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).Â
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. Â
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.
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