Union Finance Minister Nirmala Sitharaman stated that countries are focusing on bilateral arrangements in response to a fragmented, multipolar world.
She denied that the U.S. tariffs announced by Donald Trump were speeding up India-U.K. trade negotiations but was optimistic the talks would conclude soon.
Sitharaman highlighted that global uncertainties and ineffective multilateral institutions are prompting countries to prioritize bilateral arrangements.
She emphasized that economic interests are now aligned with strategic interests, and bilateralism is likely the way forward until multilateral institutions are more unified.
Sitharaman also promoted GIFT City, a financial services hub in Ahmedabad, encouraging companies to explore investment opportunities.
The India-U.K. dialogue included discussions on a bilateral investment agreement, mutual recognition of qualifications, and educational cooperation.
The two sides are exploring opportunities for U.K. universities to establish campuses in India, and some institutions are already setting up or planning campuses under India's National Education Policy.
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