Piyush Goyal Praises India-UK Free Trade Agreement as a Bold, Future-Ready Initiative
Following the recent conclusion of the India-UK Free Trade Agreement (FTA), Commerce Minister Piyush Goyal has hailed the initiative as a significant step towards fostering economic growth, innovation, and job creation in India. The agreement, finalized on Tuesday, was acknowledged by both Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer as a pivotal development that promises to enhance trade and investment between the two nations.
Details of the Agreement
The India-UK Free Trade Agreement, along with a Double Contribution Convention, marks a historic milestone in the bilateral relationship between the two countries. Commerce Minister Piyush Goyal emphasized that this agreement reflects India’s growing economic stature on the global stage. He stated that under the leadership of Prime Minister Modi, India has achieved another significant milestone. The FTA aims to unlock new avenues for growth, create jobs, and stimulate innovation, aligning with the vision of a developed India by 2047.
Negotiations for the FTA began on January 13, 2022, and involved multiple rounds of discussions before reaching this final agreement. The concluding talks were held recently in London between UK Business and Trade Secretary Jonathan Reynolds and Minister Goyal, following a relaunch of negotiations two months prior. Both nations have worked diligently since February to finalize the terms of the agreement, which encompasses a wide range of goods and services.
Leaders’ Perspectives
In a recent telephone conversation, Prime Minister Modi and Prime Minister Starmer celebrated the successful completion of the FTA and the Double Contribution Convention. They recognized this achievement as a vital component of their Comprehensive Strategic Partnership, which aims to enhance trade, investment, and employment opportunities in both countries. The leaders expressed optimism that these agreements would foster new business opportunities and strengthen cultural ties between India and the UK.
Prime Minister Modi described the deal as a “historic moment” and emphasized its mutual benefits. He expressed delight in speaking with Prime Minister Starmer and highlighted the ambitious nature of the agreements. Modi stated that these landmark initiatives would deepen the Comprehensive Strategic Partnership and act as a catalyst for trade, investment, and job creation in both economies. He also looked forward to welcoming Prime Minister Starmer to India in the near future.
Impact on Bilateral Trade
The comprehensive FTA is designed to significantly boost bilateral trade between India and the UK. It aims to create employment opportunities and improve living standards for citizens in both nations. By facilitating the exchange of goods and services, the agreement is expected to enhance economic connections and foster a more integrated market environment.
Both countries anticipate that the FTA will lead to increased investment flows and innovation, ultimately benefiting their respective economies. The agreement is seen as a strategic move to strengthen economic ties and promote collaboration in various sectors, including technology, manufacturing, and services. As India continues to emerge as a key player in the global economy, the FTA with the UK is poised to play a crucial role in shaping future trade relations.
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