We’ll Have Speed, Not Haste: Goyal as India & UK Resume FTA Talks
After a brief hiatus, India and the United Kingdom have decided to resume talks for a free-trade agreement (FTA). This development comes as a positive step towards strengthening economic ties between the two nations. Union Minister of Commerce Piyush Goyal made the announcement after meeting UK Business and Trade Secretary Jonathan Reynolds. In an interview, Goyal expressed his optimism about concluding a good agreement, stating, “It’s never too late to conclude a good agreement… We’ll have speed, but not haste.”
The resumption of FTA talks is seen as a significant move, considering the growing economic importance of the UK as a trade partner for India. The UK is India’s fifth-largest trading partner, and the bilateral trade between the two nations has been steadily increasing over the years. In 2020-21, the total trade between India and the UK stood at around $23 billion.
The FTA is expected to reduce tariffs and non-tariff barriers, making it easier for businesses to operate across borders. This, in turn, is likely to boost trade and investment between the two countries. Goyal’s emphasis on “speed, not haste” suggests that the government is committed to concluding an agreement that is beneficial to both parties, rather than rushing through the process.
The UK’s departure from the European Union (Brexit) has created new opportunities for India to strengthen its economic ties with the country. The UK is now seeking to establish new trade agreements with various countries, and India is one of the key partners on its radar. The FTA talks are seen as a key step in this direction.
India’s services sector is a significant contributor to its economy, and the FTA is expected to provide greater access to the UK market. The UK, on the other hand, is looking to increase its trade with India in sectors such as pharmaceuticals, automobiles, and textiles. The agreement is likely to create new opportunities for businesses in both countries, particularly in the services sector.
Goyal’s statement on the resumption of FTA talks has been welcomed by industry bodies, which have been pushing for a comprehensive agreement to boost bilateral trade. The Confederation of Indian Industry (CII) has expressed hope that the talks will lead to a mutually beneficial agreement that will increase trade and investment between the two countries.
The FTA talks are also expected to cover areas such as investment, intellectual property rights, and dispute settlement. The agreement is likely to include provisions to protect Indian businesses from unfair trade practices and ensure greater transparency in trade agreements.
In recent years, India has been actively pursuing free-trade agreements with various countries, including the United States, the European Union, and the Association of Southeast Asian Nations (ASEAN). The country has also been exploring new trade agreements with countries such as Australia and Canada.
The resumption of FTA talks with the UK is seen as a significant development in India’s trade policy. The government is committed to increasing India’s global trade and making it a key player in the global economy. The FTA with the UK is expected to play a key role in achieving this goal.
In conclusion, the resumption of FTA talks between India and the UK is a positive development that is likely to boost bilateral trade and investment. Goyal’s emphasis on “speed, not haste” suggests that the government is committed to concluding an agreement that is beneficial to both parties. The FTA is expected to create new opportunities for businesses in both countries, particularly in the services sector, and strengthen economic ties between the two nations.
