India-UK trade pact to open floodgates for business, strengthen bilateral ties: Piyush Goyal
London/New Delhi, June 26 Union Commerce and Industry Minister Piyush Goyal on Friday said the India-UK Comprehensive Economic and Trade Agreement will open the floodgates for greater trade, investment and business opportunities, describing the pact as a comprehensive partnership that goes beyond conventional trade in goods and services and further strengthens India-UK ties.
Speaking to reporters in London, Goyal said there was a "great deal of optimism" among businesses in both countries regarding the agreement.
He noted that he had arrived in the UK with the largest-ever Indian business delegation to travel overseas with a Union minister, comprising nearly 170 entrepreneurs and industry representatives from various sectors and regions of India.
"There's a lot of excitement in the UK, there's a great deal of optimism both amongst businesspersons in India and the UK," Goyal said, adding that the agreement had generated strong interest among companies seeking to expand bilateral business ties.
The minister said he held extensive discussions with British businesses as well as members of the Indian delegation and expressed confidence that the agreement would prove beneficial for both nations. According to him, the India-UK trade pact extends beyond traditional trade in goods and services and offers a comprehensive framework for long-term economic cooperation.
"I feel redeemed in some sense that what we have finalised as the India-UK Comprehensive Economic Trade Agreement is a partnership that is good for both countries, is full of potential, and goes beyond the typical trade in goods and services," he said.
Goyal expressed hope that the agreement would open the floodgates for increased trade and investment while further strengthening the strategic partnership between India and the UK.
Speaking about India's trade negotiations with the United States, Goyal said that the US Trade Representative had recently visited India and that both sides held extensive engagements over the proposed bilateral trade agreement. He said India and the US were broadly in agreement on most aspects of the proposed deal.
"The USTR, my counterpart from the US, was in India for the last three days. We had extensive engagements, and broadly, we are in agreement on most aspects of the trade deal," he said.
— IANS
Reader Comments
About time! The UK has always been a key partner for India. This deal should help our tech and pharma sectors especially. Let's just make sure we don't end up signing anything that hurts our farmers or local industries.
It's encouraging to see India and the UK deepening trade ties. As someone working in finance in London, I can see a lot of potential for cross-border investments and financial services collaboration. A win-win for both economies.
Honestly, I'm tired of these fancy announcements. Where is the actual implementation? Our traders and exporters have been waiting for years. Let's see the real benefits on the ground, not just press releases from ministers.
As a small business owner in textiles, I hope this means easier access to UK markets. But we need clarity on tariffs and quotas. The devil is always in the details!
This is exciting for Indian students and professionals too! Hopefully, the deal will also include easier visa norms and mutual recognition of qualifications. Business is not just about goods, it's also about people and skills.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.