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), a move that is expected to boost bilateral trade and economic ties between the two nations. The announcement was made by Union Minister of Commerce Piyush Goyal after a meeting with UK Business and Trade Secretary Jonathan Reynolds.
The decision to resume FTA talks comes nearly a year after the UK’s exit from the European Union (EU), which had put a temporary hold on the negotiations. The UK’s new trading relationship with the EU has been a subject of much debate and speculation, and the resumption of FTA talks with India is seen as a significant step towards diversifying the country’s trading partners.
When asked if an FTA can be expected by this year, Goyal said, “It’s never too late to conclude a good agreement… We’ll have speed but not haste.” This statement is a clear indication that the Indian government is committed to concluding a robust and mutually beneficial agreement with the UK, but it is not willing to compromise on the quality of the agreement.
The resumption of FTA talks is a significant development for several reasons. Firstly, India and the UK have a strong historical trade relationship, with bilateral trade between the two nations standing at over $24 billion in 2020. An FTA would help to further deepen this relationship, increasing trade and investment between the two nations.
Secondly, an FTA with the UK would provide a significant boost to India’s exports, particularly in sectors such as textiles, pharmaceuticals, and automobiles. The UK is a significant market for Indian exports, and an FTA would help to reduce tariffs and other trade barriers, making it easier for Indian companies to access the UK market.
Thirdly, an FTA with the UK would also provide a framework for cooperation in areas such as technology, innovation, and services. The UK is a global hub for fintech, healthcare, and education, and an FTA would provide opportunities for Indian companies to partner with their UK counterparts in these sectors.
The resumption of FTA talks is also seen as a significant step towards India’s goal of increasing its share of global trade. The country has been working to increase its trade ties with other countries, particularly in the Asia-Pacific region. An FTA with the UK would help to further diversify India’s trading relationships, reducing its dependence on traditional markets such as the EU and the US.
The UK, on the other hand, is also looking to expand its trade ties with India, particularly in the areas of goods and services. The country is looking to increase its trade with India in sectors such as financial services, pharmaceuticals, and technology. An FTA would provide a framework for cooperation in these areas, helping to increase trade and investment between the two nations.
The resumption of FTA talks between India and the UK is a significant development, and it is expected to have a positive impact on bilateral trade and economic ties between the two nations. The agreement is expected to be comprehensive, covering areas such as goods, services, and investment. It is also expected to provide a framework for cooperation in areas such as technology, innovation, and services.
In conclusion, the resumption of FTA talks between India and the UK is a significant development, and it is expected to have a positive impact on bilateral trade and economic ties between the two nations. The agreement is expected to be comprehensive, covering areas such as goods, services, and investment. It is also expected to provide a framework for cooperation in areas such as technology, innovation, and services.
