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Last updated: July 12, 2023, 02:11 AM IST
London, United Kingdom (UK)
Goyal, who is on a short visit to the UK, met his British counterpart, Business and Trade Minister Kemi Badnoch, to discuss the mutually beneficial deal.
India and the UK aim to expedite the FTA negotiations to reach a mutually beneficial agreement as Trade Minister Piyush Goyal meets his British counterpart.
Union Trade and Industry Minister Piyush Goyal said on Tuesday that India and the UK have agreed to add impetus to the ongoing Free Trade Agreement (FTA) negotiations.
Goyal, who is on a short visit to the UK, took to Twitter after meeting his British counterpart – Business and Trade Minister Kimi Badinosh – to say they agreed to continue working towards a mutually beneficial deal. India and the UK kicked off the 11th round of FTA talks last Wednesday, which is expected to conclude on Friday.
He held a meeting with British Secretary of State for Business and Trade Kimi Badnoch in London. We discussed how both sides can add more momentum to the India-UK FTA negotiations for a mutually beneficial deal,” Goyal said on Twitter.
This came a day after a British government source said that the high-level Indian ministerial visit to the UK in the midst of a round of negotiations shows that there is “political will to make progress towards an ambitious trade deal”.
“The potential is clear – a solid trade deal that will strengthen economic ties between the UK and India, which are already worth £36 billion in 2022. But we will only sign when we have a deal in the UK’s interest,” the source noted.
According to stakeholders close to the discussions, Goyal will hold wide-ranging discussions while in the UK to add momentum behind the FTA as both sides feel they are within walking distance of an agreement.
Last week, the Ministry of Commerce issued a statement confirming that Goyal’s visit to the UK comes at a “critical juncture” when both countries are committed to expanding their economic ties and exploring ways to boost bilateral trade.
“With the FTA negotiations gaining momentum, the visit aims to advance the discussions further and pave the way for a comprehensive and mutually beneficial agreement that will advance economic growth and strengthen relations between the two countries,” the ministry’s statement read.
The visit will not only focus on the ongoing Free Trade Agreement negotiations between India and the UK, but will also include a meeting with ministers from the European Free Trade Association (EFTA) member states – Switzerland, Norway, Iceland and Liechtenstein – to discuss progress on trade. and the Economic Partnership Agreement (TEPA).
(This story was not edited by the News18 staff and was published from a syndicated news agency feed – PTI)
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