📷 Image Credits: The Economic Times
India and the UK are on the brink of finalizing a long-awaited Free Trade Agreement (FTA) as confirmed by Commerce Minister Piyush Goyal. Following a telephone conversation between Prime Minister Narendra Modi and newly elected UK Prime Minister Keir Starmer, progress has been made towards closing the deal. The discussion focused on ironing out the remaining details of the mutually beneficial trade deal, signaling a positive outlook for the future of economic relations between the two countries.
Goyal emphasized the need for a fair and balanced agreement, urging the UK not to impose deadlines on the negotiations. He referenced past discussions that indicated alignment on most issues, hinting at a swift resolution. However, he cautioned against rushing the process, stating that the deal must be equitable for both sides and address key areas of contention such as import duties on Scotch whisky, electric vehicles, and access for British goods in the Indian market.
The Labour government in the UK has expressed readiness to continue negotiations and work towards a comprehensive agreement that benefits both nations. The FTA talks, which started in January 2022, were disrupted by political events in both countries but are set to resume this month to tackle pending issues. The agreement aims to enhance trade volumes, create job opportunities, and foster economic cooperation between India and the UK.
Goyal’s assurance that the FTA is close to completion brings hope for expanded trade relations and increased market access for businesses in both countries. As India strives for greater openness and regulatory improvements, the agreement is poised to usher in a new era of economic collaboration. Stay tuned for further updates on the progress of the India-UK FTA on HeadlineFly.com.