New Delhi [India], July 15 (ANI): British officials said Wednesday that India and the United Kingdom take each other’s concerns regarding the extradition of financial fugitives “seriously.”
Addressing the sensitive issue of extraditing financial fugitives to India, the officials said the UK remains mindful of New Delhi’s concerns.
“We take each other’s concerns seriously,” the officials said.
The British officials also discussed the recently concluded India-UK Free Trade Agreement (FTA), crediting India’s negotiating team, led by Commerce and Industry Minister Piyush Goyal, for helping bring the agreement to fruition while describing the negotiations as “an emotional roller coaster ride.”
Speaking about the agreement’s expected economic impact, the officials said no specific trade target had been established for the first year but expressed confidence in its long-term benefits.
“We don’t have a specific target for the first year, but in the long run, we’re expecting bilateral trade to increase by more than 25 billion pounds a year. So it’s really big for us, and that’s from a base where it’s worth 48 billion already. We’ve already seen it grow by 4 billion pounds per year, in anticipation of this deal,” an official said.
Responding to questions about the European Union’s Carbon Border Adjustment Mechanism (CBAM), the officials said the issue is separate from the free trade agreement.
“CBAM is a separate issue. It’s about helping UK industries decarbonize and creating incentives for that. We have heard the Indian position, and we’re respectful of that,” an official said.
The India-UK Free Trade Agreement, described by officials from both countries as one of the most significant trade deals in recent years, is expected to substantially strengthen economic ties between the two nations. (ANI)
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