British official bats for early rollout of India-UK FTA

UK's City of London rep urges expeditious conclusion of FTA talks with India, seeks early implementation of deal. Wants to support India's infrastructure development & green finance, and open legal sector market to foreign firms. Win-win for both countries.

At a time when Free Trade Agreement (FTA) negotiations are ongoing between India and the United Kingdom (UK), a visiting representative of London’s financial and professional services segment has batted for an expeditious conclusion to the talks and an early implementation of the deal this year.

“We want the ongoing FTA negotiations getting completed. We have to get it right. We believe that there will be a financial services chapter which will be very beneficial because it will provide the framework for the already existing strong financial services operating in the city of London and Indian firms,” said Christopher M Hayward, Policy Chairman, City of London.

He said City of London wants to support infrastructure and infrastructure investment in India by mobilising and channelising private investment into the country.

“We believe that the private sector can contribute significantly to India’s programme of infrastructure development which is huge. India needs private finance to bridge the gap [in infrastructure spend]. UK and City of London in particular not only have the capital markets to support but we also have huge project management expertise [that can be tapped],” he said.

He said London can also help in augmenting Green finance through its various green finance products to help India achieve its sustainable goals.

Urging the Indian government to allow British law firms to operate in India, he said the Magic Circle firms [big law firms of London] can add a lot of value.

“We want the opening of the legal sector market in India to foreign firms. We want to ensure that it works for both the countries. Though in principle India has allowed foreign law firms to come in, it has not happened because we have not worked out how to do it in practice. Now we have to make it happen. This will be a win-win for both countries,” he added.