Piyush Goyal holds talks on free trade pact with UK counterpart J. Reynolds

London, April 28 (IANS) Commerce and Industry Minister Piyush Goyal held a meeting with the UK Secretary of State for Business and Trade J. Reynolds here on Monday to advance Free Trade Agreement negotiations between India and the UK.

The Indian minister termed the meeting with his British counterpart “as productive” and part of the commitment to deepen India-UK economic ties.

"Arrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations. In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade J. Reynolds to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties," Goyal said on X, after the meeting.

The Indian Commerce Minister is on a five-day visit to London, Oslo, and Brussels for strengthening India’s trade and investment relations with the UK, Norway, and the European Union and quicken trade deals with key nations amid the dramatic tariff hikes announced by US President Donald Trump that have triggered a global trade war.

The visit started on Monday with the London leg of the trip aimed at wrapping up the negotiations for the proposed free trade agreement between India and the UK, as talks have entered the last lap.

India and UK are looking to conclude talks for the proposed FTA sooner as international trade is expected to to face challenges on steeper tariffs from the US.

There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.

India and the UK decided to restart negotiations, in February this year, for the FTA almost a year after talks stalled in May 2024 ahead of the UK general elections which saw the Labour Party coming to power.

The visit to Oslo comes in the backdrop of India having signed a comprehensive free trade agreement with the four-nation European bloc EFTA in March last year. It is expected to be implemented this year. The European Free Trade Association (EFTA) comprises Iceland, Liechtenstein, Norway, and Switzerland.

The two sides signed the Trade and Economic Partnership Agreement (TEPA) in March, last year. India has received a commitment of a $100 billion investment over 15 years from the grouping, while allowing products such as Swiss watches, chocolates, and cut and polished diamonds from the region to come into the country at lower or zero duties as part of the agreement.

Negotiations have also picked up momentum for a trade agreement with the 27-nation European Union (EU). India and the EU are exploring the possibility of an early harvest agreement before finalising a comprehensive pact. The 11th round of negotiations between the two sides is scheduled from May 12–16 in New Delhi.

Goyal had said earlier this month that concrete steps are needed to remove existing trade barriers for speeding up the talks to sign a Free Trade Agreement (FTA) between India and the European Union.

--IANS

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