We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
The long-awaited negotiations for a free-trade agreement (FTA) between India and the United Kingdom are back on track. Union Minister of Commerce Piyush Goyal announced on Wednesday that the two nations have decided to resume talks, marking a significant development in their bilateral economic ties. The news comes after a meeting between Goyal and UK Business and Trade Secretary Jonathan Reynolds, which has sparked hopes of a potential agreement being reached in the near future.
When questioned about the possibility of an FTA being concluded by this year, Goyal remained optimistic, saying, “It’s never too late to conclude a good agreement… We’ll have speed, but not haste.” His comments suggest that the Indian government is committed to moving forward with the negotiations, but without compromising on the quality of the agreement.
The resumption of FTA talks is a welcome development for businesses on both sides of the Atlantic. The UK, in particular, has been keen to seal a deal with India, given the country’s growing economic importance on the global stage. As the UK’s departure from the European Union (EU) has led to increased trade tensions and uncertainty, a comprehensive FTA with India could provide a much-needed boost to its post-Brexit trade strategy.
For India, an FTA with the UK would offer significant benefits. The country is one of the fastest-growing major economies in the world, and an agreement with the UK could help Indian businesses gain greater access to the British market. The UK is also a significant player in the global financial services sector, and a deal could facilitate greater cooperation between the two nations in areas such as financial services, technology, and innovation.
The resumption of FTA talks comes at a time when both countries are facing challenges on the economic front. The COVID-19 pandemic has had a significant impact on global trade, and the ongoing tensions between the US and China have created uncertainty in the global economy. Against this backdrop, an FTA between India and the UK could provide a much-needed shot in the arm for both economies.
The negotiations for an FTA between India and the UK began several years ago, but they have been stalled due to differences over issues such as tariffs, market access, and intellectual property rights. The Indian government has been cautious in its approach, seeking to ensure that any agreement does not compromise its domestic industries or compromise its sovereignty.
The UK, on the other hand, has been keen to secure a comprehensive agreement that would provide greater access to the Indian market. The British government has been pushing for greater market access for its financial services sector, as well as for its automobile and pharmaceutical industries.
Despite the challenges, the resumption of FTA talks is a significant development, and it is expected to lead to greater cooperation between the two nations on trade and investment. The agreement could also pave the way for greater cooperation in areas such as technology, innovation, and sustainable development.
In conclusion, the resumption of FTA talks between India and the UK is a welcome development that has the potential to boost bilateral trade and investment. The agreement could provide greater access to the Indian market for British businesses, while also facilitating greater cooperation in areas such as financial services, technology, and innovation. As Goyal said, India and the UK will have speed, but not haste, in their negotiations. This approach is likely to yield a high-quality agreement that benefits both nations.
