New Delhi, Feb 24 Commerce and Industry Minister Piyush Goyal on Monday made a strong case for easing visa rules for businesses and skilled professionals to boost bilateral trade and investments between India and the UK.
The remarks came in the backdrop of the decision to resume talks on the proposed India-UK Free Trade Agreement (FTA) which was announced by Piyush Goyal and his UK counterpart Jonathan Reynolds, who is on a three-day visit to India to boost bilateral economic ties.
India is also pushing for easier visa rules for skilled professionals hired by its companies investing in Britain as it looks to finalise a free trade pact with the UK. This is in addition to India’s longstanding pitch for more visas for Indian professionals such as IT professionals. Indian companies are the second biggest foreign investors in the UK, adding weight to New Delhi's push for hiring flexibility for its businesses.
Piyush Goyal indicated that under the pact, the two countries plan to open up services in a "big way" and also open up economies to attract more investments.
"We have also as a part of FTA proposed to open up each other's services sector while protecting the sensitivities that each country has, so that, that can open up new opportunities and obviously for all of this, business visas will be required and they will be linked to investments, to the services that are going to be opened up," Piyush Goyal said.
"So I don't see any difficulty in that. And if we both wish to expand our trade and investments, obviously we have to be faster and more liberal in our issuance of visas," he pointed out.
"All options are on the table. We are in active negotiations on three different aspects - the FTA, the Bilateral Investment Treaty, and a Double Contribution Convention Agreement. And all three are in parallel,” Piyush Goyal said while speaking at an event.
Reynolds said, " We have kickstarted negotiations for the UK and India FTA again. Through these talks we want to secure a mutually beneficial agreement," he said.
There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. While the UK is seeking a lowering of tariffs on goods such as electric vehicles and Scotch whisky, India wants easier visa rules for its professionals in the services sector to enter the UK.
Both Piyush Goyal and UK Business and Trade Secretary Jonathan Reynolds visited the National Crafts Museum.
“Explored India's rich crafts heritage at the National Crafts Museum along with @JReynoldsMP, UK Secretary of State for Business and Trade. From intricate textiles to live artisan demonstrations, it was a visual treat of our matchless legacy,” the minister posted on X.
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