Business News | UK Officials Laud Piyush Goyal for Leading from the Front on India-UK FTA
Get latest articles and stories on Business at LatestLY. British officials have credited India's negotiating team, led by Commerce and Industry Minister Piyush Goyal, for the successful conclusion of the India-UK Free Trade Agreement (FTA), even as they admitted the talks were an "emotional roller coaster ride."
New Delhi [India], July 15 (ANI): British officials have credited India's negotiating team, led by Commerce and Industry Minister Piyush Goyal, for the successful conclusion of the India-UK Free Trade Agreement (FTA), even as they admitted the talks were an "emotional roller coaster ride."
Speaking on the challenges faced during the negotiations, a UK official said the two sides had pushed for both speed and substance. "We threw everything at it to make sure that we negotiated as comprehensive a deal as we possibly could. We really wanted a great deal with India, but we also wanted it fast," the official said.
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Praising the Indian side, the official said, "One of the most challenging things is that India has a phenomenal negotiating team, and I'm really proud of the fact we also have a phenomenal negotiating team. But at times it was quite a challenge."
In a light-hearted comparison, the official said Goyal brought a rare mix of skills to the table.
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"The emotional roller coaster ride that Minister Goyal took us all on. He is a man who combines phenomenal political skills and amazing legal and accounting expertise with the acting skills of Shahrukh Khan," the official said, adding that both sides' ministers had negotiated in a manner that delivered "a brilliant deal for both sides."
On the sensitive issue of the extradition of financial fugitives to India, the UK official said London remains mindful of New Delhi's position. "We take each other's concerns seriously," the official said.
On the economic impact of the trade pact, officials said no fixed target had been set for the first year but expressed confidence in long-term gains. "We don't have a specific target for the first year, but in the long run, we're expecting bilateral trade to increase by over 25 billion pounds a year. So it's really big for us, and that's from a base where it's worth 48 billion already. We've already seen it grow by 4 billion pounds per year, in anticipation of this deal," the official said.
On the European Union's Carbon Border Adjustment Mechanism (CBAM), officials clarified that it remained a distinct matter from the FTA. "CBAM is a separate issue. It's an issue of helping UK industries decarbonise and setting them incentives for that. We have heard the ending position, and we're respectful of that," the official said.
The India-UK FTA, described by officials on both sides as one of the most significant trade pacts in recent years, is expected to substantially deepen economic ties between the two nations. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)