September 14, 2021
3 mins read

Brexit Britain Seeks Free Trade Agreement With India

Indian Minister Piyush Goyal discusses FTA matters with his British counterpart Secretary of State  Ms Elizabeth Truss. Interim Agreement to allow both the countries to harvest early gains in some select commodities and services … reports Asian Lite News

Brexit Britain and India are keen to strike a deal on trade. They are aiming to launch talks on FTA by November 2021.

The proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner that benefits all.

Mr Piyush Goyal, Indian Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution

Two sides looking for an Interim Agreement as a priority and later a Comprehensive Agreement.

The matter came up during the discussions held between Indian Minister Piyush Goyal and his British counterpart Secretary of State, Elizabeth Truss on FTA and other trade matters.

Speaking on the occasion Mr Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, said that there is tremendous interest in the business community in both countries India & UK about this FTA.

British Minister Truss tweeted sharing talks with Mr Goyal. “Today Piyush Goyal and I launched trade working groups to lay the groundwork for our forthcoming UK-India trade deal, which will boost access to more than a billion consumers; bolster our science and tech industries and support jobs in both countries.”

Mr Goyal said that since the ‘Declaration’ on the launch of Enhanced Trade Partnership, announced by Prime Ministers on 4th May 2021, both countries have made substantial progress on various aspects of the partnership.

The Indian Minister said that there is a keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides. Shri Goyal added that Substantial work has already been done and extensive stakeholder consultations have been held involving   Industry / Business associations, Export Promotion Councils, Buyers/Sellers Associations, Regulatory Bodies, Ministries/Departments, public research bodies, etc. The consultation paper was also made public for wider participation as well.

Mr Goyal said that BWGs for different tracks have been formed to understand the ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by September 2021.

He said that he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and would put us in a better position when both sides begin their Joint Scoping discussions, beginning on 1st October 2021, for finalizing the TORs for the launch of negotiations in November.

Mr Goyal said that an Interim Trade Agreement, as the first step of an FTA would allow both of us to immensely benefit from the early gains of the partnership.

Union Minister of Railways and Commerce, Piyush Goyal (Photo: Kuntal Chakrabarty/IANS)

In services, certain services of mutual interest may be included in the Interim Agreement through a request offer approach wherein we may include priority sectors that are immediately deliverable. If necessary, we may also explore the signing of few Mutual Recognition Agreements in selective services like nursing and architecture services.

Mr Goyal emphasised the need to strike a balance between commitments & concessions in goods and services.

READ MORE: The Annual Investment Meeting 2022 to focus on startups

READ MORE: Discussions on FTAs with several countries on fast mode: Goyal

Previous Story

CCP’s migration restrictions reveal sordid tale of ‘left behind’ children

Next Story

The Afghan betrayal is Biden’s Munich moment

Latest from -Top News

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

Reeves urged to break manifesto pledges

Chancellor under pressure as £40bn fiscal gap looms, with critics warning against a “pasty tax” budget of piecemeal revenue raisers…reports Asian Lite News Rachel Reeves is facing growing unease inside Labour’s ranks

Starmer to Visit India on Wednesday

UK and India to cement strategic ties with new free trade agreement and deeper cooperation across defence, technology and climate Prime Minister Keir Starmer will make his first official visit to India
Go toTop

Don't Miss

UK negotiators in Delhi for talks on FTA

In December, India passed a law for enabling development of

Never Been Closer to Reaching Pact on FTA With India: EFTA

Norway Trade Minister Vestre informed that he is happy with