Goyal-Truss discussed FTA and other trade matters
India and the UK are aiming to launching their Free Trade Agreement (FTA) negotiations by November 2021, looking at Interim Agreement as priority and later a Comprehensive Agreement, to unlock extra ordinary business opportunities and generate jobs.
Commerce and Industry Minister Piyush Goyal and his British counterpart Secretary of State Elizabeth Truss discussed the proposed FTA and other trade matters on 14 Sept 2021.
Both sides have renewed their commitment to boosting trade in a manner which benefits all.
There is tremendous interest in the business community in both countries about this FTA, said Goyal, pointing out that since the ‘Declaration’ on launch of Enhanced Trade Partnership, announced by the Prime Ministers on 4 May 2021, both countries have made substantial progress on various aspects of the partnership.
The Minister said that there is keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides.
Goyal added that Substantial work has already been done and extensive stakeholder consultations have been held involving Industry and Business associations, Export Promotion Councils, Buyers and Sellers Associations, Regulatory Bodies, Ministries and Departments as well as public research bodies among others.
The Minster said that Business Working Groups (BWGs) for different tracks have been formed to understand ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by September 2021.
Goyal said that he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and would “put us in a better position when both sides begin their Joint Scoping discussions on 1 October 2021” and launch negotiations in November.
He said that an Interim Trade Agreement, as a first step of an FTA, would allow both countries to immensely benefit from the early gains of the partnership.
In services, certain services of mutual interest may be included in the Interim Agreement through request offer approach wherein “we may include priority sectors which are immediately deliverable. If necessary, we may also explore signing of few Mutual Recognition Agreements in selective services like nursing and architecture services”.
Goyal emphasised upon the need to strike a balance between commitments and concessions in goods and services. #exports #trade #economies #investment /fiinews.com
