May 30, 2022
2 mins read

‘No interim deal, but full-fledged FTA with UK by Diwali’

Last week, Goyal held “productive discussions” with his UK counterpart Anne-Marie Trevelyan on the FTA negotiations…reports Asian Lite News

A free trade agreement (FTA) between India and the UK may be clinched by Diwali in October without the requirement of an interim deal, commerce and industry minister Piyush Goyal said. 

“Canada is progressing well towards an early harvest agreement. With the UK, we had agreed to do an early harvest agreement — basically, to grab the low-hanging fruit and leave the more difficult elements for the next stage and give the people of both countries the confidence that this agreement is a win-win,” the minister said. “But the way things are progressing, we’ll actually land up doing a full FTA with the UK by Diwali. I have had very good meetings on it,” he said. The minister was speaking at a curtain raiser event on Thursday evening for the annual UK-India Week by the India Global Forum, scheduled from June 27.

Goyal highlighted the “relentless work” and “engagement with stakeholders” that are needed before hammering out an FTA. “When you do a trade deal, you are crystal-gazing 30-50 years into the future, so you have to be very careful. I can’t afford to make a mistake… everybody has to be very cautious. Lot of modelling has to be done,” he said.

Last week, Goyal held “productive discussions” with his UK counterpart Anne-Marie Trevelyan on the FTA negotiations. The discussions centred round opportunities to unlock the full potential of bilateral trade and opening up new areas for businesses from both the sides.

During his India visit in April, British Prime Minister Boris Johnson had pitched for wrapping up the FTA by as early as Diwali. Prime Minister Narendra Modi had then highlighted the “good progress” being made in the talks and offered to move “at the same pace and with the same commitment” with which New Delhi had hammered out trade deals with the UAE and Australia. Both India and the UK launched formal negotiations in January for the FTA, which could ultimately cover more than 90% of tariff lines.

They aim to double bilateral trade of both goods and services to about $100 billion by 2030. The India-UK trade is dominated by services, which make up about 70% of the overall annual commerce. Johnson has favoured more visas to Indian skilled IT professionals to tide over a shortage in the UK.

ALSO READ-UK accuses Russia of threatening global food security 

Previous Story

UK accuses Russia of threatening global food security  

Next Story

UK announces RAF and Royal Navy support to Qatar World

Latest from -Top News

Modi Eyes Trade Deals in Maldives

PM Modi will arrive in Maldives on July 25 which would be the second and final leg of his two-nation visit, following the visit to the United Kingdom, starting Wednesday….reports Asian Lite

Russia Strikes Back at EU

The Council of the European Union approved the 17th and 18th packages of sanctions on Russia on May 20 and July 18…reports Asian Lite News Russia has significantly expanded its entry ban

PM Modi Due in UK

PM Modi’s visit to the UK, scheduled for July 23–24, comes at the invitation of British counterpart Keir Starmer and will be his fourth trip to the country….reports Asian Lite News Prime

Victory First, Then Peace?

Katz stressed the importance of meeting the war’s goals as set, primarily the return of all Israeli hostages and the surrender of Hamas….reports Asian Lite News Israeli Defence Minister Israel Katz said

US Brings Up Old Claim, India Pushes Back

US Raises Trump’s India-Pakistan Claim at UN; India Reaffirms Bilateral Stand…reports Asian Lite News The US brought President Trump’s May claim of resolving the India-Pakistan conflict to the Security Council, but New
Go toTop

Don't Miss

Zaiwalla & Co defeats security for costs claim

Reed Smith, believing it was necessary to comply with US

Bank of England cuts interest rates by 0.25 points to 4.75%

The Bank’s monetary policy committee (MPC) voted by a majority