India-UK FTA talks intensified, confirms MEA
India would accord top priority to national interest in Free Trade Agreement (FTA) negotiations, Commerce and Industry Minister Piyush Goyal said on 7 Oct 2022.
“FTAs to be entered into after thorough consultation with all stakeholders including industry and the government will not diverge from this approach for the sake of deadlines,” said the Minister after a review of the country’s Export Performance in the first six months of this financial year.
Separately, the Ministry of External Affairs (MEA) said intensive discussions are going on for India’s FTA negotiations with the United Kingdom.
New Delhi was aiming to sign the UK FTA with around Diwali, a festival of lights celebrated across the country. Diwali will be celebrated 22-24 Oct 2022.
“As we have said before, there is interest on both sides to conclude the free trade agreement at the earliest… I think Diwali was set as a goal, but that’s only a goal,” MEA spokesperson Arindam Bagchi said at a media briefing.
According to media reports, the MEA’s comments came in the backdrop of UK Home Secretary Suella Braverman expressing reservations over the proposed pact on the grounds that it could increase immigration to the UK and go against the goals of Brexit.
Meanwhile, Goyal has emphasised on sustaining the export momentum and said that the interaction with Export Promotion Councils has given the confidence that Indian exports will be able to wither the global headwinds and will surpass last year’s exports by a big margin.
He added that India must keep prospecting for new opportunities in the world market and utilize all such possible chances to expand trade.
He also emphasised on doing a deep dive of services import and see the areas and sectors in which they are increasing.
The industry participants were assured that the Government is committed to address issues raised by them.
While concluding the session, he urged the trade and industry to implement innovative ways of marketing, increase quality standards and take full benefit of FTAs to achieve higher export growth in this financial year. fiinews.com
