UK-India Free Trade Agreement: Prospects Soar Amid Renewed Sentiment

Kevin Mccole of the UK-India Business Council expressed optimism about the ongoing India-UK FTA talks. He emphasized the Labour Party's manifesto commitment to finalizing the deal. The UK aims to enhance R&D collaborations, driving global innovation and addressing critical issues like climate change and food security.

Amid the ongoing discussions on the India-UK Free Trade Agreement (FTA), Kevin Mccole, Managing Director of the UK-India Business Council, expressed optimism about concluding the negotiations swiftly. He noted the Labour Party's manifesto reiterated their dedication to finalizing the FTA and making it a successful venture.

"In the Labour Party's manifesto for the general election, there was a clear commitment to finalize, ratify, and implement the FTA. This underscores the strategic importance of the agreement," Mccole told ANI. Echoing UK Foreign Secretary David Lammy, he emphasized that the FTA should be seen as a foundation for a robust trade and investment relationship between the two nations.

However, Mccole cautioned against expecting a swift conclusion to the negotiations, given the Labour government's recent ascension to power. "People need to be patient. Despite being 95-99% finalized, the new government must ensure the deal aligns with their goals," he added, hoping for resumed talks in the coming months.

Highlighting the knowledge-driven economies of both nations, Mccole pointed out the importance of research and development (R&D) collaborations. He stressed that the UK India Business Council is dedicated to enhancing R&D partnerships, particularly between businesses and academic institutions, to drive global innovation.

"There's significant work underway in areas such as agritech, food security, climate change, and healthcare. These collaborative efforts are not only beneficial for the UK and India but also have the potential for a global impact," Mccole stated.

The visit of UK Foreign Secretary David Lammy signaled the new government's intent to fortify ties with India. The Labour Party's manifesto promised a "new strategic partnership" focusing on security, technology, climate change, and education, showcasing the UK's renewed positive sentiment towards India.

(With inputs from agencies.)