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), with Union Minister of Commerce Piyush Goyal expressing optimism about concluding a good agreement. The development comes after Goyal met with UK Business and Trade Secretary Jonathan Reynolds, marking a new chapter in the trade talks between the two nations.
The FTA talks were put on hold earlier this year due to various reasons, including the COVID-19 pandemic and other pressing issues. However, with the pandemic under control and the UK’s transition period out of the European Union (EU) completed, the two nations have decided to revive the talks.
When asked if an FTA can be expected by this year, Goyal was quoted as saying, “It’s never too late to conclude a good agreement…We’ll have speed, but not haste.” His statement suggests that the Indian government is committed to concluding a comprehensive agreement that benefits both nations, rather than rushing through the negotiations.
The resumption of FTA talks is significant for both India and the UK, as it has the potential to boost trade and investment between the two nations. The UK is one of India’s largest trading partners, and an FTA would help to reduce tariffs and other trade barriers, making it easier for businesses to trade goods and services.
India is a significant market for the UK, particularly in the areas of pharmaceuticals, automobiles, and financial services. On the other hand, the UK is a major source of foreign investment for India, particularly in the areas of finance, technology, and energy.
The FTA talks are also seen as a key component of the UK’s post-Brexit trade strategy, as the nation seeks to establish new trade relationships with countries around the world. The UK has been working to negotiate new trade deals with several countries, including the US, Australia, and New Zealand, and an FTA with India would be a significant achievement.
Goyal’s statement also suggests that the Indian government is committed to working closely with the UK to conclude a comprehensive agreement that addresses the concerns of both nations. The talks are likely to focus on a range of issues, including tariffs, rules of origin, and intellectual property rights.
In recent years, India and the UK have made significant progress in strengthening their economic ties. In 2019, the two nations signed a Memorandum of Understanding (MoU) to increase cooperation in the areas of trade, investment, and economic development.
The MoU was seen as a significant step forward in the Indo-UK economic relationship, and its implementation has helped to increase trade and investment between the two nations. The resumption of FTA talks is likely to build on this momentum, and could lead to even greater economic cooperation between India and the UK.
In conclusion, the resumption of FTA talks between India and the UK is a significant development that has the potential to boost trade and investment between the two nations. With the pandemic under control and the UK’s transition period out of the EU completed, the two nations are well-positioned to conclude a comprehensive agreement that benefits both sides.
As Goyal’s statement suggests, the Indian government is committed to working closely with the UK to conclude a good agreement, rather than rushing through the negotiations. The FTA talks are likely to be a complex and challenging process, but with the right approach, they could lead to even greater economic cooperation between India and the UK.
