Bilateral arrangements taking over multilateralism: Nirmala Sitharaman | Current Affairs | Vision IAS

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Bilateral arrangements taking over multilateralism: Nirmala Sitharaman

2 min read

India-U.K. Economic and Financial Dialogue

Union Finance Minister addressed a session on ‘Opportunities and challenges for India’s quest to become a developed economy by 2047’ at the Indian High Commission in London on April 8, 2025. 

Global Economic Dynamics

  • Multipolar World: Finance Minister emphasized the shift towards a multipolar world and the increasing preference for bilateral arrangements over multilateral institutions.
  • Bilateral Arrangements: She highlighted the inefficacy of multilateral institutions leading countries to prioritize bilateral agreements, which align economic interests with strategic interests.
  • U.S. Tariffs: The recent announcement of tariffs by U.S., impacting U.K. and Indian exports, was noted as a source of global uncertainty. Despite this, there is no rush to expedite the India-U.K. trade negotiations.

India-U.K. Trade Negotiations

  • The India-U.K. trade negotiations are longstanding, with previous discussions under former U.K. governments. The new Labour government in the U.K. is also keen on concluding a deal. 

Bilateral Cooperation and Investment

  • India is promoting GIFT City, the central business district in Ahmedabad, as a financial services center in discussions with the City of London and Prudential PLC.
  • The dialogue includes discussions on a bilateral investment agreement, mutual recognition of professional qualifications, and cooperation in education.
  • Opportunities for U.K. universities to establish campuses in India and increasing the flow of Indian students to the U.K. are key focuses.

Educational Collaborations

  • Notable educational collaborations include the University of Southampton’s campus in India under the National Education Policy (2020) and potential initiatives by Queen’s University Belfast and the University of Surrey in GIFT City.
  • There's a need to regain momentum for Indian students preferring the U.K. over the U.S. for higher education.
  • Tags :
  • India-UK
  • Bilateralism
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