Speaking to reporters in New Delhi, Rishi Sunak said: "Lots of progress has been made on this one, but we're not there yet."
Leaders of the world's major economies are gathering in New Delhi this weekend for a summit of the G20.
It is thought that the climate crisis and the war in Ukraine will be key topics of discussion, while Mr Sunak will talk to his Indian counterpart Narendra Modi on the sidelines.
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