14 Jan 2022 , 09:00 AM
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal launched the Free Trade Agreement negotiations with the United Kingdom along with Rt. Hon. Anne-Marie Trevelyan, UK Secretary of State for International Trade in New Delhi.
The FTA is expected to facilitate the target of doubling bilateral trade between India and United Kingdom by 2030, set by the Prime Ministers of both the nations, Narendra Modi and Boris Johnson in May 2021.
Piyush Goyal said that both India and UK are vibrant democracies, with a partnership built on our shared history and rich culture. The diverse Indian diaspora in UK, who act as a “Living Bridge”, adds further dynamism to the relations between the two countries, he added.
The Minister said that the FTA with UK is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.
Goyal said that the FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products. He added that India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India.
The Minister said that the Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access. There is also great potential for increasing exports in service sectors like IT/ITES, Nursing, education, healthcare, including AYUSH and audio-visual services. India would also be seeking special arrangements for movement of its people, he added.
The Minister also informed that it was also agreed to explore during the FTA negotiations, the possibility of an Interim Agreement to provide quick gains for benefitting businesses in both nations. Our endeavour is to deliver a comprehensive, balanced, fair and equitable FTA, to benefit our small, medium and micro-enterprises in both nations, he said.
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