India-UK free trade agreement to boost jobs, investments, exports
Dec 13, 2022
New Delhi [India], December 13 : Union Commerce and Industry Minister Piyush Goyal on Tuesday held a meeting with UK Secretary of State for International Trade Kemi Badenoch in New Delhi to discuss India-UK free-trade agreement (FTA) negotiations.
According to the Ministry of Commerce and Industry, discussions were carried out on the India-UK FTA negotiations and the range of bilateral trade and economic relations. Both Ministers reaffirmed their commitment to the ongoing India-UK FTA negotiations which would unlock the full potential of boosting jobs, investments and exports between the two countries.
Notably, the sixth round of India-UK FTA negotiations is presently underway in New Delhi. It was agreed by the two countries that the negotiations will continue further with the aim to conclude the same at the earliest.
The Ministers urged the negotiating team to work together with an aim to iron out the differences in the spirit of mutual accommodation based on the principle of reciprocity and respect for each other's sensitivities, for a balanced, mutually beneficial, fair and equitable outcome, said the Ministry statement.
The bilateral meeting was followed by the interaction of the two ministers with India and the UK Businesses.
Piyush Goyal mentioned that India and UK investment and economic relations are already strong and have grown over the years. India has adopted an export-led strategy to spin its growth story which is inclusive and sustainable.
The Indian government has also come out with many policies and reforms including the PLI scheme, National Infrastructure Pipeline, Development Finance Institution and privatization of non-strategic sectors PSU.
Further, various Ease of Doing Business initiatives have been taken including digitization of processes and clearances, simplification of procedures, weeding out of old and archaic laws, etc. Goyal urged the businesses in India and the UK to take advantage of these initiatives for the economic prosperity of both countries.
