We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
In a significant development, India and the UK have decided to restart negotiations for a free-trade agreement (FTA). The resumption of talks comes after a gap of several months, and both countries are optimistic about concluding a mutually beneficial agreement.
Union Minister of Commerce Piyush Goyal made the announcement after meeting UK Business and Trade Secretary Jonathan Reynolds. When asked if the FTA could be expected by this year, Goyal said, “It’s never too late to conclude a good agreement… We’ll have speed, but not haste.” His words are a testament to the fact that the Indian government is focused on securing a high-quality agreement that benefits both countries, rather than rushing to meet a deadline.
The decision to resume FTA talks is a significant development in India’s trade policy. The country has been exploring FTAs with various nations to boost exports, attract foreign investment, and increase economic cooperation. The UK is an important partner for India, and a successful FTA could lead to significant benefits for both countries.
The FTA negotiation process began in 2020, but it was put on hold due to the COVID-19 pandemic and other factors. Despite the challenges, both countries have continued to engage in discussions and have made significant progress in recent months.
The resumption of talks is a testament to the strong economic ties between India and the UK. The UK is one of India’s largest trading partners, and the two countries have a long history of economic cooperation. In 2020, the total trade between the two countries stood at over $23 billion, with India being the UK’s 14th largest trading partner globally.
The FTA is expected to cover a wide range of areas, including trade in goods and services, investment, intellectual property, and dispute resolution. The agreement is likely to include provisions that will reduce tariffs, simplify customs procedures, and increase market access for both countries.
The Indian government has been keen to secure a high-quality FTA that addresses India’s concerns and priorities. Goyal has been at the forefront of the FTA negotiations, and his team has been working closely with the UK government to identify areas of mutual interest.
One of the key areas of focus for the Indian government is the issue of data localization. The Indian government has been pushing for a provision that requires foreign companies to store and process data locally, rather than transferring it to their home country. This provision is seen as crucial for protecting India’s data sovereignty and ensuring that foreign companies comply with Indian laws and regulations.
Another area of focus is the issue of market access for Indian goods and services. The Indian government is seeking to increase market access for its goods and services in the UK, particularly in areas such as pharmaceuticals, textiles, and food products. The UK government, on the other hand, is looking to increase market access for its goods and services in India, particularly in areas such as financial services and engineering.
The FTA is also expected to include provisions that will promote investment and cooperation between the two countries. The Indian government is keen to attract foreign investment, particularly in areas such as infrastructure development, renewable energy, and technology. The UK government, on the other hand, is looking to increase its investment in India, particularly in areas such as financial services and pharmaceuticals.
In conclusion, the resumption of FTA talks between India and the UK is a significant development that is likely to have a positive impact on the economies of both countries. The Indian government’s focus on securing a high-quality agreement that addresses India’s concerns and priorities is a welcome approach. As Goyal said, “We’ll have speed, but not haste.” The Indian government is committed to securing a good agreement that benefits both countries, rather than rushing to meet a deadline.
