We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
In a significant development, India and the United Kingdom have decided to restart negotiations for a free-trade agreement (FTA), a move that is expected to boost bilateral trade and economic ties between the two nations. The announcement was made by Union Minister of Commerce Piyush Goyal after a meeting with UK Business and Trade Secretary Jonathan Reynolds.
The decision to resume FTA talks comes as a welcome relief to businesses and industries on both sides, which have been eagerly awaiting a comprehensive trade deal. The UK, which left the European Union (EU) in January 2020, has been keen to strike new trade deals with other countries, including India, to boost its economy.
India, which has been a key player in the global economy, has been engaged in FTA talks with several countries, including the United States, Australia, and the EU. The country has been pushing for a comprehensive trade deal with the UK, which would not only increase trade and investment but also provide a boost to its economic growth.
When asked if the FTA can be expected by this year, Goyal said, “It’s never too late to conclude a good agreement… We’ll have speed but not haste.” His comments suggest that the two sides are committed to concluding a deal, but they are not in a hurry to rush through the negotiations.
The resumption of FTA talks between India and the UK comes at a time when the global economy is facing unprecedented challenges. The COVID-19 pandemic has disrupted global supply chains, and trade has been affected worldwide. A comprehensive trade deal between India and the UK would help to boost trade and economic ties between the two nations and provide a much-needed boost to the global economy.
The FTA talks are expected to cover a range of issues, including tariffs, trade in goods and services, investment, and intellectual property rights. The two sides are also expected to discuss the issue of regulatory cooperation, which is critical for businesses operating in both countries.
India and the UK have been working together to strengthen their economic ties over the past few years. In 2019, the two countries signed a Memorandum of Understanding (MoU) to enhance their economic cooperation, including in areas such as trade, investment, and infrastructure development.
The UK is one of India’s largest trading partners in the EU, and the country has been India’s second-largest trading partner in the EU after Germany. In 2019, bilateral trade between India and the UK stood at £23.3 billion, with India exporting goods worth £7.2 billion to the UK and importing goods worth £16.1 billion.
The resumption of FTA talks between India and the UK is expected to provide a significant boost to bilateral trade and economic ties. A comprehensive trade deal would help to reduce tariffs and other trade barriers, making it easier for businesses to operate in both countries.
In addition, the FTA talks are expected to provide a boost to India’s export sector, particularly in areas such as textiles, pharmaceuticals, and engineering. The UK is a major market for Indian exports, and a comprehensive trade deal would help to increase India’s exports to the country.
The FTA talks are also expected to provide a boost to the UK’s export sector, particularly in areas such as financial services, education, and healthcare. India is a major market for UK exports, and a comprehensive trade deal would help to increase the UK’s exports to the country.
In conclusion, the resumption of FTA talks between India and the UK is a significant development that is expected to boost bilateral trade and economic ties between the two nations. The talks are expected to cover a range of issues, including tariffs, trade in goods and services, investment, and intellectual property rights. With the two sides committed to concluding a good agreement, we can expect a comprehensive trade deal to be in place soon.
