New Delhi: In a world that is becoming “more protectionist”, countries like India and the UK signing a “big trade deal”, sends a “very positive signal” to the world, former British prime minister Rishi Sunak said on Friday.
In an interactive session held at NDTV World Summit here, he also said it was “great” to see the trade deal being signed recently, “something I started working on, and I am glad the new government concluded it.”
In July, India and the United Kingdom signed a bilateral free trade agreement, the Comprehensive Economic and Trade Agreement (CETA), marking a major milestone in their longstanding partnership.
The relations between New Delhi and Washington have come under severe strain after US President Donald Trump doubled tariffs on Indian goods to a whopping 50%, including a 25% additional duty for India’s purchase of Russian crude oil.
When asked if India tackled the US tariff issue the right way, the former UK Prime Minister fully backed the nation’s strategy, stating, “Every country is going to work in its own national interests, and that is entirely right.”
Sunak acknowledged the current global trade environment, noting that the “world is becoming more protectionist.” In this context, he viewed India’s move to sign a major trade deal with the UK as an incredible positive sign of willingness to sit down with countries, find common ground, and create mutually beneficial agreements, while sending important signals globally.
He noted that India is likely to seek other opportunities, being “in talks with the EU” just as the UK is also pursuing other deals. He further stressed the importance of deep and trust-based international relationships. “If relationships are purely transactional, you get less out of them,” Sunak said.
“Everyone just thinks about immediate gains, and different countries react in different ways, ” he said during the summit.
Rishi Sunak expressed his satisfaction with the India-UK FTA, a deal he initiated, saying, “It’s great to see the trade deal being signed, something I started work on, and I’m really pleased that the new government concluded it.”
He also highlighted the success of the recent high-level delegation visits, noting “Modi coming to the UK, and the UK Prime Minister visiting India with a big business delegation.”
Sunak explained that trade, beyond the deal, signifies two important things in a world becoming more protectionist. “Signing a deep trade deal sends a positive signal globally, as well as telling businesses, civil society, cultural organisations, and academic institutions that the relationship matters…”
