Commerce and Industry Minister Piyush Goyal has said that India and the UK are moving towards an early harvest trade agreement, with a comprehensive free trade agreement the next step.
Union Minister spoke with the British Secretary of State for International Trade Liz Truss on Monday and discussed ways to strengthen the India-UK trade partnership, where he said that both the nations are boosting business and trade connections by working on an early harvest agreement, which would be followed by a complete detailed free trade agreement (FTA).
under this FTA, an agreement would provide a significant boost to UK exporters by reducing tariffs, simplifying regulation, and increasing bilateral trade, which is estimated around 23 billion Pounds in 2019. Last week at a City of London Corporation event, British Secretary of State for International Trade Truss highlighted the UK-India economic cooperation, stating that she sees the UK and India in a good spot as the trade dynamics are shaping up.
UK Secretary of State for International Trade Liz Truss, in her Twitter statement, announced the launch of trade working groups to lay the groundwork for a forthcoming UK-India trade agreement. "Today Piyush Goyal and I launched trade working groups to lay the groundwork for our forthcoming UK-India trade deal, which will: boost access to more than a billion consumers; bolster our science & tech industries; and support jobs in both countries," she said.