Commerce and Industry Minister Piyush Goyal concluded a digital assembly together with his UK counterpart, Liz Truss, on Monday throughout which they agreed on the following steps to launch negotiations for a UK-India commerce settlement, the UK authorities mentioned.
The UK’s Department for International Trade (DIT) mentioned the talks between the 2 ministers focussed on the “scope and ambition” for a UK-India free commerce settlement (FTA), following the shut of the UK’s formal session course of forward of the negotiations on August 31.
“They discussed the findings from the consultation and agreed on the steps to get ready to launch negotiations later this year — including the start of a series of trade working groups from September,” notes a DIT readout of Monday’s meeting.
“They additionally mentioned the newly established Enhanced Trade Partnership, and confirmed their dedication to well timed implementation of the market entry bundle,” the DIT said.
The UK government said these regular ministerial dialogues help both sides better understand each other’s position on potential “chapter areas” in any trade deal, including tariffs, standards, IP and data regulation.
“The International Trade Secretary reaffirmed her ambition to barter a commerce settlement that delivers outcomes for the British individuals and companies together with these in digital and information, tech and foods and drinks. Both ministers agreed that persevering with to interact with the enterprise neighborhood was important all through the forthcoming negotiations,” DIT said.
According to officials, findings from the DIT’s public consultation will be published before the start of formal trade negotiations as part of a wider package outlining a strategic rationale for the FTA, including the UK’s negotiating objectives and economic analysis of a potential deal.
Earlier, the UK trade ministry had said that preparations towards an FTA with India are progressing. A deal would represent a major boost for UK exporters, lowering tariffs, easing regulation, and driving up bilateral trade which totalled GBP 23 billion in 2019, it noted.
Increasing UK-India trade has been dubbed a “enormous alternative” by the UK, given India’s position as one of the world’s biggest and fastest-growing economies and home to more than a billion consumers.
“I see the UK and India in a candy spot of the commerce dynamics which are build up,” Truss said at a City of London Corporation event celebrating the UK-India economic partnership last week.
“We are taking a look at a complete commerce settlement that covers every part, from monetary providers to authorized providers to digital and information, in addition to items and agriculture. We assume there’s a robust chance for us to get an early settlement, the place we decrease tariffs on either side and begin to see extra items flowing between our two nations,” she said.
Mr Goyal has also been on the record saying that an “early harvest” commerce cope with the UK is within the offing.