New Delhi [India], February 25 (HBTV): India and the UK have resumed negotiations on a Free Trade Agreement (FTA) between the two nations, the Ministry of Commerce and Industry announced on Monday.
The announcement was made by Union Commerce and Industry Minister Piyush Goyal and his UK counterpart, Jonathan Reynolds, who is in Delhi, the statement said.
Both sides have agreed to restart negotiations on a balanced, mutually beneficial, and forward-looking deal that promotes mutual growth and leverages the strengths of their complementary economies, it added.
Goyal expressed confidence that the two nations will make rapid progress in achieving their collective aspirations for trade, investment, and mutual prosperity.
‘I’m very confident that we will be able to make rapid progress to meet the collective aspirations for trade, investment, and the mutual prosperity of the people of the United Kingdom and India. It’s also very auspicious that we are restarting discussions today just before we celebrate Mahashivratri, the day after tomorrow, which marks the sacred union of Shiv and Shakti,’ Goyal said.
‘We showed him a lot of Shiv and a lot of Durga Shakti at the National Crafts Museum today. I think that is a great message. I would like to reaffirm our collective commitment to meeting the aspirations of the people and businesses. I would like to call this FTA a forward-looking, transparent, ambitious, equitable, balanced, and mutually beneficial agreement that will be a win-win for both our countries,’ he added.
The decision to resume negotiations follows a meeting between Prime Minister Narendra Modi and his UK counterpart, Keir Starmer, on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, in November 2024.
‘This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom, the Rt Hon Jonathan Reynolds, who is in Delhi. This announcement is an outcome of the discussions held at the level of the Prime Ministers of the two countries,’ the statement added.
According to a joint statement released by the ministry, India and the UK share a close partnership built through collaboration in security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance, and people-to-people contacts. At the core of this bilateral relationship is the shared goal of economic growth and sustainable development.
‘Both sides have agreed to resume negotiations towards a balanced, mutually beneficial, and forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. Strengthening the trading relationship between our two countries has the potential to unlock opportunities for businesses and consumers across both nations and deepen our already strong ties,’ it said.
The two leaders directed negotiators to work together to resolve outstanding issues in the agreement to ensure a fair and equitable trade deal.
Earlier in the day, Piyush Goyal and Jonathan Reynolds held a meeting in Delhi. Their discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring the agreement is balanced, ambitious, and mutually beneficial.
In a post on X, Goyal wrote, ‘Delighted to meet & welcome @JReynoldsMP, UK Secretary of State for Business and Trade, to Incredible India! Looking forward to an action-packed day of discussions.’
‘During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious, and mutually beneficial. Reaffirmed the commitment to strengthening trade and investment ties while unlocking new opportunities for businesses in both nations,’ he added.
The FTA was launched under the UK’s Conservative government in January 2022 but was paused when former Prime Minister Rishi Sunak called a general election.
‘Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer and a top priority for me and this government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track,’ Reynolds said in a statement released by the British High Commission in India before his meeting with Goyal.
Reynolds emphasized the UK government's commitment to fostering economic growth through strategic international partnerships, stating, ‘We are focused on accelerating economic growth across the UK by working closely with key global partners like India.’
(ANI)