India and the United Kingdom (UK) are aiming to launch the negotiations on a Free Trade Agreement (FTA) by November 2021. The two sides look for an Interim Agreement as priority and later a Comprehensive Agreement.
Proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner which benefits all.
A discussion was held between the Indian Commerce Minister, Piyush Goyal and his British counterpart Secretary of State, Ms Elizabeth Truss on FTA and other trade matters.
The Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, while speaking about the FTA said, there is tremendous interest in the business community in both countries India & the UK.
With the ‘declaration’ on launch of Enhanced Trade Partnership, announced on May 4, 2021, both countries have made substantial progress on various aspects of the partnership, said Goyal.
Extensive stakeholder consultations have been held involving Industry/Business associations, Export Promotion Councils, Buyers/Sellers Associations, Regulatory Bodies, Ministries/Departments, public research bodies, among others, said the minister.
The consultation paper was also made public for wider participation as well, added Goyal. He also mentioned that an interim Agreement will allow both the nations to harvest early gains in some select commodities and services.
The Indian Commerce Minister said that an Interim Trade Agreement, as a first step of an FTA would allow both of the nations to immensely benefit from the early gains of the partnership.
