FTA Not Possible With UK Before Two Years: Commerce Minister
FTA not possible with the UK before two years; many approaches have to be considered: Commerce Minister.
Commerce and Industry Minister Piyush Goyal believes that it may take at least two years for a free trade agreement (FTA) with Britain. This is because in doing any FTA many approaches have to be considered.
Regarding the FTA deadline between the two countries in a session organized by industrial organization CII on the India-UK business relationship after Brexit, Goyal said it would be a pleasure for them if the FTA is done by next year.
He said he believed that it would take two years even to grow at a fast pace.
At the same time, the session from Britain said that the two countries are moving towards the advanced business agreement which will prepare the roadmap of FTA in the future.
Goyal said that soon India and Britain will meet to set an FTA deadline.
Along with the UK, India wants to increase business and investment activities mainly in sectors such as security, food processing, chemicals, drugs and pharma, natural gas, and fintech.
Both countries have already agreed to work together in areas like education, health, environment, movement in each other’s country.
After the break-up of Britain from the European Union, India and Britain’s business relationship will be very important to each other.
Goyal said that India is looking at a business deal with Britain for like 20-20 matches. There have been several rounds of talks between the two countries recently.
Business relations will benefit both countries. Goyal said that the FTA is a very complex treaty and many consequences have to be kept in mind before executing it.
Given the experience of FTAs from different countries, one needs to be cautious before any further FTAs.
He said that in the next two weeks a new global tariff for the trade would come into force in Britain which would help to promote free trade partnership between the two countries.
