FTA talks with UK are moving faster: Piyush Goyal

10 Aug 2022 , 10:24 AM

According to commerce and industry minister Piyush Goyal, negotiations for the potential free trade deal between India and the UK are moving forward more quickly. The goal of the agreement is to increase investment and commerce between the two nations.

In “record” time, India concluded a trade agreement with the UAE, and “now our negotiations with the UK is going at a quicker rate,” Goyal added. In such agreements, the maximum quantity of items that are exchanged between the parties is subject to a large reduction or elimination of customs charges. They also loosen rules to encourage investments and commerce in products.

The official free trade agreement negotiations between India and the UK began in January. The goal is to get the negotiations wrapped up before Diwali. According to him, India is discussing such deals with Canada, the EU, and Israel in addition to other countries that have expressed a strong interest in doing business with India.

He said that these agreements are up for negotiation between the European Free Trade Association (EFTA), the Eurasian Economic Union, and the Gulf Cooperation Council (GCC). He did add, though, that the resources available to the commerce ministry are insufficient to conduct simultaneous free trade agreement negotiations with other countries.

Speaking at this Vyapari Udyami Sammelan was the minister. He urged the body of domestic traders to cooperate and concentrate on product quality.

Goyal stated that the government is making efforts to lessen the burden of compliance. To reduce the burden of compliance, some 30,000 rules have been either simplified or eliminated.