UK and India agree £900million deal as Rishi Sunak lays foundations for free trade pact

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The Chancellor held talks with his counterpart on how to tackle climate change and boost investment at the 11th Economic and Financial Dialogue (EFD) between the UK and India.

They signed off on a £900million package of public and private investment in green projects and renewable energy as they discussed strengthening relations between the two countries.

Mr Sunak said the agreement was an important step to “boost our relationship and deliver for both our countries”.

Speaking via video call the ministers committed to being “ambitious” when considering services in the upcoming UK-India trade negotiations.

In a joint statement, they said: “Both countries recognise the importance of services to their respective economies, accounting for 71 percent of UK GDP and 54 percent of Indian GDP.

“We agree to be ambitious when considering services in the forthcoming FTA negotiations.”

The commitment comes after Prime Minister Boris Johnson and Prime Minister Narendra Modi launched the UK-India 2030 Roadmap earlier this year, looking to strengthen ties between the UK and Indian economies and boost cooperation in areas that matter to both countries.

Officials say the green package agreed at the EFD is proof of how the UK and India can work closer together.

More to follow…

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