India-UK FTA. Free trade pact talks with UK continuing; trade stands on its own legs: Goyal

PTI Updated - March 30, 2023 at 05:53 PM.
Union Minister of Commerce and Industry Piyush Goyal. | Photo Credit: SHASHANK PARADE

Amid a diplomatic row following protests by secessionist groups near the Indian mission in London, Union Commerce Minister Piyush Goyal, on Thursday, said talks on a Free Trade Agreement with the UK are continuing.

Talks are "going on very well" with the UK, Goyal said, adding, "trade stands on its own legs".

The Union Minister, however, made it clear that India will take into consideration respect for her sovereignty and territorial integrity, and will not tolerate any interference in her Indian affairs.

Also read: UK Export Finance earmarks ₹40,000 crore for India

When asked about the impact of the ongoing events on the trade agreement, Goyal seemed to suggest that negotiations continue.

"I can assure you that talks are going on very well with the UK, Canada, with the EU countries, we are also in dialogue with Israel," he told reporters here.

Goyal said there was no deadline to have an FTA with the UK, but a former PM of the country has announced an aspiration to conclude before Diwali of 2022.

"...we are back at the negotiating table, both sides are discussing at the official level," he said.

Also read: India-Australia must aim to increase bilateral trade to $100 billion: Goyal

FTA talks

Goyal said there is a high interest for FTAs with India shown by many countries, and discussions are on at a "frenzied pace" with many countries, and quipped that he is not left with the bandwidth to discuss such agreements.

Meanwhile, Goyal also said that talks are also on with the European Free Trade Association (EFTA), following a request from four ministers of the grouping to meet the Indian commerce and industries minister.

"They have assured me that they will be coming with very attractive proposals in terms of opening up services and a deeper understanding of India's own concerns around our patent laws and the need to protect our domestic industry," Goyal said.

Also read: Will make sure India-EU talks on FTA doesn’t drag on: German Chancellor

On a query on rupee trade with partners, and if the same is being pushed with G-20 countries during the ongoing meetings of the grouping's trade and investment group in the financial capital, Goyal said this subject is more of a bilateral subject, which is anchored by the RBI and the Ministry of Finance.

He added that many countries have evinced interest in having such an arrangement with India.

Goyal attended a dinner meeting with 100 delegates attending the G-20 meeting in the financial capital on Wednesday evening and is also addressing the delegates at the closing event later on Thursday.

Published on March 30, 2023 11:56

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