London: The visit of Union Minister of Commerce and Industry Piyush Goyal, who starts a two-day visit in London from Monday in the midst of ongoing free trade agreement (FTA) negotiations, shows “political will” to make progress towards an ambitious trade deal, a UK government source said.
Goyal will hold talks with his UK counterpart, Business and Trade Secretary Kemi Badenoch, during which the two ministers are expected to discuss ways to progress the India-UK FTA following the start of round 11 in London last Wednesday.
The latest round is expected to conclude Friday. The ministerial meeting marks Goyal’s first in-person meeting with Badenoch in London, having last met for talks in New Delhi in December last year during round six of the FTA negotiations.
“Goyal’s visit to the UK in the midst of a negotiation round shows there is political will to make progress towards an ambitious trade deal,” a UK government source said.
“The potential is clear – a strong trade deal will strengthen the economic links between the UK and India, already worth GBP 36 billion in 2022. But we will only sign when we have a deal that is in the best interests of the UK,” the source noted.
According to officials in the know, both sides have come forward with an ambitious set of asks and Goyal’s visit is seen as a welcome sign of the UK and India working together to make progress on the deal. Official sources here in Britain said the focus remains on working towards the best deal for both sides and an FTA will be signed only when there is a deal that is “fair, reciprocal and ultimately in the best interests of the British people and the UK economy”.
Earlier, the Ministry of Commerce issued a statement confirming Goyal’s two-day visit as coming at a “crucial juncture” when both countries are committed to expanding their economic ties and exploring avenues for enhanced bilateral trade.
“With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two nations,” the ministry’s statement read.
It highlighted that the focus of the visit will be on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology, innovation, and intellectual property rights.
However, Goyal’s visit will not only be focused on the ongoing India-UK FTA negotiations but also for a meeting with ministers from the European Free Trade Association (EFTA) member countries – Switzerland, Norway, Iceland, and Liechtenstein – to discuss the progress of the Trade and Economic Partnership Agreement (TEPA).
The TEPA aims to enhance trade and economic cooperation between India and the EFTA member countries, fostering an environment conducive to increased investments, reduced trade barriers, and greater market access.
The visit is pegged as reflective of the government’s determination to forge strong and mutually beneficial trade relationships that will not only benefit the economies of both India and the UK but also contribute to the overall prosperity and welfare of their respective citizens.
PTI