We’ll have speed, not haste: Goyal as India & UK resume FTA talks
The trade relationship between India and the United Kingdom has been a topic of interest for quite some time. After several years of discussions, the two nations have finally decided to resume negotiations for a Free Trade Agreement (FTA). This development was announced by Union Minister of Commerce Piyush Goyal after a meeting with UK Business and Trade Secretary Jonathan Reynolds.
The resumption of FTA talks is a significant step forward in strengthening the economic ties between India and the UK. The agreement is expected to increase trade between the two nations, boost economic growth, and create new opportunities for businesses. In an interview, Goyal emphasized the importance of taking a measured approach to the negotiations, stating, “It’s never too late to conclude a good agreement…We’ll have speed but not haste.”
The resumption of FTA talks comes at a time when the global economy is facing significant challenges. The COVID-19 pandemic has had a profound impact on international trade, and many countries are looking for ways to boost their economies. The FTA between India and the UK has the potential to be a major boost to both nations, creating jobs, increasing trade, and driving economic growth.
The FTA negotiations are not a new development. In fact, the two nations first launched talks for a comprehensive FTA in 2017. However, the negotiations have been slow-moving, and several iterations of the agreement have been proposed and rejected. The main sticking points have been issues such as tariffs, rules of origin, and intellectual property rights.
Despite the challenges, Goyal remains optimistic about the prospects for a successful agreement. He emphasized that the goal is to create a good agreement that benefits both nations, rather than rushing to conclude a deal. “It’s never too late to conclude a good agreement,” he said. “We’ll have speed but not haste.”
The UK’s decision to resume FTA talks with India is also seen as a significant development in the country’s post-Brexit trade strategy. The UK has been keen to establish new trade relationships with countries around the world, and the FTA with India is seen as a major priority.
The FTA is expected to cover a wide range of areas, including goods, services, and investment. The agreement is also expected to include provisions for cooperation on issues such as innovation, digital trade, and sustainable development.
The benefits of the FTA are likely to be significant for both nations. For India, the agreement will provide access to the UK’s large and growing market, with a GDP of over $2.6 trillion. The UK, on the other hand, will gain access to India’s rapidly growing economy, with a GDP of over $2.7 trillion.
The FTA will also provide benefits for businesses in both nations. Indian companies will have access to the UK’s highly skilled workforce and state-of-the-art infrastructure, while UK companies will have access to India’s large and growing consumer market.
The resumption of FTA talks between India and the UK is a significant development in the trade relationship between the two nations. The agreement has the potential to be a major boost to both nations, creating jobs, increasing trade, and driving economic growth.
In conclusion, the FTA between India and the UK is a significant step forward in strengthening the economic ties between the two nations. The agreement is expected to increase trade, boost economic growth, and create new opportunities for businesses. While the negotiations are likely to be challenging, Goyal’s commitment to concluding a good agreement is a positive sign for the future of the FTA.
