Last Updated: July 12, 2023, 02:11 IST
London, United Kingdom (UK)
Goyal, who is on a short visit to the UK, meting his UK counterpart Business and Trade Secretary Kemi Badenoch to discuss the mutually beneficial deal.
India and the UK aim to accelerate FTA negotiations for a mutually beneficial deal, as Commerce Minister Piyush Goyal meets his UK counterpart
India and the UK have agreed to add momentum to the ongoing free trade agreement (FTA) negotiations, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday.
Goyal, who is on a short visit to the UK, took to Twitter after meeting his UK counterpart – Business and Trade Secretary Kemi Badenoch – to say they had agreed to keep up work towards a mutually beneficial deal. India and the UK started round 11 of their FTA talks last Wednesday, which is expected to conclude on Friday.
“Held a meeting with the UK Secretary of State for Business and Trade Kemi Badenoch in London. Discussed how both sides can add further momentum to the India-UK Free Trade Agreement negotiations for a mutually beneficial deal,” Goyal tweeted.
It came a day after a UK government source said the senior Indian ministerial visit to the UK in the midst of a negotiation round shows there is “political will to make progress towards an ambitious trade deal”.
“The potential is clear – a strong trade deal will strengthen the economic links between the UK and India, already worth GBP 36 billion in 2022. But we will only sign when we have a deal that is in the best interests of the UK,” the source noted.
According to stakeholders close to the discussions, Goyal will be holding wide-ranging discussions while in the UK to add momentum behind the FTA as both sides feel they are within touching distance of an agreement.
Last week, the Ministry of Commerce had issued a statement confirming Goyal’s visit to the UK as coming at a ”crucial juncture” when both countries are committed to expanding their economic ties and exploring avenues for enhanced bilateral trade.
“With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two nations,” the ministry’s statement read.
The visit will not only be focused on the ongoing India-UK FTA negotiations but also involve a meeting with ministers from the European Free Trade Association (EFTA) member countries – Switzerland, Norway, Iceland, and Liechtenstein – to discuss the progress of the Trade and Economic Partnership Agreement (TEPA).
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
