Finance
In his talk to the India Global Forum (IGF) today, Union Minister of Commerce and Industry Piyush Goyal highlighted the development and implementation of the India-UK free trade deal, as well as its potential to enhance economic connections and open up investment opportunities for both countries.
Speaking at the IGF alongside his UK counterpart Jonathan Reynolds, the Indian minister emphasized the “tremendous opportunities that the India growth story offers to the UK,” as well as how enterprises on both sides may use complementary strengths for mutual success.
Goyal described the FTA as a “good marriage” between the two countries, with bilateral trade expected to double over the next five years.
Goyal emphasized that a free trade agreement provides stability and predictability in the relationship between two countries.
”That gives confidence to businesses to start investing in each other’s economy, and I think this will also pave the way for greater investments in the two economies,” Goyal observed.
“India and the UK can partner in innovation to work together to bring more resilient supply chains, working with each other, complementing each other and adding value and profits to both countries,” the minister added.
Reynolds, on his part, said he was ”genuinely excited” about the prospects opened up with the signing of the India-UK free trade agreement.
Goyal, who is on a two-visit to the UK, also held a bilateral meeting with Reynolds about implementing the free trade agreement.
“Held a productive negotiation meeting with UK Secretary of State for Business and Trade Jonathan Reynolds. We reiterated our shared goal of implementing the comprehensive and mutually beneficial Free Trade Agreement that reflects the ambitions of both nations,” Goyal said after the meeting.
Piyush Goyal also said he had “an engaging discussion” with the UK’s Secretary of State for Culture, Media and Sport, Lisa Nandy. “Explored avenues for greater cultural collaboration and creative exchange, an essential pillar of our vibrant bilateral relationship,” the minister said in a statement on X.
Source: IANS
