Ministry says joint efforts highlights India-UK giving new dimension to promoting trade
Commerce and Industry Minister (CIM) Piyush Goyal and the UK Secretary of State for Trade Kemi Badenoch have identified low-hanging fruits, which included the closure of several chapters in the dragged negotiations of a Free Trade Agreement (FTA).
“This pragmatic approach was aimed at resolving issues where negotiators had encountered challenges,” said the Ministry of Commerce and Industry.
They have also explored opportunities for enhanced collaboration between the two nations trying to conclude the FTA for furthering bilateral trade.
The meeting between Goyal and Badenoch was marked by a shared understanding and a commitment to advancing mutual interests, the Ministry said on 12 July 2023
Goyal, in London 10-12 July, also engaged with several highly placed politicians, government officials and industry leaders and had crucial discussions to strengthen the India-UK trade relationship.
The visit was strategically timed, coinciding with the critical stage of ongoing negotiations and proved to be instrumental in moving the discussions forward, said the Ministry.
The visit proved to be critical in overcoming crucial obstacles and charting a path forward towards an ambitious and mutually beneficial trade deal.
Recognizing India’s vast population of 1.4 billion and its remarkable economic growth, both ministers acknowledged the immense potential of the Indian market for the United Kingdom.
Furthermore, Goyal had a productive discussion with Douglas McNeill, the Chief Economic Advisor to the UK Prime Minister. The meeting highlighted the joint efforts of India and the UK in giving a new dimension to their relationship and promoting trade between the two nations, the Ministry said.
Both parties acknowledged the positive outcomes achieved through collaborative initiatives and expressed optimism for the future.
It is noteworthy that McNeil had visited New Delhi during the last Round and had meeting with senior officers and ministers.
During the visit he also interacted with businesses and industry and had a Business Roundtable involving stakeholders of various sectors of mutual interest for India and the UK.
He had urged the businesses in India and the UK to take advantages of various initiatives of Government of India. He also interacted with the members of UK chapter of Institute of Chartered Accountants of India.
The discussions held during Goyal’s this visit reflected a strong commitment from both sides to forge a closer partnership and explore avenues for trade promotion.
The progress made during the visit sets a solid foundation for further strengthening bilateral relations and achieving mutually beneficial outcomes, the Ministry said. Fiinews.com
