British official bats for early rollout of India-UK FTA

City of London to help India in mobilising private capital for infra projects, entry of foreign law firms into India mooted

July 13, 2023 09:27 pm | Updated 09:46 pm IST - MUMBAI

Christopher M Hayward, Policy Chairman, City of London

Christopher M Hayward, Policy Chairman, City of London

At a time when Free Trade Agreement (FTA) negotiations are ongoing between India and the United Kingdom (UK), a visiting representative of London’s financial and professional services segment has batted for an expeditious conclusion to the talks and an early implementation of the deal this year.

“We want the ongoing FTA negotiations getting completed. We have to get it right. We believe that there will be a financial services chapter which will be very beneficial because it will provide the framework for the already existing strong financial services operating in the city of London and Indian firms,” said Christopher M Hayward, Policy Chairman, City of London.

He said City of London wants to support infrastructure and infrastructure investment in India by mobilising and channelising private investment into the country.

“We believe that the private sector can contribute significantly to India’s programme of infrastructure development which is huge. India needs private finance to bridge the gap [in infrastructure spend]. UK and City of London in particular not only have the capital markets to support but we also have huge project management expertise [that can be tapped],” he said.

He said London can also help in augmenting Green finance through its various green finance products to help India achieve its sustainable goals.

Urging the Indian government to allow British law firms to operate in India, he said the Magic Circle firms [big law firms of London] can add a lot of value.

“We want the opening of the legal sector market in India to foreign firms. We want to ensure that it works for both the countries. Though in principle India has allowed foreign law firms to come in, it has not happened because we have not worked out how to do it in practice. Now we have to make it happen. This will be a win-win for both countries,” he added.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.