New Delhi, March 13: Union Commerce and Industry Minister Piyush Goyal announced on Friday that the Free Trade Agreement (FTA) between India and the UK is expected to be implemented soon. He noted that the approval process for this agreement is advancing swiftly in the UK.
Speaking via video conference at an event organized by ASSOCHAM in the national capital, Goyal stated that the India-UK trade agreement is progressing rapidly and could become one of the fastest-approved trade agreements in the UK Parliament.
He mentioned that the agreement was signed at Chequers during Prime Minister Narendra Modi’s visit to the UK on July 24. Goyal expressed optimism that the agreement would soon come into effect.
He highlighted that the rapid progress of this agreement reflects strong cooperation between the two nations and the efforts of the Indian diplomatic team in London.
In his address, the minister also emphasized the significance of the India-EFTA trade agreement, describing it as a crucial milestone in India’s economic relations with Europe.
He stated that this agreement has initiated deeper economic ties with the European region and has paved the way for further trade agreements.
Goyal explained that following the EFTA agreement, India also reached a trade agreement with the UK and subsequently agreed to terms with the European Union (EU), which consists of 27 countries.
He noted that Ursula von der Leyen, President of the European Commission, referred to the India-EU agreement as the “Mother of All Deals.”
The minister also stressed the importance of investments under the EFTA agreement, revealing that the four EFTA countries (Switzerland, Norway, Liechtenstein, and Iceland) have committed to investing $100 billion in India.
Goyal indicated that this investment could create approximately 1 million new jobs in the Indian economy.
He remarked that this agreement is particularly significant as it includes legally binding investment commitments alongside the free trade agreement, a rarity in global trade agreements.
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