Goyal Pushes Forward India-UK FTA Talks Amid Election Cycles

Commerce and Industry Minister Piyush Goyal met UK Secretary of State for Business and Trade Jonathan Reynolds in Italy to discuss advancing the stalled India-UK free trade agreement negotiations. The FTA discussions, which began in January 2022, have faced delays due to concurrent election cycles in both countries.

Commerce and Industry Minister Piyush Goyal met with UK Secretary of State for Business and Trade Jonathan Reynolds in Italy to discuss advancing the negotiations on the proposed free trade agreement (FTA) between India and the UK, according to an official statement released on Wednesday.

The bilateral meeting occurred on the sidelines of the G7 Trade Ministers' meeting held in Reggio Calabria, Italy. The India-UK FTA talks, which began in January 2022, were stalled as both countries entered their general election cycles.

Goyal extended congratulations to Reynolds on his new appointment and discussed plans for furthering bilateral economic relations. The FTA discussions aim to ease customs duties and promote trade in goods and services. However, pending issues remain in both sectors, with India seeking greater market access for its skilled professionals and goods, while the UK demands significant cuts in import duties on items like scotch whiskey and electric vehicles. Additionally, both nations continue to negotiate a bilateral investment treaty (BIT).

(With inputs from agencies.)