Earlier today The UK and Indian Governments launched formal negotiations for the free trade agreement both the governments said and described it as a “golden opportunity” that will put British businesses at the “front of the queue” of the Indian economy.
Following the agreement, Union Minister of Commerce and trade Piyush Goyal stated that the agreement will expand cooperation in tourism, technology, startups, education, climate change, etc.
In addition, UK Prime Minister Boris Johnson said that and free trade agreement which will boost the country’s historic partnership with India. Sectors like financial services, Scotch whisky, Cutting-edge renewable technology will witness a major boost.
Meanwhile, The first round of negotiations will start the upcoming week as per expectations made. As per the British government. It said it would make it the country’s fastest start of formal talks between negotiating teams following a launch.
” Trade deal with India brings in massive benefits for the British economy”-Boris Johnson
Johnson further said ” A trade deal with South Asia’s fastest-growing economy offers giant benefits for British Businesses, employees and consumers. We aim to boost and take our historic partnership with India to the next level. Additionally, The UK’s independent trade policy is creating jobs and increasing salaries and also is driving innovation across the country”.
“The United Kingdom has world-class businesses and expertise, of which we can be proud of. From Scotch whisky distillers to financial services and cutting-edge renewable technology. We are seizing the opportunities offered in growing economies of the Indo-Pacific to cement our place on the global stage and deliver jobs and growth at home,” he added further
The trade deal with Asia’s fastest-growing economy is considered. A “big step forward” in the UK’s post -Brexit strategy to refocus trade towards Indo-Pacific. Which are home to half of the population of the world and 50% of global economic growth.
The UK decision India FTA moves come ahead of the UK’s exit from the European Union (EU). In support of free and fair trade in the Indo-Pacific.