India And UK Resume FTA Talks, Aiming For Mutually Beneficial Trade Deal News24 –

India and the UK have resumed talks towards a free-trade agreement between the two countries, the commerce and industry ministry announced on Monday. Piyush Goyal, Union Commerce and Industry Minister, and Jonathan Reynolds, United Kingdom’s Minister who is in Delhi, have initiated this announcement, it said.

Both parties have agreed to resume the negotiations towards sticking to the fundamental aspects while trying to strike a fair, mutually beneficial deal that would result in growth on both ends and build on the autarkic strengths of the two economies, stated the release. Goyal expressed the confidence that India and the United Kingdom would be able to make rapid strides on the journey of meeting trade investment and prosperity aspirations for their peoples. 

Piyush Goyal said, “I’m very confident that we will be able to make rapid progress to meet the collective aspirations for trade, investment and the mutual prosperity of the people of the United Kingdom and India. It’s also very auspicious that we are restarting discussions today just before we celebrate Mahashivratri, day after tomorrow, which is the sacred union of Shiv and Shakti.

“We showed him a lot of Shiv and a lot of Durga Shakti at the National Crafts Museum today. I think that is a great messaging. I would like to reaffirm our collective commitment to meet the aspirations of the people and businesses. I would like to call this FTA a forward-looking, transparent and ambitious, equitable, balanced and mutually beneficial agreement which will be a win-win for both our countries,” he added.

The decision of two nations comes after Prime Minister Narendra Modi and his UK counterpart Keir Starmer met on the sidelines of the G20 Summit in Brazil’s Rio de Janeiro in November 2024 to underline the importance of resuming trade negotiations at an early date.

“This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Rt Hon Jonathan Reynolds who is in Delhi. This announcement is an outcome of the above stated discussions held at the level of Prime Ministers of the two countries,” it added.

According to the joint statement released by the ministry, the two nations share a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. At the centre of this bilateral relationship is the collective aspiration to deliver economic growth and sustainable development.

“Both sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. The strengthening of the trading relationship between our two countries has the potential to unlock opportunities for business and consumers across both our nations and build further on our already deep ties,” it said.

The two leaders directed the negotiators to work together to resolve the outstanding issues in the agreement to ensure a fair and equitable trade deal for shared success. Earlier in the day, Piyush Goyal and Jonathan Reynolds held a meeting in Delhi. The discussions between two leaders focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial.

In a post on X, Goyal wrote, “Delighted to meet & welcome @JReynoldsMP, UK Secretary of State for Business and Trade, to Incredible India! Looking forward to an action-packed day of discussions.” “During the meeting, our discussions focused on advancing the India-UK Free Trade Agreement negotiations and ensuring that the agreement is balanced, ambitious and mutually beneficial. Reaffirmed the commitment to strengthening trade and investment ties while unlocking new opportunities for businesses in both nations,” he added.

The FTA was launched under UK’s Conservative government in January 2022 and was paused when former Prime Minister Rishi Sunak called the general election.
“Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government.

That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track,” Reynolds said in a statement released by the British High Commission in India prior to meeting with Piyush Goyal today. Reynolds emphasized the government’s dedication to fostering economic growth through strategic international partnerships, stating, “We are focused on accelerating economic growth across the UK by working closely with key global partners like India.”