IBEF: September 14, 2021
The UK government said that Commerce and Industry Minister Mr. Piyush Goyal would hold virtual discussions with his UK counterpart, Mrs. Liz Truss, on Monday to explore the next steps in launching negotiations for a UK-India trade deal.
The meetings between Secretary of State Mrs. Truss and Mr. Goyal, according to the UK's Department for International Trade (DIT), are part of preparations for a free trade agreement (FTA) with India. It comes after the UK's official consultation process ended ahead of the August 31 discussions.
Following the close of the public consultation on August 31, International Trade Secretary Mrs. Liz Truss will meet with Minister of Commerce and Industry Mr. Piyush Goyal to discuss timeframes and next actions in beginning negotiations for a UK-India trade pact, according to the DIT.
The negotiations for a free trade deal with India are moving further. It was stated that an agreement would provide a significant boost to UK exporters by cutting tariffs, simplifying regulation, and increasing bilateral trade, which totaled 23 billion Pounds in 2019.
Given India's position as one of the world's largest and fastest-growing economies, with over a billion customers, increasing UK-India commerce has been termed a tremendous opportunity by the UK.
Mrs. Truss remarked at a City of London Corporation event last week honouring the UK-India economic cooperation, “I see the UK and India in a sweet spot of the trade dynamics that are shaping up.”
We are considering a comprehensive trade deal that would include everything from financial services to legal services to digital and data, as well as commodities and agriculture. We believe we have a good chance of reaching an early deal in which both sides cut tariffs and more products move between our two nations, she added.
Mr. Goyal has also stated that a trade arrangement with the United Kingdom for early harvest is in the pipeline.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.