India-UK FTA can deliver practical biz benefits in both countries: Cleverly

UK Foreign Secretary James Cleverly on Wednesday said that the India-UK Free Trade Agreement can and must deliver practical, real-world benefits for businesses in both countries and that this will give a strong message to the world that the two countries are committed to building closer partnerships.

"FTA can and must deliver practical, real-world benefits for businesses in both of our countries. It will also send a strong signal to the whole world that our two great countries are committed to building even closer partnerships with each other," Cleverly said.

Cleverly was addressing the gathering at the Confederation of Indian Industry's (CII) Special Plenary Session of India Europe Business and Sustainability Conclave in New Delhi on Wednesday.

Union Minister Piyush Goyal also attended the session.

Cleverly during his address said that UK and India, the 6th and 5th largest economies in the world respectively, must work closely together to contribute to the world's economic security and prosperity.

"Today, we're living through a period of geopolitical competition. Russia's invasion of Ukraine sent shockwaves through global economy and across the world and we're seeing the ripple effect of that in food prices, energy prices, global insecurity," the UK Foreign Secretary said during the session.

He further added: "I am also going to echo the wise words of Prime Minister Modi who was right when he said to Putin, "today's era is not an era of war." Vladimir Putin must listen to those words and heed those words. Sadly, he is not doing so yet."

He said that in times of social and economic turbulence, trusted partners need to work even closely together.

Piyush Goyal while addressing the session said that developed and developing countries must have different goals and timelines while being sensitive to each other's needs, potential goals and roadmap towards sustainability.

Goyal highlighted that India has been one of the top 5 performers when it comes to benchmarking our work and meeting the Nationally Determined Contributions (NDCs).

'Technology, finance and sustainable lifestyles are going to play an important role in ensuring sustainable growth', he opined.

Goyal urged world leaders to recognize that everyone must contribute their fair share in improving energy efficiency, reducing waste, boosting the circular economy and in achieving green goals by transitioning and helping other nations transition to green growth to make the world a better place to live in. "India's partnership with the UK and the EU is significant in the global effort to make the planet safer and greener," he said.

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