We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
In a significant move, India and the United Kingdom have decided to restart negotiations for a free-trade agreement (FTA), with Union Minister of Commerce Piyush Goyal announcing the development after meeting UK Business and Trade Secretary Jonathan Reynolds. This decision has been met with enthusiasm from both sides, with the goal of concluding a comprehensive agreement that will benefit businesses and consumers alike.
The decision to resume talks comes after a gap of several months, during which time both countries had been engaged in intense diplomatic efforts to resolve outstanding issues. According to Goyal, the focus will now be on concluding a good agreement, rather than rushing through the process.
“It’s never too late to conclude a good agreement,” Goyal said, when asked if an FTA could be expected by this year. “We’ll have speed, but not haste. We’ll make sure that whatever agreement we conclude is in the best interest of both countries.”
The announcement is a significant development in the ongoing efforts to strengthen trade ties between India and the UK. The two countries have a long history of economic cooperation, with bilateral trade amounting to over $24 billion in 2020-21. An FTA would help to further boost trade and investment, by reducing tariffs and non-tariff barriers and increasing trade facilitation.
India and the UK have been engaged in FTA talks since 2017, but the process has been slow and uncertain. The negotiations have been stalled on several occasions due to differences over issues such as tariffs, services, and intellectual property rights. However, the recent meeting between Goyal and Reynolds suggests that both sides are now committed to moving forward with the talks.
The UK is seen as a key partner for India in the post-Brexit era, with the country looking to expand its trade ties with other parts of the world. An FTA with the UK would provide India with access to a major market, while also helping to boost its economic growth and competitiveness.
For the UK, an FTA with India would provide an opportunity to diversify its trade relationships and reduce its dependence on the European Union. The UK is currently negotiating FTAs with several countries, including the US, Australia, and New Zealand, but an agreement with India would be a significant milestone.
The resumption of FTA talks between India and the UK is seen as a positive development for both countries, as well as for the global economy. The agreement has the potential to create new opportunities for businesses, increase trade and investment, and contribute to economic growth and development.
In conclusion, the decision to restart FTA talks between India and the UK is a significant development that has the potential to benefit both countries. With a commitment to concluding a good agreement, rather than rushing through the process, both sides can be confident that the outcome will be a positive one. As Goyal said, “We’ll have speed, but not haste” – a sentiment that is sure to resonate with businesses and consumers alike.
