New Delhi [India], July 15 (ANI): British officials on Wednesday said India and the UK take each other's concerns on the extradition of financial fugitives 'seriously'.

On the sensitive issue of the extradition of financial fugitives to India, UK officials said London remains mindful of New Delhi's position. The UK officials said, 'We take each other's concerns seriously.'

Meanwhile, the British officials also spoke about the recently concluded India-UK Free Trade Agreement and credited India's negotiating team, led by Commerce and Industry Minister Piyush Goyal, for its successful conclusion, even as they admitted the talks were an 'emotional roller coaster ride.'

Elaborating upon the economic impact of the trade pact, officials said no fixed target had been set for the first year but expressed confidence in long-term gains. 'We don't have a specific target for the first year, but in the long run, we're expecting bilateral trade to increase by over 25 billion pounds a year. So it's really big for us, and that's from a base where it's worth 48 billion already. We've already seen it grow by 4 billion pounds per year, in anticipation of this deal,' the official said.

On the European Union's Carbon Border Adjustment Mechanism (CBAM), officials clarified that it remained a distinct matter from the FTA. 'CBAM is a separate issue. It's an issue of helping UK industries decarbonise and setting them incentives for that. We have heard the ending position, and we're respectful of that,' the official said.

The India-UK FTA, described by officials on both sides as one of the most significant trade pacts in recent years, is expected to substantially deepen economic ties between the two nations. (ANI)