Piyush Goyal Calls For Advancing FTA Negotiations With UK During London Visit
Over the course of the week, Goyal is also expected to visit Oslo and Brussels to fast-track two other major free trade agreements with the respective regions.
Union Commerce and Industry Minister Piyush Goyal on Monday kicked off his three-city Europe tour in London, with talks with his British counterpart.
"Arrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations. In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds, to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties," Goyal posted on X.
The India-UK trade deal is said to be in its final stages, with fourteen rounds of negotiations having been completed since January 2022, and no further negotiation rounds scheduled.
The UK deal will be a tripartite one – comprising a free trade agreement (FTA), the bilateral investment treaty (BIT), and the double contribution convention agreement (DCAA).
Over the course of the week, Goyal is also expected to visit Oslo and Brussels to fast-track two other major free trade agreements with the respective regions.
Oslo will be critical as India and the European Free Trade Association (EFTA) — comprising Iceland, Liechtenstein, Norway, and Switzerland — are preparing to operationalise the Trade and Economic Partnership Agreement later this year. Under this pact, Indian markets will see reduced duties on products like Swiss watches, chocolates, and cut and polished diamonds.
In Brussels, Goyal will likely engage in talks aimed at progressing the India-EU FTA. Discussions may explore the possibility of an early harvest agreement ahead of a full pact.
