New Delhi [India], February 24 : India and the UK have resumed negotiations towards a Free Trade Agreement (FTA) between the two nations, the Ministry of Commerce and Industry said in a statement on Monday.
This announcement has been made by the Union Commerce and Industry Minister Piyush Goyal and his UK counterpart Jonathan Reynolds who is in Delhi, the statement said.
The two sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of two complementary economies, it said.
Goyal expressed confidence that the two nations will be able to make rapid progress to meet the collective aspirations for trade, investment and mutual prosperity of the people of the two nations.
Piyush Goyal said, "I'm very confident that we will be able to make rapid progress to meet the collective aspirations for trade, investment and the mutual prosperity of the people of the United Kingdom and India. It's also very auspicious that we are restarting discussions today just before we celebrate Mahashivratri, day after tomorrow, which is the sacred union of Shiv and Shakti.
"We showed him a lot of Shiv and a lot of Durga Shakti at the National Crafts Museum today. I think that is a great messaging. I would like to reaffirm our collective commitment to meet the aspirations of the people and businesses. I would like to call this FTA a forward-looking, transparent and ambitious, equitable, balanced and mutually beneficial agreement which will be a win-win for both our countries," he added.
https://x.com/PiyushGoyal/status/1893908356667990438
The decision of two nations comes after Prime Minister Narendra Modi and his UK counterpart Keir Starmer met on the sidelines of the G20 Summit in Brazil's Rio de Janeiro in November 2024 to underline the importance of resuming trade negotiations at an early date.
"This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Rt Hon Jonathan Reynolds who is in Delhi. This announcement is an outcome of the above stated discussions held at the level of Prime Ministers of the two countries," it added.
According to the joint statement released by the ministry, the two nations share a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. At the centre of this bilateral relationship is the collective aspiration to deliver economic growth and sustainable development.
"Both sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. The strengthening of the trading relationship between our two countries has the potential to unlock opportunities for business and consumers across both our nations and build further on our already deep ties," it said.
The two leaders directed the negotiators to work together to resolve the outstanding issues in the agreement to ensure a fair and equitable trade deal for shared success.
Earlier in the day, Piyush Goyal and Jonathan Reynolds held a meeting in Delhi. The discussions between two leaders focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial.
In a post on X, Goyal wrote, "Delighted to meet & welcome @JReynoldsMP, UK Secretary of State for Business and Trade, to Incredible India! Looking forward to an action-packed day of discussions."
"During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial. Reaffirmed the commitment to strengthening trade and investment ties while unlocking new opportunities for businesses in both nations," he added.
https://x.com/PiyushGoyal/status/1893959788754600373
The FTA was launched under UK's Conservative government in January 2022 and was paused when former Prime Minister Rishi Sunak called the general election.
"Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I'm flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track," Reynolds said in a statement released by the British High Commission in India prior to meeting with Piyush Goyal today.
Reynolds emphasized the government's dedication to fostering economic growth through strategic international partnerships, stating, "We are focused on accelerating economic growth across the UK by working closely with key global partners like India."
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