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SAN FRANCISCO, Sept. 6 (PTI) — Commerce and Industry Minister Piyush Goyal has expressed hope for an early conclusion to negotiations on a free trade agreement with the UK aimed at boosting bilateral economic ties, as Liz Truss becomes the UK’s new prime minister.
“Some political changes may have derailed (the end of free trade agreement negotiations) a few weeks ago, but I do hope (that) … with Liz Truss as UK prime minister, we might be able to make up some of that now. Time was lost (to end FTA negotiations),” Goyal said in a speech to members of the Institute of Chartered Accountants of India (ICAI) on Monday.
Indian officials hope to complete negotiations on a trade pact by Aug. 31, but political developments in the UK could slow the talks a bit.
In January, the two countries formally launched free trade agreement (FTA) negotiations to boost bilateral trade and investment. It was launched when Boris Johnson was prime minister and Truss was international trade minister.
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In such agreements, the two countries have eliminated or substantially reduced tariffs on the largest quantities of goods traded between them, in addition to relaxing norms to promote investment and trade in services.
“We are in an advanced stage of (free trade agreement negotiations) with the UK…Miss Anne-Marie, who is now Minister of Trade and Investment, is in regular contact with me and we are working towards a deal between India and the UK on the next In a few months, it could be Diwali,” Goyal said.
He added that India has emerged as one of the attractive investment destinations in the world, as seen in the way world leaders and developed countries are doing their best to expand trade and investment in India and seeking bilateral agreements.
Negotiations are underway for certain goods on the UK side, such as Scotch whisky and cars, and on the Indian side.
India’s major exports to the UK include garments and textiles, gems and jewellery, engineered products, petroleum and petrochemicals, transport equipment and parts, spices, metal products, machinery and instruments, pharmaceuticals and marine items.
Major imported commodities include precious and semi-precious stones, ores and metal waste, engineering products, professional instruments, non-ferrous metals, chemicals and machinery. In services, the UK is one of the largest markets for Indian IT services in Europe.
Bilateral trade volume increased from $13.2 billion in 2020-21 to $17.5 billion in 2021-22. In 2021-22, India’s exports are worth $10.5 billion, while imports are worth $7 billion.
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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