India, UK to consider free trade pact after Brexit

Posted by Daily Shipping Times on 07-04-2017        Tweet

NEW DELHI: India and the United Kingdom may look at a free trade agreement (FTA) after Britain formally leaves the European Union. Finance Minister Arun Jaitley and UK Chancellor of the Exchequer Philip Hammond discussed the possibility of FTA among other things at the 9th UK India economic and financial dialogue wherein Britain pitched for increased trade engagement with India.

The two leaders also agreed to set up a 240-million-pound fund, called Green Growth Equity Fund, to finance clean energy projects.

It would be a sub-fund of the Centre’s National Infrastructure and Investment Fund to boost infrastructure financing.

On its part, India said a formal dialogue on a possible bilateral trade agreement can start only after the completion of Brexit, which is expected to take about two years.

Jaitley said India in its communication with the UK Government has stated that post Brexit it will look for more open trade and more trade arrangements.