India is moving forward with talks on multiple free trade agreements and is hoping to finalize a deal with the UK by Diwali, commerce and industry minister Piyush Goyal said. Goyal was in the US for a ministerial meeting of the Indo-Pacific Economic Framework and for discussions with investors, also said that the government is hoping to reach an understanding with Canada by the end of the year. The second round of talks with the European Union are also expected soon.
The government was hoping to seal the agreement with the UK by August end, but political developments there have delayed it. “(The) political changes may have derailed by a few weeks, but I do hope (that) with Liz Truss assuming the premiership of UK, we may now be able to make up for some lost time (to conclude the FTA negotiations),” Goyal said. India and the UK had this January initiated FTA discussions to boost trade ties when Truss was the international trade secretary and Boris Johnson was the PM.
“We are at an advanced stage (of FTA talks) with the UK. Anne-Mary, who is currently the trade and investment minister, and I are in regular contact and we are shooting for an agreement between India and UK within the next few months, possibly by Diwali,” Goyal said. While the UK side is talking about its scotch and automobiles, India is pitching for goods where it has a competitive edge. “India has become one of the world’s attractive investment destinations and it is evident from the way world leaders and developed countries are making every effort to expand trade and investments into India and looking for bilateral agreement,” he added.
