Commerce and Industry Minister Piyush Goyal is optimistic about advancing talks on the proposed free trade agreement (FTA) with the UK once the new British government takes office after the upcoming general election on July 4. Goyal mentioned that regardless of the election outcome, progress is expected with the new government in place.
He highlighted the UK government’s strong commitment to the FTA and noted discussions with representatives from the Labour Party showing a keen interest in expediting the agreement process. The FTA discussions between India and the UK, initiated in January 2022, cover various sectors such as goods, services, investments, and intellectual property rights.
Moreover, the bilateral trade between India and the UK has been growing, reaching $21.34 billion in 2023-24. Goyal also provided an update on the India-EU trade pact, indicating progress after the eighth round of talks in Brussels.
As both parties remain dedicated to the agreement, Goyal expressed confidence in achieving rapid advancements. The future looks promising for enhanced economic ties between India, the UK, and the EU through these trade agreements.
Published on 29 June 2024, 16:19 IST