India-UK Free Trade Agreement: A New Era of Economic Collaboration
Strengthening Economic Ties Between India and the UK
London, June 19: Piyush Goyal, the Union Minister for Commerce and Industry, emphasized the advancements and execution of the India-UK free trade agreement during his speech at the India Global Forum (IGF) in London. He noted the potential of this agreement to enhance business relationships and open new investment opportunities for both countries.
While addressing the IGF alongside his UK counterpart Jonathan Reynolds, Goyal pointed out the significant prospects that India's growth narrative presents for the UK, suggesting that businesses from both nations can utilize their complementary strengths for mutual benefit.
He described the free trade agreement as a 'good marriage' between the two nations, predicting that it would lead to a doubling of bilateral trade within the next five years.
Goyal highlighted that such an agreement fosters stability and predictability in the bilateral relationship, which in turn instills confidence in businesses to invest in each other's markets. He believes this will facilitate increased investments in both economies.
Furthermore, he stated, 'India and the UK can collaborate on innovation to create more resilient supply chains, complementing each other and enhancing value and profits for both nations.'
Reynolds expressed his genuine enthusiasm regarding the opportunities that the India-UK free trade agreement will create.
During his two-day visit to the UK, Goyal also engaged in a bilateral discussion with Reynolds focused on the implementation of the free trade agreement.
After their meeting, Goyal remarked, 'We had a fruitful negotiation session with UK Secretary of State for Business and Trade Jonathan Reynolds, reaffirming our shared objective of executing a comprehensive and mutually advantageous Free Trade Agreement that aligns with the aspirations of both countries.'
Additionally, Goyal mentioned having an insightful conversation with Lisa Nandy, the UK's Secretary of State for Culture, Media and Sport, where they explored opportunities for enhanced cultural collaboration and creative exchanges, which are vital components of their dynamic bilateral relationship.