India-UK trade: FTA talks between two countries by November 2021; negations to pave way for 'extra-ordinary business opportunities', new jobs
India and UK are aiming to launching the negotiations on FTA by November 2021. As per the information, proposed FTA between India and UK is expected to unlock extra ordinary business opportunities and generate jobs.
![India-UK trade: FTA talks between two countries by November 2021; negations to pave way for 'extra-ordinary business opportunities', new jobs India-UK trade: FTA talks between two countries by November 2021; negations to pave way for 'extra-ordinary business opportunities', new jobs](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2021/09/14/159202-untitled-design-2021-09-14t154522311.jpg?itok=aqn2lNyo&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
India and UK are aiming to launching the negotiations on FTA by November 2021. Two sides look for Interim Agreement as priority and later a Comprehensive Agreement. The matter came up during the discussions held between Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution, and his British counterpart Secretary of State, Elizabeth Truss on FTA and other trade matters.
As per the information, proposed FTA between India and UK is expected to unlock extra ordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner which benefits all.
See Zee Business Live TV Streaming Below:
Speaking on the occasion Piyush Goyal said that there is tremendous interest in the business community in both countries India and UK about this FTA. Minister said that since the ‘Declaration’ on launch of Enhanced Trade Partnership, announced by Prime Ministers on 4th May 2021, both countries have made substantial progress on various aspects of the partnership.
The Minister said that there is keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides. He added that substantial work has already been done and extensive stakeholder consultations have been held involving Industry/Business associations, Export Promotion Councils, Buyers/Sellers Associations, Regulatory Bodies, Ministries/Departments, public research bodies, etc.
The consultation paper was also made public for wider participation as well.
The Minster said that BWGs for different tracks have been formed to understand ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by September, 2021.
He said that he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and would put us in a better position when both sides begin their Joint Scoping discussions, beginning on October 1, 2021, for finalizing the TORs for launch of negotiations in November.
Piyush Goyal said that an Interim Trade Agreement, as a first step of an FTA would allow both of us to immensely benefit from the early gains of the partnership.
In services, certain services of mutual interest may be included in the Interim Agreement through request offer approach wherein we may include priority sectors which are immediately deliverable. If necessary, we may also explore signing of few Mutual Recognition Agreements in selective services like nursing and architecture services.
He also emphasized upon the need to strike a balance between commitments and concessions in goods and services.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
03:54 PM IST