Bilateral at G7: Modi, Sunak review FTA progress, agree to deepen cooperation on trade & investment

Indian Prime Minister Narendra Modi held a productive meeting with his British counterpart Rishi Sunak on Sunday during which the two leaders reviewed the bilateral strategic partnership between the two countries which included progress in India-UK FTA negotiations.

PM Modi and Rishi Sunak further agreed to deepen bilateral co-operation across a wide range of areas such as science and technology, trade and investment.

The two leaders held bilateral talks on the sidelines of the G7 Summit which is being held in Hiroshima, Japan. Before their talks, Modi and Sunak also exchanged a tight hug.

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Modi calls talks with Sunak 'fruitful'

"A boost to - Comprehensive Strategic Partnership. PM @narendramodi held productive talks with PM @RishiSunak of the UK in Hiroshima. The two leaders reviewed their Strategic Partnership, including taking stock of progress in India-UK FTA negotiations," tweeted the Ministry of External Affairs (MEA).

“Leaders agreed to deepen co-operation across a wide range of areas, such as trade & investment, science & technology, higher education, and people-to-people relationship,” the MEA stated.

Meanwhile, India's PM Modi tweeted, “The meeting with PM @RishiSunak was a very fruitful one. We discussed boosting co-operation in trade, innovation, science and other such sectors.”

Since January 2022, India and the UK have been negotiating an FTA, with a goal towards a comprehensive pact which is expected to significantly increase the bilateral trading relationship which is worth £34 billion ($42 billion) in 2022.

Last month, both nations ended the ninth round of India-UK free trade agreement (FTA) negotiations after holding detailed talks across various policy areas.

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Recently, Britain's Chief Negotiator for the FTA Harjinder Kang was appointed as India's new Trade Commissioner to South Asia and Deputy High Commissioner for Western India based in Mumbai.

As per the official statistics of the UK government, India has been the 12th largest trading partner in the four quarters till the end of Q3 2022, accounting for total UK trade's 2.1 per cent.

Earlier in the day, PM Modivisited the Peace Memorial Museumwhere he saw the documented exhibits and signed the visitor’s book. He alsopaid floraltributes to theHiroshima victims at Peace Memorial Park in Hiroshima.

The prime minister also engaged in a brief conversation with Australian PM Anthony Albanese. India'sPM Modi also heldbilateral talks with Brazilian President Luiz Inacio Lula da Silva.

Modi reached Hiroshima, Japan on Friday for attending the G7 summit's three sessions after receiving an invitation from Japanese counterpart Fumio Kishida.

(With inputs from agencies)

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