Commerce Ministry backs tweaks to bilateral investment treaty

Commerce Secretary Sunil Barthwal leads progressing India-UK FTA negotiations, aiming to enhance economic ties. Talks cover 26 chapters, including intellectual property rights, with bilateral trade data showing an increase to USD 20.36 billion.

India considers an investment treaty with the UK crucial as the latter is among the top investors in the country. In 2022-23, India received $1.74 billion in foreign direct investment (FDI) from the UK, up from $1.65 billion in the previous financial year. Between April 2000 and March 2023, FDI inflows from the UK amounted to $34.3 billion.

The dialogue will focus on various themes including strengthening the bilateral trade relationship between India and Canada, investment promotion and cooperation, green transition, including critical minerals discussion and new areas of cooperation such as promoting B2B engagements, the commerce and industry ministry said, adding that at the last MDTI meeting in March 2022, both the ministers had launched the CEPA negotiations with a possibility to have an interim agreement or Early Progress Trade Agreement. Since then, seven rounds of negotiations have been held.

The Union Home Ministry recommended a CBI probe into the affairs of Oxfam India for alleged violation of the Foreign Contribution (Regulation) Act, 2010.

These are not “normal times”. As countries focus on decoupling from China, and de-risking their supply chains, India should present itself as a new market for investors.

India and Oman share a longstanding history of friendship and cooperation, and the bilateral trade and investment relationship between them has flourished since diplomatic relations were established in 1955, which was upgraded to a strategic partnership in 2008.

The two sides have already held “substantial” discussions on matters related to goods and public procurements in previous rounds | Latest News India

The foreign direct investment (FDI) inflows dipped nearly 13% this fiscal till January, mirroring the negative sentiment in the global investment climate, while foreign institutional investors (FII) have sold equities worth $6.1 billion in the same period on net basis, Reserve Bank of India data showed.

The bilateral trade between countries increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

Britain's investment minister said on Tuesday he would like to see strong investment protections in any future trade deal with India, and that the two countries could work more closely together on financial services even without a trade pact.