India and the UK have agreed to accelerate the ongoing free trade agreement (FTA) negotiations, as stated by Union Minister of Commerce and Industry Piyush Goyal on Tuesday.
Goyal, currently visiting the UK, announced on Twitter that he and his UK counterpart, Business and Trade Secretary Kemi Badenoch, have agreed to continue working towards a mutually beneficial deal. The 11th round of FTA talks between India and the UK began last Wednesday and is expected to conclude on Friday.
After meeting with Kemi Badenoch in London, Goyal tweeted, “Discussed how both sides can further advance the India-UK Free Trade Agreement negotiations for a mutually beneficial deal.”
A UK government source mentioned that the visit of the senior Indian minister to the UK during the negotiation round demonstrates the “political will to make progress towards an ambitious trade deal.”
Stakeholders close to the discussions revealed that Goyal will be engaging in extensive discussions in the UK to boost the FTA negotiations, as both sides believe they are close to reaching an agreement.
The Ministry of Commerce confirmed Goyal’s visit to the UK at a “crucial juncture” when both countries are looking to expand their economic ties and enhance bilateral trade.
The purpose of the visit is not only to focus on the India-UK FTA negotiations but also to meet 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).
