India and UK Looking at Possibilities of Trade Partnership

Piyush Goyal addressed CII's Session on Post-Brexit UK and India

Expresses hope that early harvest proposition of India, within the framework of a larger Free Trade Agreement will be accepted by the UK.

Union Minister of Railways, Industry and Commerce, & Food and Consumer Affairs Piyush Goyal on 17 December 2020 addressed CII's Session on Post-Brexit UK and India, along with Ms Truss Liz, Secretary of State for International Trade for the UK.

Mr. Goyal said that India is excited to be hosting UK Prime Minister Mr BorisJohnson as chief guest on the 71st Republic Day Celebrations, next year. He said that this will be a turning point in our historical relationship.

Mr. GoyaI hoped that the early harvest proposition of India, within the framework of a larger Free Trade Agreement, which we are working towards, will be accepted by the UK. He said that the early harvest proposition will help us grab the low hanging fruits, so that both sides can enjoy the taste of the wonderful fruits. “We are looking at possibilities of trade in goods & services and investments being a part of our enhanced trade partnership. We are looking at an option to see if it can be converted into an early harvest agreement”, he added.

Mr. Goyal said that several rounds of talks have been held between recently between the two countries, both of which are at the cusp of transition. He said that both the nations, linked by culture and history, are natural partners, and are moving towards higher levels, to emerge stronger and resilient.

Mr. Goyal said that India wishes to become a confident economy, engage the world with confidence, and as a trusted partner. He said that India-UK relations will truly expand in a mutually beneficial manner.

Mr. Goyal said that both the nations have time-tested relationship, which needs to be reinvigorated at the political, business as well as the social spectrum

Mr. Goyal said that both sides have agreed to work together in many sectors like education, health, environment, easier movement of people, large investment flows. This all makes great promise for both sides.

Mr. Goyal said that both the countries are deeply committed to success of the relationship. He expressed the hope that the outcome of discussions will be sweet, focussed and beneficial to people of both the countries.

Talking about New India, Mr. Goyal said that said with a series of structural transformations & reforms, India is emerging as the land of promise & prosperity. He said that India has a stable government, availability of land, reliable utilities and skilled manpower, friendly policies, Rule of law, predictable policy framework and transparent processes. He said that several sectors in the country have been deregulated. He talked about the production linked Incentive programme, which will help in Make in India for the world. He welcomed the businesses from abroad to participate in these initiatives. “We are taking decisions with determination, acting with ambition and are building better relations with resolution.”

Mr. Goyal said that both countries are working with a common goal. The UK's new global tariff, which comes into force 2 weeks from now, will serve as a building block towards an increasingly open trade partnership, he added.

Mr. Goyal said that we have identified 6-7 sectors between India & the UK, where we have had focused engagement. All the priority sectors have huge promise and Invest India will be happy to assist any UK companies through the entire life cycle.

The Minister also mentioned about Indian Railway, which is undergoing massive transformation. He said that it will be the largest railway in the world to be fully electrified.