India and the UK have reaffirmed their commitment to expeditiously finalize a free trade agreement (FTA) between the two countries, as announced during the 12th India-UK Economic and Financial Dialogue.

Speaking at a joint press conference alongside UK Chancellor of Exchequer Jeremy Hunt, Finance Minister Nirmala Sitharaman said, “There is definitely some discussion on the FTA… The key on both sides is to conclude it as soon as possible.”

The success of the India-UK Green Growth Equity Fund is a testament to the efficacy of public-private partnerships in channelling large-scale sustainable finance,” Sitharaman added.

The Finance Minister also highlighted the potential for collaboration between the two nations in emerging technologies, such as Artificial Intelligence and Machine Learning, as well as India’s recently enacted Digital Personal Data Protection Act.

Hunt appreciated the progress made in facilitating the direct listing of Indian companies on the London Stock Exchange (LSE). He further highlighted the establishment of the Pensions and Insurance Partnership, initiatives for knowledge and expertise sharing, the new UK Infrastructure Financing Bridge, and the deepened partnership on India’s developmental GIFT City.

“We can really support each other’s plans to strengthen the relationship, and the next step of this is a comprehensive FTA and Bilateral Investment Treaty,” Hunt added.