CII Meet on Post-Brexit India-UK trade relations: Piyush Goyal, Secy Liz talk FTA, early harvest proposition

New Delhi: Union Minister of Railways, Industry and Commerce, and Food & Consumer Affairs, Piyush Goyal, on Thursday, 17th December, addressed CII’s Session on Post-Brexit UK and India, along with Truss Liz, Secretary of State for International Trade for the UK, according to a press statement from the Ministry of Commerce & Industry. Commerce Minister Goyal said that India is excited to be hosting UK Prime Minister Boris Johnson as chief guest on India’s 71st Republic Day Celebrations next year. He said this will be a turning point in the historical relationship between the two countries.

C&I Minister GoyaI expressed hope that the early harvest proposition of India, within the framework of a larger Free Trade Agreement (FTA), which both countries are working towards, will be accepted by the UK. He said that the early harvest proposition will help the countries grab the low-hanging fruits so that both sides can enjoy the taste of the wonderful fruits. “We are looking at possibilities of trade in goods & services and investments being a part of our enhanced trade partnership. We are looking at an option to see if it can be converted into an early harvest agreement,” he added.

The Commerce Minister revealed that several rounds of talks have been held recently between the two countries, both of which are at the cusp of transition. He said both nations, linked by culture and history, are natural partners and are moving towards higher levels to emerge stronger and resilient. The Minister said that India wishes to become a confident economy, engaging the world with confidence and as a trusted partner, adding that India-UK relations will truly expand in a mutually beneficial manner.

The Commerce Minister mentioned that both the nations have a time-tested relationship which needs to be reinvigorated at the political, business as well as the social levels, adding that both sides have agreed to work together in many sectors like education, health, environment, easier movement of people, and large investment flows. This all makes a great promise for both sides, Goyal remarked.

The Commerce Minister stated that both countries are deeply committed to the success of the relationship, and expressed the hope that the outcome of discussions will be sweet, focused, and beneficial to people of both countries.

Talking about the New India, Minister Goyal said that with a series of structural transformations & reforms, India is emerging as the land of promise & prosperity. He said that India has a stable government, availability of land, reliable utilities and skilled manpower, friendly policies, rule of law, predictable policy framework, and transparent processes. He said that several sectors in the country have been deregulated. He talked about the production linked incentive programme, which will help in the ‘Make in India’ policy. He encourage foreign businesses to participate in these initiatives, saying, “We are making decisions with determination, acting with ambition, and are building better relations with resolution.”

The C&I Minister observed that both countries are working with a common goal. The UK’s new global tariff, which comes into force 2 weeks from now, will serve as a building block towards an increasingly open trade partnership, he added. Goyal revealed that 6-7 sectors hav ebeen identified between India & the UK, where engagement has been focused. All the priority sectors have huge promise and Invest India will be happy to assist any UK companies through the entire life cycle, the Minister said.

The C&I Minister also spoke about Indian Railways, saying it is undergoing a massive transformation and that it will be the largest railway in the world to be fully electrified.

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The ID Staff

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