London: Commerce and Industry Minister Piyush Goyal arrived in London Monday morning at the start of a five-day three-city tour, also covering Oslo and Brussels, to drive forward trade and investment dialogues with the UK and Europe.
The minister, who is accompanied by a business delegation of leading Indian companies, is expected to hold a series of high-level talks with UK government ministers and officials. During a meeting with his UK counterpart, Jonathan Reynolds, the duo are scheduled to take stock of the ongoing Free Trade Agreement (FTA) negotiations, believed to be approaching their final stages.
“This government is committed to doing the right deal with India which will improve access for UK businesses, cut tariffs, and make trade cheaper and easier,” a UK Department for Business and Trade (DBT) spokesperson said ahead of the ministerial meeting.
“Talks have been ongoing since they were relaunched in February, and we will only sign a deal that is in the best interests of the British people and drives growth across the UK,” the spokesperson said.
The relaunch of the negotiations, following a hiatus for general elections in both countries last year, is aimed at clinching an agreement that is expected to significantly enhance the estimated GBP 41 billion a year India-UK trade partnership.
Goyal’s visit comes soon after Finance Minister Nirmala Sitharaman’s London visit earlier this month, when she had highlighted a “great sense of positivity and also eagerness and a dedication” to have the FTA conclude “sooner rather than later”.
According to officials close to the discussions, the talks have been progressing at speed with some of the remaining issues expected to be ironed out at the ministerial level.
From the UK, Goyal is scheduled to leave for Oslo where he is expected to review progress of the Trade and Economic Partnership Agreement (TEPA) signed with the European Free Trade Association (EFTA) members which include Iceland, Liechtenstein and Switzerland besides Norway.
For the final leg of his Europe tour, the minister is scheduled for meetings in Brussels, expected to revolve around ongoing trade negotiations with the 27-member European Union (EU).
It follows European Commission President Ursula von der Leyen’s visit to India in February, when both sides announced plans to sign a free trade deal by the end of this year.
PTI
