FTA to benefit small, medium and micro-enterprises in both nations, says Goyal
Minister of Commerce and Industry Piyush Goyal and the International Trade Secretary Anne-Marie Trevelyan have launched Free Trade Agreement negotiations to double India and the United Kingdom bilateral trade by 2030.
“The India-UK FTA will also contribute in integrating value chains and help augment our mutual efforts to strengthen the resilience of supply chains,” said Goyal, expressing his happiness at the successful conclusion of discussions in a timely manner to announce the launch of the FTA negotiations on 13 Jan 2022.
The Minister informed that it was also agreed to explore the possibility of an Interim Agreement during the FTA negotiations to provide quick gains for benefitting businesses in both nations.
“Our endeavour is to deliver a comprehensive, balanced, fair and equitable FTA, to benefit our small, medium and micro-enterprises in both nations,” he said following a meeting with the visiting Secretary Trevelyan in New Delhi.
The FTA is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime, he stressed.
“The FTA negotiations with the UK is expected to increase our exports in Leather, Textile, Jewellery and processed Agri products. India is also expected to register a quantum jump in the export of Marine Products through the recognition of 56 marine units of India,” said Goyal.
The Minister said that the Mutual Recognition Agreements (MRAs) on Pharma could provide additional market access.
There is also great potential for increasing exports in service sectors like IT/ITES, Nursing, education, healthcare, including AYUSH and audio-visual services.
India would also be seeking special arrangements for movement of its people, he added.
Goyal assured that subsequent to the unveiling of FTA, the two nations would proactively and regularly engage with each other, for deliberating on the scope and coverage of the trade deal.
Observing that the UK was a major trade partner of India with substantial bilateral volume of trade in goods and services, Goyal said that the cooperation extended across areas like tourism, tech, startups, education, climate change, among others.
The two nations were looking forward to a mutually beneficial trade deal with balanced concessions and market access package in a wide range of sectors.
Calling for the enhancement of sectoral cooperation by addressing market access issues and removing trade restrictions, Goyal said that it would help generate direct and indirect employment in both nations.
The Minister said that the India-UK FTA will also contribute in integrating value chains and help augment mutual efforts to strengthen the resilience of supply chains in the two countries. fiinews.com
