India, UK Begin FTA Negotiations Again, Says Commerce & Industry Minister Piyush Goyal

Union Minister of Commerce & Industry, Piyush Goyal met with UK Business and Trade Secretary, Jonathan Reynolds, on Monday, as the latter is on a three-day visit to India.

Union Minister of Commerce & Industry, Piyush Goyal, on Monday said that India and the UK have decided to restart negotiations for a Free Trade Agreement (FTA). The talks between the countries had stalled last year in May ahead of the general elections in the UK.

Goyal met with UK Business and Trade Secretary, Jonathan Reynolds, on Monday, as the latter is on a three-day visit to India. Sharing updates about the restarting the FTA talks, the minister took to social media platform X, formerly known as Twitter, and said, “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.”

Later, Goyal informed that active negotiations are underway on three different aspects, namely, the FTA, the Bilateral Investment Treaty, and a Double Contribution Convention Agreement. 

Adding on to the conversation about the FTA negotiations, the UK official said, “India is a vital partner for UK in an increasingly volatile and multipolar world. We have kickstarted negotiations for UK and India FTA again. Through these talks we want to secure a mutually beneficial agreement.”

Regarding the deadline for the FTA, Goyal said, “It’s never too early and never too late to conclude a good agreement. Neither should we rush into things but it is always good to conclude fast. We will have speed but not haste.”

Since January 2022, UK and India have been negotiating the FTA which includes 26 chapters covering goods, services, intellectual property rights, and investments.