We’ll have speed, not haste: Goyal as India & UK resume FTA talks
The negotiation for a free-trade agreement (FTA) between India and the UK has finally resumed, with Union Minister of Commerce Piyush Goyal announcing the news after a meeting with UK Business and Trade Secretary Jonathan Reynolds. The decision to restart talks comes as a positive development in the long-standing efforts to strengthen economic ties between the two countries.
When asked if a FTA can be expected by the end of this year, Goyal emphasized the importance of concluding a good agreement, rather than rushing through the process. “It’s never too late to conclude a good agreement… We’ll have speed but not haste,” he said. This approach is likely to ensure that the agreement is comprehensive and beneficial for both parties, rather than being rushed through for the sake of meeting a deadline.
The resumption of FTA talks between India and the UK is significant, given the growing importance of bilateral trade between the two nations. In recent years, India has emerged as a key trading partner for the UK, with bilateral trade totaling £23 billion (approximately ₹2.3 lakh crore) in 2020. The UK is also one of India’s largest trading partners in the European Union.
The FTA, if successfully negotiated, is expected to boost trade between the two countries by reducing tariffs and other trade barriers. It could also open up new opportunities for Indian businesses, particularly in the services sector, which has been a key driver of India’s economic growth in recent years.
The negotiations for an FTA between India and the UK were initially launched in 2019, but had been stalled due to differences over issues such as tariffs, market access, and rules of origin. However, the two sides have been working to resolve these differences and have made significant progress in recent months.
The resumption of talks is also seen as a positive development in the wake of the UK’s exit from the European Union (Brexit). The UK is seeking to establish new trade agreements with countries around the world, and the FTA with India is seen as an important step in this process.
The Indian government has been keen to strengthen economic ties with the UK, and has been actively pursuing negotiations for an FTA. The UK, on the other hand, is looking to expand its trade ties with India, which is seen as a key player in the global economy.
In addition to the FTA, the Indian government has been working to promote trade and investment between the two countries through other means. For example, the government has established a UK-India Business Council to facilitate bilateral trade and investment, and has also launched a number of initiatives to promote Indian businesses in the UK.
The resumption of FTA talks between India and the UK is a step in the right direction, and is likely to have a positive impact on bilateral trade and economic ties between the two countries. As Goyal emphasized, the focus should be on concluding a good agreement, rather than rushing through the process. By taking a thoughtful and strategic approach, the two sides can work towards creating a comprehensive and mutually beneficial agreement that benefits both India and the UK.
