We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
The much-awaited Free Trade Agreement (FTA) between India and the United Kingdom has taken a significant step forward, with the two nations deciding to resume their negotiations. The announcement was made by Union Minister of Commerce Piyush Goyal after a meeting with UK Business and Trade Secretary Jonathan Reynolds. In a statement, Goyal emphasized that the focus will be on concluding a good agreement, rather than rushing through the process.
The development comes as a welcome relief to the business communities in both countries, which have been eagerly awaiting the outcome of the FTA talks. The agreement is expected to boost bilateral trade, create new opportunities for businesses, and pave the way for greater economic cooperation between the two nations.
When asked if the FTA can be expected to be concluded this year, Goyal was optimistic but cautious. “It’s never too late to conclude a good agreement… We’ll have speed but not haste,” he said. His statement suggests that the Indian government is committed to moving forward with the negotiations, but is also prioritizing the quality of the agreement over the timeline.
The decision to resume FTA talks comes after a brief pause in negotiations. Last year, the UK had announced its intention to seek an FTA with India, and the two nations had started discussing the terms of the agreement. However, the talks were put on hold due to the COVID-19 pandemic and subsequent disruptions in global trade.
The resumption of FTA talks is seen as a significant development in the context of the UK’s post-Brexit trade strategy. As the UK transitions to a new trading relationship with the European Union, it is looking to establish stronger trade ties with other nations, including India. The UK is one of India’s largest trading partners, with bilateral trade totaling over $23 billion in 2020.
The Indian government has been keen to strengthen its economic ties with the UK, particularly in sectors such as pharmaceuticals, automobiles, and textiles. An FTA with the UK would provide Indian businesses with greater access to the UK market, while also helping to reduce trade barriers and increase exports.
The UK government has also been pushing for an FTA with India, citing the potential benefits for British businesses and the wider economy. In a statement, UK Business and Trade Secretary Jonathan Reynolds said, “We’re committed to securing a trade deal that benefits both our countries and creates opportunities for our businesses and workers.”
The resumption of FTA talks is expected to be a priority for both governments in the coming months. The negotiations are likely to focus on issues such as tariffs, quotas, and regulatory frameworks, as well as sector-specific agreements in areas such as services and intellectual property.
While the exact timeline for concluding the FTA is uncertain, the decision to restart negotiations is a significant step forward. As Goyal emphasized, the focus will be on concluding a good agreement, rather than rushing through the process. This approach is likely to pay off in the long run, as it will help to ensure that the FTA benefits both countries and provides a strong foundation for future economic cooperation.
In conclusion, the resumption of FTA talks between India and the UK is a welcome development that has the potential to boost bilateral trade and create new opportunities for businesses. With a focus on concluding a good agreement, rather than rushing through the process, the two nations are likely to achieve a mutually beneficial outcome. As the negotiations progress, it will be important for businesses and stakeholders to stay informed and engaged, to ensure that the FTA meets the needs of all parties involved.
