UK trade minister Liam Fox told India FTA ‘will depend on Brexit outcome’

UK trade minister Liam Fox told India FTA ‘will depend on Brexit outcome’
Liam Fox, the UK’s Secretary of State for International Trade has held meetings with the Union Finance Minister Shri Arun Jaitley in New Delhi during a three day visit to India, reports the Business Standard.
Shri Jaitley however told Dr Fox that any new Free Trade Agreement (FTA) with UK would depend on terms and conditions of the UK’s withdrawal from the EU.  The pair also discussed India’s proposed termination of the Bilateral Investment Promotion Agreement (BIPA), as the Union Cabinet has approved a new model text for the Bilateral Investment Treaty (BIT). The new text of the BIT has already been shared with the UK Government in April, 2016. The Finance Minister also raised the issue of proposed BREXIT implications on the Indian businesses and working professionals in U.K. The Finance Minister said that the UK is among India’s major trading partners and despite the global economic slowdown and the Eurozone crisis, India-UK bilateral trade has been resilient.
Dr Fox said that the UK wants to forge deeper trade and investment arrangements with India and announced his participation and the UK’s commitment to the Joint Economic and Trade Committee (JETCO) to be held on 7th November alongside the India-UK TECH Summit. Dr. Fox is visiting New Delhi and Mumbai from 28th to 30th August. This is the first visit by the new Secretary of State in his current role and aims  position India as a key strategic partner across trade, investment and defence.

Shri Jaitley said that Government of India places high priority on investment in infrastructure, manufacturing and service sectors. He said that the Government has set-up the National Infrastructure Invest Fund (NIIF) for attracting equity investments for development. He said that officials from both India and UK are jointly exploring creation of an India-UK sub-fund under the NIIF umbrella.

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