We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
In a significant development, the union minister of commerce, Piyush Goyal, has announced that India and the United Kingdom have decided to restart negotiations for a free-trade agreement (FTA) between the two nations. The announcement was made after a meeting between Goyal and UK Business and Trade Secretary Jonathan Reynolds. The move is expected to boost bilateral trade between the two countries and promote economic growth.
When asked if the FTA can be expected by this year, Goyal said, “It’s never too late to conclude a good agreement… We’ll have speed but not haste.” This indicates that the government is committed to concluding a comprehensive and beneficial agreement, rather than rushing through the process.
The resumption of FTA talks is a significant step forward in strengthening economic ties between India and the UK. The two countries have been engaged in on-again, off-again talks for a comprehensive FTA since 2017. While the negotiations have been ongoing, they have faced several setbacks and delays.
According to Goyal, the talks will focus on increasing trade and investment between the two countries. The agreement will aim to reduce tariffs and other barriers to trade, making it easier for businesses to operate in each other’s markets. The talks will also cover areas such as services, intellectual property, and e-commerce.
The FTA is expected to benefit both India and the UK. For India, it will provide access to the UK market, which is the fifth-largest economy in the world. This will help Indian businesses to export more goods and services to the UK, creating new opportunities for growth and employment.
For the UK, the FTA will provide access to the large and growing Indian market. The UK is looking to diversify its trade relationships outside of the European Union, and India is an attractive partner due to its large population and growing economy.
The announcement of the resumption of FTA talks comes at a time when both countries are looking to strengthen their economic ties. The UK is in the process of leaving the European Union, and India is looking to diversify its trade relationships outside of the Asia-Pacific region.
In recent years, India and the UK have made significant progress in increasing their bilateral trade. In 2020, the two countries signed a trade agreement that aimed to increase trade and investment between them. The agreement covered areas such as services, intellectual property, and e-commerce, and provided a framework for resolving disputes.
However, despite the progress made, there is still a lot of work to be done to conclude a comprehensive FTA. The talks will require careful negotiation and compromise to ensure that the agreement benefits both countries.
Goyal’s statement that the government will “have speed but not haste” suggests that the government is committed to concluding a good agreement, rather than rushing through the process. This is a welcome approach, as it will allow for careful consideration of the issues and a thorough negotiation of the terms of the agreement.
In conclusion, the resumption of FTA talks between India and the UK is a significant development that is expected to boost bilateral trade and promote economic growth. The talks will require careful negotiation and compromise to ensure that the agreement benefits both countries. The government’s commitment to “have speed but not haste” is a welcome approach that will allow for a thorough consideration of the issues and a comprehensive agreement.
