'By 2050, Indo-Pacific will deliver half of global growth': UK PM on new FTA with India

United Kingdom’s Prime Minister Rishi Sunak made his first key address on the country’s foreign policy on Monday, when he highlighted how the Free Trade Agreement (FTA) with India is crucial for the domestic economy. Addressing the audience at the Lord Mayor's Banquet at the Guildhall in London, Sunak noted that the Indo-Pacific region will contribute to more than half of global growth in the next few decades.

"By 2050, the Indo-Pacific will deliver over half of global growth...compared with just a quarter from Europe and North America combined,” he said, adding that it is the reason why the UK is “joining the Trans-Pacific trade deal, the CPTPP, delivering a new FTA with India, and pursuing one with Indonesia.”

The UK delivering a new FTA with India comes as the two nations began pursuing negotiations earlier this year in January in order to boost investment and trade ties. According to ANI, the British prime minister also revealed UK’s stance on China during his address, and said that the "golden era" between the two countries is "now over" as the latter’s authoritarian governance does not resonate with the values and interests of the UK. 

UK PM criticizes Chinese government over the handling of protests 

Sunak, in his speech, also condemned the ongoing abuse of human rights in China. "Let's be clear, the so-called 'golden era' is over, along with the naive idea that trade would lead to social and political reform. We recognise China poses a systemic challenge to our values and interests, a challenge that grows more acute as it moves towards even greater authoritarianism," he said, adding that the Chinese government "has chosen to crack down further" amid protests that have taken over the nation since it experienced a surge in COVID-19. 

Furthermore, he voiced support for Ukraine during the speech as the country continues to get battered by Russia. Sunak’s speech also touched upon how the UK is boosting its ties with European nations in order to collectively deal with national security and migration issues.