India, U.K. resolve to lower trade barriers

India and the U.K. on Wednesday decided to build on the recommendations of a joint trade review to reduce barriers. At his meeting with his British counterpart Theresa May, Indian Prime Minister Narendra Modi pledged that there would be no dilution in the importance of the U.K. to India post-Brexit. Mr. Modi said India was ready to commence negotiations on a free trade agreement based on “mutual benefit.”

In an oblique reference to the cases of Vijay Mallya and Lalit Modi, the PM also discussed “consular issues including the issue of economic offenders” with Ms. May, an MEA statement said. However Foreign Secretary Vijay Gokhale refused to comment on whether Mr. Modi had received any assurances on sending back the absconding businessmen now settled in the U.K.

The two sides also signed a statement of shared values, emphasising support for a “global outlook and commitment to a rules-based international system.”

Also the government announced £1 billion worth of investments into the UK by Indian firms.

However, an MoU on return of illegal migrants that was meant to be signed during the visit was not signed and is due to be discussed by Home Secretaries next month.

Mr. Modi raised visa and immigration issues relating to the movement of professionals and students, as well as ‘economic offenders.’

Brexit and the potential to grow bilateral trade figured in discussions between the two Prime Ministers during the first of two bilateral meetings on Wednesday ahead of the Commonwealth Heads of Government Meeting. Britain and India agreed to forge a new India, UK Trade Partnership, building on the trade review carried out over the past year, focussing on life sciences, IT, food and drink. A UK-India Tech Partnership, and research partnership was also agreed.

“We share a global outlook and commitment to a rules based international system that strongly opposes unilateral actions that seek to undermine that system through force or coercion,” said the joint statement from the Prime Ministers, also pledging to work with other countries in the Commonwealth on issues ranging from cybersecurity to plastic pollution and climate change.

Downing Street said that Mrs. May offered reassurances that the transition period to leaving the EU, set for the end of 2020, would give Indian firms and investors the visibility they needed up to this period. “Prime Minister Modi said there would be no dilution in the importance of the UK to India post-Brexit,” said Downing Street in a statement.

The visit is the third bilateral between the two Prime Ministers since 2015, as Britain has sought to emphasise the potential for growth in trade with non-EU partners once Britain leaves the EU.

Downing Street said that during the bilateral meeting the issue of the chemical weapon attacks in Syria and Salisbury were also discussed, with both leaders making clear their opposition to the use of chemical weapons in all circumstances. They also discussed priorities for the Indo-Pacific area and to work closely to ensure it remained free and open. They discussed defence and security cooperation, agreeing to work together closely to combat terrorism, radicalisation and online extremism.

Other issues raised included the release of the Chennai Six — former British soldiers released by Indian authorities last year, and the forthcoming CHOGM meeting in London.

“It is clear that the opportunities for growth in trade with India are plenty, and as an international economic development we will continue to use tools such as trade missions not only to boost UK exports, but also to help businesses of all sizes forge ties and build relationship with potential buyers and investors,” said Liam Fox, Britain’s international trade secretary.

During an intense day of meetings, Mr. Modi attended an event at the Science Museum, home to an exhibition on Indian science over the past 5,000 years, as well as a meeting with CEOs from the UK and India, as well as a meeting with the Queen.