Piyush Goyal is hopeful that the India-UK free trade deal would be completed before Diwali.

22 Jun 2022 , 12:15 PM

Piyush Goyal, a Union Minister, has expressed optimism that the free trade deal between India and the UK will be completed before Diwali. The administration is advancing free trade agreements with Canada, the European Union, and the United Kingdom, according to the minister of business, industry, and textiles.

Goyal further disclosed that Australia, Israel, and the Gulf Cooperation Countries have indicated an interest in establishing free trade agreements (FTAs) with Brazil, Eurasia, and India.

A group of Arab nations that border the Gulf has formed the Gulf Cooperation Council (GCC). The United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain are among its six founding members.

After discussions between British Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi during the former’s visit to the nation last month, a deadline of Diwali in October was established for a draught FTA.

“Since India offers so much potential and opportunity, other nations are ready to become friends with us. With the EU, UK, and Canada, our free trade agreements are progressing. Australia, the GCC, Israel, Eurasia, and Brazil have all expressed interest in establishing free trade agreements with India. I’m hoping the India-UK Free Trade Agreement will be completed before Diwali “added Goyal.

He was speaking on Monday at the Greater Noida opening of the 67th India International Garment Fair. He noted that three businesses that India needs to develop are clothes, fashion jewelry, and MICE (Meetings, Incentives, Conferences, and Exhibitions).

In FY22, commerce between the UK and India was USD 16 billion (Apr-Feb). India’s 17th-largest commercial partner at the time was the UK. According to international law, a free trade agreement is a trade treaty that creates a free trade zone between collaborating governments.