India-UK FTA to boost jobs, investments and exports between the two countries

Discussions were carried out on the India-UK FTA negotiations and the range of bilateral trade and economic relations. Both Ministers reaffirmed their commitment to the ongoing India-UK FTA negotiations which would unlock the full potential of boosting jobs, investments and exports between the two countries.

It was noted that the 6th Round of India-UK FTA negotiations is presently underway in New Delhi.

While expressing satisfaction on the state of negotiations it was agreed that the negotiations will continue further with the aim to conclude the same at the earliest.

The Ministers urged the negotiating team to work together with an aim to iron out the differences in the spirit of mutual accommodation based on the principle of reciprocity and respect for each other’s sensitivities, for a balanced, mutually beneficial, fair and equitable outcome.

The bilateral meeting was followed by interaction of the two ministers with the India and the UK Businesses.

The Minister for Commerce and Industry, Piyush Goyal mentioned that India and UK investment and economic relations are already strong and grown over the years. India has adopted an export led strategy to spin its growth story which is inclusive and sustainable.

The Indian Government has also come out with many policies and reforms including PLI scheme, National Infrastructure Pipeline, Development Finance Institution and privatization of non-strategic sectors PSU. Further, various Ease of Doing Business initiatives have been taken including digitization of processes and clearances, simplification of procedures, weeding out of old and archaic laws, etc.

He urged the businesses in India and the UK to take advantages of these initiatives for economic prosperity of both countries.