FTA marks new phase in India-UK strategic trade relationship (Piyush Goyal)
New Delhi: Strategic and trade relations between India and the UK have been enhanced with the recent Free Trade Agreement (FTA) enacted between the two countries, according to Union Trade and Industry Minister Piyush Goyal, said Monday.
Previously, the outlines of the FTA had been considered when MP Anne-Marie Trevelyan, Secretary of State for International Trade and Trade Union Minister for Trade and Industry, Piyush Goyal met on January 13, 2022 for the 15th India-UK Joint Economic and Trade Commission meeting.
In addition, the Union Trade and Industry Minister said that India and the UK are committed to concluding negotiations on a comprehensive and balanced FTA, with the ambition to conclude negotiations on a full and balanced FTA. by the end of 2022, including consideration of an interim trade deal to secure quick wins. .
Furthermore, the Union Minister mentioned that India recognizes that the launch of the FTA marks a new phase in our strategic and commercial relations, bringing gains to both countries while building on the bilateral commitments that we have taken so far.
On 7 October 2021, India and the UK met for the fourth Multilateral Trade Dialogue (MTD) between the UK and India, to build mutual understanding and cooperation to further enhance the cooperation within the World Trade Organization (WTO).