What Discussions Did Piyush Goyal Have With UK’s J. Reynolds on Trade?

London, April 28 (NationPress) Commerce and Industry Minister Piyush Goyal engaged in discussions with the UK Secretary of State for Business and Trade J. Reynolds on Monday, aiming to propel the negotiations for a Free Trade Agreement (FTA) between India and the UK.

The Indian minister described the meeting with his British counterpart as “productive”, reinforcing the dedication to enhance India-UK economic relations.

"I have arrived in London for two days of meaningful dialogues focused on fortifying bilateral trade and investment connections. My first engagement was a fruitful meeting with J. Reynolds to progress the FTA discussions, underlining our commitment to strengthen India-UK economic ties," Goyal stated on X following the meeting.

This visit marks a five-day journey across London, Oslo, and Brussels, aimed at bolstering India’s trade and investment partnerships with the UK, Norway, and the European Union. It seeks to accelerate trade agreements with key nations amid significant tariff increases announced by US President Donald Trump, which have instigated a global trade conflict.

The London leg of the trip commenced on Monday, focusing on the finalization of the negotiations for the proposed FTA between India and the UK, as discussions have now reached a critical stage.

Both nations are eager to conclude the FTA negotiations swiftly, especially as international trade is anticipated to face hurdles due to rising tariffs from the US.

The agreement encompasses 26 chapters, covering aspects such as goods, services, investments, and intellectual property rights.

In February, India and the UK agreed to resume negotiations for the FTA, nearly a year after discussions were paused in May 2024 due to the UK general elections and the Labour Party's rise to power.

The Oslo visit aligns with India's recent signing of a comprehensive FTA with the European Free Trade Association (EFTA) in March last year, which is projected to be implemented this year. The EFTA includes Iceland, Liechtenstein, Norway, and Switzerland.

In March of last year, the two sides formalized the Trade and Economic Partnership Agreement (TEPA), where India secured a commitment of $100 billion in investments over 15 years, allowing the import of products such as Swiss watches, chocolates, and polished diamonds from the region at reduced or zero duties as part of the deal.

Negotiations for a trade agreement with the 27-nation European Union (EU) have also gained traction. India and the EU are exploring the feasibility of an early harvest agreement prior to finalizing a comprehensive pact. The 11th round of negotiations is scheduled for May 12–16 in New Delhi.

Earlier this month, Goyal emphasized the necessity of taking definitive measures to eliminate existing trade barriers to expedite the pursuit of a Free Trade Agreement with the EU.