India-UK trade pact high priority; next round of talks slated in December: Mr. Piyush Goyal
- IBEF
- November 23, 2022
According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, the planned free trade agreement (FTA) between India and the UK is a top priority for both nations and the next round of negotiations are scheduled to take place next month.
According to him, the agreement needs the support of the sector and should be a fair, equitable, and balanced free trade agreement (FTA). Additionally, he stated that there shouldn't be any firm deadlines set for the conclusion of FTA negotiations because such accords need to be thoroughly considered, calibrated, and negotiated.
The pact's reduction or elimination of customs duties would benefit India's labour-intensive industries, such as textiles, leather, gems, and jewellery, by boosting exports to the UK market. The UK is asking for reductions in taxes on products including Scotch whiskey and cars. Up to July, five rounds of negotiations have already been held between the representatives of the two nations. The two nations' bilateral trade grew from US$ 13.2 billion in 2020-21 to US$ 17.5 billion in 2021-22.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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