Piyush Goyal Talks About India’s Free Trade Agreements with UK and EU
Union Minister Piyush Goyal has announced that India is actively working on Free Trade Agreements (FTAs) with many countries. He expressed confidence in making fast progress with the United Kingdom, regardless of the British election results. A team of officials recently returned from Brussels after negotiations with the European Union.
Goyal mentioned that discussions with members of the UK’s Labour Party showed their interest in pursuing a free trade agreement with India. The thirteenth round of negotiations for the UK-India Free Trade Agreement took place from September 18 to December 15, 2023, focusing on complex issues like goods, services, and investment.
Prime Minister Narendra Modi and British Prime Minister Rishi Sunak expressed satisfaction with the progress made in the FTA negotiations. They met on the sidelines of the 50th Summit of the Group of Seven (G7) in Apulia, Italy.
Britain will go to polls on July 4, and the trade deal is likely to be signed after the elections. The Ministry of Commerce and Industry recently organized a Chintan Shivir to discuss strategies and visions for 2047, including new disciplines like environment, labor, gender issues, and digital trade.
India-European Union Free Trade Agreement negotiations were re-launched in June 2022, covering 23 policy areas. Six rounds of negotiations were held until October 2023. Goyal, on a three-day tour of Maharashtra, emphasized India’s strategic position in the global economy and the importance of making India self-reliant.
He congratulated Ursula von der Leyen on her re-nomination as the EU Commissioner and noted her commitment to the EU-India Free Trade Agreement. Goyal also mentioned the election of Antonio Luis Santos da Costa as president of the European Council, highlighting his Goan roots.
During his tour, Goyal engaged with industry leaders, local businesses, and political figures to promote India’s economic self-reliance and international trade relations. He stressed the importance of sustainable practices and industry development, especially in areas like electric vehicles and plantation boards.
Goyal highlighted the significance of global events in the context of India’s economic ambitions and the world’s increasing interest in trading and investing with India.
