UK officials laud Piyush Goyal for leading from the front on India-UK FTA
New Delhi, July 15
British officials have credited India's negotiating team, led by Commerce and Industry Minister Piyush Goyal, for the successful conclusion of the India-UK Free Trade Agreement, even as they admitted the talks were an "emotional roller coaster ride."
Speaking on the challenges faced during the negotiations, a UK official said the two sides had pushed for both speed and substance. "We threw everything at it to make sure that we negotiated as comprehensive a deal as we possibly could. We really wanted a great deal with India, but we also wanted it fast," the official said.
Praising the Indian side, the official said, "One of the most challenging things is that India has a phenomenal negotiating team, and I'm really proud of the fact we also have a phenomenal negotiating team. But at times it was quite a challenge."
In a light-hearted comparison, the official said Goyal brought a rare mix of skills to the table.
"The emotional roller coaster ride that Minister Goyal took us all on. He is a man who combines phenomenal political skills and amazing legal and accounting expertise with the acting skills of Shahrukh Khan," the official said, adding that both sides' ministers had negotiated in a manner that delivered "a brilliant deal for both sides."
On the sensitive issue of the extradition of financial fugitives to India, the UK official said London remains mindful of New Delhi's position. "We take each other's concerns seriously," the official said.
On the economic impact of the trade pact, officials said no fixed target had been set for the first year but expressed confidence in long-term gains. "We don't have a specific target for the first year, but in the long run, we're expecting bilateral trade to increase by over 25 billion pounds a year. So it's really big for us, and that's from a base where it's worth 48 billion already. We've already seen it grow by 4 billion pounds per year, in anticipation of this deal," the official said.
On the European Union's Carbon Border Adjustment Mechanism (CBAM), officials clarified that it remained a distinct matter from the FTA. "CBAM is a separate issue. It's an issue of helping UK industries decarbonise and setting them incentives for that. We have heard the ending position, and we're respectful of that," the official said.
The India-UK FTA, described by officials on both sides as one of the most significant trade pacts in recent years, is expected to substantially deepen economic ties between the two nations.
— ANI
Reader Comments
Great to see the UK acknowledging India's strength at the table. The extradition issue is a big win too - finally some accountability for those who flee India. But I hope the CBAM issue gets more attention; it could hit Indian exports hard if not handled properly.
Emotional roller coaster? Sounds like every Indian family wedding! 😂 But seriously, this FTA is massive for MSMEs in India - access to UK markets, lower tariffs, better tech transfer. Hope the benefits trickle down to small businesses and not just big corporates. Well played, India!
The "phenomenal negotiating team" comment makes me proud. We often get dismissed in trade talks, but here we are leading the charge. However, I wish the article had more details on what India actually got in return - are we getting better visa access for our students and IT professionals? That would be the real win.
Excellent diplomacy from both sides. The £25 billion annual boost projection is encouraging. I particularly appreciate the UK's sensitivity on extradition - it's about time fugitives find no safe haven. Let's hope this sets a template for India's other FTA negotiations with the EU and Australia.
"Emotional roller coaster" - I can imagine Goyal ji's passion in those rooms! But let's not get carried away by the praise. The real test will be implementation. The CBAM issue is a ticking time bomb for Indian exports, and I hope the FTA doesn't become a one-sided love story where India opens up but gets little in return for its farmers and small manufacturers.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.