Diplomacy on the Fast Track: Goyal’s London Dash Signals Imminent India-UK Trade Breakthrough

In a major step towards concluding a long-pending free trade pact, Indian Commerce Minister Piyush Goyal holds talks with UK Trade Minister Jonathan Reynolds in London today. The unexpected re-start of negotiations is taking place as the two countries attempt to resolve the outstanding issues and ink a comprehensive trade pact.

 

A British government official confirmed that Minister Goyal has returned to London for these talks after an earlier two-day visit earlier in the week had ended without a definite settlement. The negotiations, initiated in January 2022, have been plagued by several delays because of changing political realities in the UK, but the new Labour government is now projecting an image that it will take the deal to its completion.

 

Sources attending the talks confirm that most of the difficult questions-most prominently tariffs on whisky and cars-have already been agreed and there remain just a few loose ends. Apart from the free trade accord, the two parties are also negotiating parallel agreements on investment and social security.

 

The leaders of the two countries describe the negotiations as successful, with prospects of signing an agreement in principle in the immediate future. The outcome of the negotiations is expected to significantly shape bilateral trade and investment, deepening the centuries-old economic connection between India and Britain.

 

Source: Reuters