We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
In a significant development, India and the United Kingdom have decided to restart negotiations for a free-trade agreement (FTA). The announcement was made by Union Minister of Commerce Piyush Goyal after a meeting with UK Business and Trade Secretary Jonathan Reynolds. This move is expected to boost bilateral trade between the two countries, which has been growing steadily over the years.
When asked if the FTA can be expected to be concluded by this year, Goyal emphasized the importance of taking the time required to get the agreement right. “It’s never too late to conclude a good agreement,” he said. “We’ll have speed, but not haste.” This approach is likely to ensure that the agreement is comprehensive and benefits both countries.
The decision to restart FTA talks comes at a time when the global trade landscape is undergoing significant changes. The COVID-19 pandemic has disrupted global supply chains, and countries are looking to diversify their trade relationships to reduce dependence on any one market. The UK’s departure from the European Union (Brexit) has also created new opportunities for India to strengthen its trade ties with the country.
India and the UK have a long history of trade and economic cooperation. India is one of the UK’s largest trading partners in Asia, and the UK is one of India’s largest trading partners in the European Union. The two countries have been working to strengthen their economic ties, and the FTA is seen as a key step in this direction.
The FTA talks are likely to focus on reducing tariffs and other trade barriers between the two countries. India and the UK have a significant trade deficit, with the UK importing more goods from India than it exports. The FTA is expected to help reduce this deficit by increasing exports from India to the UK.
In addition to trade, the FTA is also likely to cover issues such as investment, intellectual property, and services. The agreement could also include provisions for cooperation on areas such as technology, healthcare, and education.
The restart of FTA talks is a positive development for Indian businesses, which have been seeking greater market access in the UK. The agreement could help Indian companies increase their exports to the UK, which would benefit the Indian economy as a whole.
The UK is also likely to benefit from the FTA, as it would provide greater access to the Indian market. The UK’s departure from the European Union has created new challenges for its businesses, and the FTA would provide a new opportunity for them to expand their operations in India.
The restart of FTA talks is also seen as a sign of the strong bilateral relationship between India and the UK. The two countries have been working closely together on a range of issues, including climate change, defense, and counter-terrorism.
In conclusion, the restart of FTA talks between India and the UK is a significant development that is likely to boost bilateral trade and economic cooperation between the two countries. The approach of taking the time required to get the agreement right is likely to ensure that the FTA is comprehensive and benefits both countries. India and the UK have a long history of trade and economic cooperation, and the FTA is expected to strengthen this relationship further.
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