding that such agreements benefit both economies by encouraging open trade and free flow of investments.
However, Reeves also clarified that significant trade and investment efforts are already in motion, regardless of the FTA's timeline. This was evidenced by multiple investment announcements from Indian firms into the UK and vice versa, made during the dialogue.
The EFD's joint statement further aims to unlock business potential across sectors like defence, education, financial services, and development, while reinforcing economic resilience and policy collaboration. Among the key deliverables was a commitment to increase UK university facilities in India, enabling Indian students to access UK degrees without relocating abroad for full-time studies.
As per an official update, the commercial outcomes of the EFD include new announcements worth GBP 128 million in exports and investments, alongside previously secured deals worth GBP 271 million.
The discussions also reaffirmed the countries' partnership in multilateral forums. Both India and the UK will continue to co-chair the G20's Framework Working Group and expand on the success of the UK-India Green Growth Equity Fund (GGEF), which supports climate-aligned investments.
David Schwimmer, CEO of the London Stock Exchange Group that hosted the event, emphasised the significance of deepened partnerships between governments and regulators, stating that such collaborations can create real benefits for financial markets and broader economies.
As negotiations progress, the tangible outcomes of this dialogue reflect growing confidence between the two nations in deepening trade, investment, and institutional collaboration for mutual economic prosperity.
Source: PTI
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