In the presence of British International Trade Secretary Anne-Marie Trevelyan, Union Minister of Commerce and Industry Piyush Goyal inaugurated the discussions between India and the UK for a Free Trade Agreement (FTA) between the two nations on Thursday.
The FTA talks in New Delhi are anticipated to help India and the United Kingdom achieve their goal of tripling bilateral trade by 2030, which was established by the Prime Ministers of both countries, Narendra Modi and Boris Johnson, in May 2021.
According to him, the diversified Indian diaspora in the UK, which acts as a "Living Bridge," adds to the dynamic of the two nations' ties.
According to the minister, the FTA with the United Kingdom would give clarity, predictability, and transparency, as well as a more liberal, facilitative, and competitive services environment.
Also read: Modi in UK: 3rd largest investor India
"We expect our exports of leather, textiles, jewellery, and processed agricultural items to expand as a result of the FTA discussions with the United Kingdom." The registration of 56 marine units in India is also projected to result in a significant increase in the export of marine items.
In the pharmaceutical industry, mutual recognition agreements (MRAs) might enable extra market access. Exports in service industries such as IT/ITES, nursing, education, and healthcare, including AYUSH and audio-visual services, have a lot of room to grow. India will also seek specific provisions for the mobility of its citizens, according to Goyal.
Goyal noted that the UK is India's largest trading partner.Business Upturn/wikipedia
Following the announcement of the FTA, the minister stated that the two countries will engage in proactive and frequent dialogue to discuss the scope and breadth of the trade agreement.
Goyal noted that the UK is India's largest trading partner, with significant bilateral trade in goods and services. He added that the two countries are looking forward to a mutually beneficial trade deal with balanced concessions and market access in a wide range of sectors, with cooperation extending across areas such as tourism, technology, startups, education, and climate change.
Goyal stated that improving sectoral collaboration by addressing market access challenges and abolishing trade impediments will assist both countries generate direct and indirect jobs.
"We want to unlock this big new market (provided by India) for our great British producers and manufacturers across a wide range of industries from food and drink to services and automotive," Trevelyan said before departing London.
"India marks the start of our ambitious 5-star year of UK trade, and it will demonstrate how the agreements we reach will benefit all nations' economy."
(IANS/PR)
(Keywords: India-UK, free trade negotiations, mutual recognition agreements (MRAs), FTA)