New Delhi: India and the United Kingdom (UK) on Thursday (January 13) began talks on an ambitious free trade agreement at the 15th India-UK Joint Economic and Trade Committee.
Union Minister of Commerce and Industry Piyush Goyal and Britain’s Secretary of State for International Trade Anne-Marie Trevelyan met in New Delhi to formally begin talks on an agreement that could generate huge benefits for both countries.
India is one of the largest and fastest growing economies in the world.
A bold new deal will put UK businesses at the forefront of supplying India’s growing middle class, projected to grow to a quarter of a billion consumers by 2050, according to a UK government statement.
India is set to become the world’s third largest economy by 2050, with a population larger than that of the United States and the European Union, the statement said.
After Thursday’s meeting, Piyush Goyal tweeted, “Had a fruitful discussion with @AnnieTrev, Secretary of State for International Trade in the India-UK Joint Economic and Trade Committee.
Discussed increased market access, greater multilateral cooperation and full support for the ongoing FTA talks between I And ,
Had a fruitful discussion with the Secretary of State for International Trade @anytrave In the India-UK Joint Economic and Trade Committee.
Increased market access, greater multilateral cooperation and more . Full support for the ongoing FTA talks was discussed between pic.twitter.com/3KjS5aK4ZX
— Piyush Goyal (@PiyushGoyal) 13 January 2022
At the India-UK Joint Economic and Trade Committee, a range of business opportunities of mutual interest benefiting both India and the UK were discussed.
As reported by news agency ANI, Anne-Marie Trevelyan said that India and the UK aim to make the deal the deal of the future. “We aim to have this future-facing deal that accelerates the business we do together in cutting-edge areas that are reshaping the global economy,” she said.
Delhi: India, UK begin talks for a free trade agreement
“We aim to make this a future-facing deal, accelerating the business we do together in cutting-edge areas that are reshaping the global economy,” said UK Secretary of State for International Trade Anne-Marie Trevelyan says pic.twitter.com/QdcDM6iwEn
— ANI (@ANI) 13 January 2022
“We aim to double trade between our countries by the end of this decade. This is part of the UK’s ambitious agenda to strengthen its strategic and economic partnership with India as it seeks its rightful place as an economic superpower. continues to strengthen,” the UK Secretary of State for International Trade added.
Goyal said that those who understand the agreements believe that in a free trade agreement, both sides should win. “Our effort will be to bring new avenues of development for both the countries. We will expand trade between the countries to increase employment for both the countries,” the minister said.
Goyal said that they have decided to fix a timeline to focus on mutual benefit for both the parties. “We have decided to set a timeline focusing on mutual benefits for both parties. We look forward to working with the UK to conclude an interim agreement and a final free trade agreement as soon as possible. Ours The main focus is on building a genuine agreement,” Goyal said at the meeting.
The agreement is expected to generate huge benefits for both India and the UK and is expected to increase total trade in the UK to £28 billion per year by 2035.
According to the statement, the visit by UK representatives to India reflects their inclination towards the Indo-Pacific and marks the beginning of the ‘5 Star Year of Trade’.
The deal has the potential to nearly double UK exports to India. Plus, investments from Indian firms already support 95,000 jobs across the UK.
,