Opportunities for British trade with India
Reuters reports that India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, according to a statement made by India's trade minister today (Saturday 11th July,) as Asia's third largest economy looks for new markets for its products.
Piyush Goyal said that India is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement.
He is also in dialogue with the European Union's trade commissioner for a deal that could start with a preferential trade agreement. He added that the ultimate goal here too would be to have a free trade agreement.
"We're talking to the EU and I am in dialogue with the EU trade commissioner. I am looking for an early harvest deal. Open to discussions on a variety of subjects. It’s up to the UK and EU whoever picks up the gauntlet first," Goyal said.
Negotiations for a comprehensive free trade agreement between the EU and India were suspended in 2013 after six years of talks.
India pulled out of the Regional Comprehensive Economic Partnership last year due to fears over China's access to its markets and is looking for new ways to boost its exports.
The country has also been raising trade barriers to block cheap imports from China and replace them with locally made goods for domestic consumption and exports.
"Apart from pharmaceuticals, we have textiles, handicrafts, leather, furniture, industrial machinery, toys are areas where India can engage with UK and the EU at competitive prices," Goyal said.
India's economic growth has largely been driven by local consumption and successive governments have struggled to expand exports.
In the last six years Prime Minister Narendra Modi's government has been trying to push exports through various programmes like "Make in India" but with limited success.
Regardless of how you voted in the EU referendum, the majority of those who voted ticked the box for leaving the EU and Britain has now done so.
That gives us the opportunity to take up potential deals like this, and India is a country with which Britain may be able to do a mutually valuable deal. We need to move as quickly as possible to follow up such opportunities.
Piyush Goyal said that India is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement.
He is also in dialogue with the European Union's trade commissioner for a deal that could start with a preferential trade agreement. He added that the ultimate goal here too would be to have a free trade agreement.
"We're talking to the EU and I am in dialogue with the EU trade commissioner. I am looking for an early harvest deal. Open to discussions on a variety of subjects. It’s up to the UK and EU whoever picks up the gauntlet first," Goyal said.
Negotiations for a comprehensive free trade agreement between the EU and India were suspended in 2013 after six years of talks.
India pulled out of the Regional Comprehensive Economic Partnership last year due to fears over China's access to its markets and is looking for new ways to boost its exports.
The country has also been raising trade barriers to block cheap imports from China and replace them with locally made goods for domestic consumption and exports.
"Apart from pharmaceuticals, we have textiles, handicrafts, leather, furniture, industrial machinery, toys are areas where India can engage with UK and the EU at competitive prices," Goyal said.
India's economic growth has largely been driven by local consumption and successive governments have struggled to expand exports.
In the last six years Prime Minister Narendra Modi's government has been trying to push exports through various programmes like "Make in India" but with limited success.
Regardless of how you voted in the EU referendum, the majority of those who voted ticked the box for leaving the EU and Britain has now done so.
That gives us the opportunity to take up potential deals like this, and India is a country with which Britain may be able to do a mutually valuable deal. We need to move as quickly as possible to follow up such opportunities.
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