Indian Union Minister of Commerce and Industry Piyush Goyal began a two-day visit to the UK this week with a meeting his counterpart, Secretary of State for Business and Trade Jonathan Reynolds.
He expressed optimism for the ongoing Free Trade Agreement (FTA) negotiations, which are said to be fast approaching the finish line with a deal widely expected soon.
Ahead of their meeting, a UK Department for Business and Trade (DBT) spokesperson said: “This government is committed to doing the right deal with India which will improve access for UK businesses, cut tariffs, and make trade cheaper and easier.
“Talks have been ongoing since they were relaunched in February, and we will only sign a deal that is in the best interests of the British people and drives growth across the UK.”
The Indian Ministry of External Affairs reiterated that both sides are committed to moving the agreement forward. Goyal’s UK visit reflects further momentum behind the discussions, which were relaunched in February under the Labour Party government and is aimed at boosting the £41-billion bilateral trading partnership.
The ministerial visit comes in the wake of another high-profile visit to the UK, by Finance Minister Nirmala Sitharaman earlier this month when the Bilateral Investment Treaty (BIT) and FTA were on the agenda of her talks with UK Chancellor Rachel Reeves.
MORE LIKE THIS…
“There is a great sense of positivity and also eagerness and a dedication to have this conclude sooner rather than later, from both sides,” Sitharaman had said at the time.
There has since been a great sense of positivity around an agreement being imminent, with remaining issues reportedly being addressed with a sense of urgency.
From the UK, Goyal is set to shift focus on India’s ties with Europe with meetings planned in Norway and Belgium. In Oslo, the minister is expected to review progress of the Trade and Economic Partnership Agreement (TEPA) signed with the European Free Trade Association (EFTA) – a grouping made up of Norway, Iceland, Liechtenstein and Switzerland.
Meanwhile in Brussels, the minister is expected to focus on ongoing trade negotiations with the European Union (EU). It follows European Commission President Ursula von der Leyen’s visit to Delhi in February, when the 27-member economic bloc had indicated plans to clinch a free trade agreement with India by the end of this year.
MORE LIKE THIS…
