UK and India Accelerate Trade Deal Talks Amid Global Economic Challenges
UK's Peter Kyle meets Piyush Goyal to fast-track India trade deal
Image: Asianet Newsable
UK Business and Trade Secretary Peter Kyle is in New Delhi to advance the £48 billion trade relationship with India, meeting Commerce Minister Piyush Goyal. They aim to expedite the bilateral Free Trade Agreement (FTA), which will significantly reduce tariffs and enhance trade efficiency between the two nations.
- 01The UK-India Free Trade Agreement (FTA) will liberalize 99% of UK tariffs and 90% of Indian tariffs.
- 02The FTA is described as the most comprehensive trade deal India has ever signed, covering 30 chapters including gender and environment.
- 03Peter Kyle emphasized the deal's potential to unlock massive opportunities for businesses in both countries.
- 04This visit follows a previous trade mission to India by UK Prime Minister and business leaders to explore corporate opportunities.
- 05The UK has recently secured its fifth major trade deal globally, indicating its commitment to enhancing international trade relations.
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UK Business and Trade Secretary Peter Kyle is in New Delhi to advance the £48 billion (approximately $64.7 billion USD) trading relationship with India. He is set to meet with India's Commerce Minister Piyush Goyal to expedite the implementation of the bilateral Free Trade Agreement (FTA). This agreement aims to liberalize 99% of UK tariffs and 90% of Indian tariffs, facilitating cheaper and more efficient trade between the two nations. Kyle highlighted the FTA as the most significant bilateral trade deal for the UK since leaving the European Union, encompassing 30 chapters that address various issues, including gender and environmental concerns. During his visit, he will engage with industry leaders to prepare businesses for the forthcoming deal. This initiative reflects the UK government's broader strategy to secure trade agreements globally, having recently established significant deals with multiple nations, including the Gulf Cooperation Council.
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The trade agreement is expected to enhance trade opportunities, potentially lowering prices and increasing the availability of goods for consumers in both countries.
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