UK's Peter Kyle In Delhi To Fast-Track India-UK Free Trade Deal

(MENAFN- AsiaNet News)

UK Business and Trade Secretary Peter Kyle will visit New Delhi this week to hold discussions with Commerce and Industry Minister Piyush Goyal on bringing the India-UK Free Trade Agreement (FTA) into force as quickly as possible, according to the British High Commission.

Strengthening Economic Partnership

The visit comes as both countries seek to advance their economic partnership amid ongoing global economic uncertainties and disruptions caused by conflicts in different parts of the world.

According to the UK government, bilateral trade between India and the United Kingdom is already worth £48 billion annually. The proposed Free Trade Agreement is expected to further strengthen economic ties by liberalising 99 per cent of UK tariffs and 90 per cent of Indian tariffs.

The British government said the agreement will help make exports and trade between the two countries cheaper, quicker and easier for businesses and consumers from the first day of implementation.

Finalising Implementation Details

Peter Kyle is scheduled to arrive in New Delhi on June 2 and meet Commerce Minister Piyush Goyal to discuss the next steps required to operationalise the agreement. The implementation of the trade deal has been identified as a priority by both governments.

India and the United Kingdom formally signed their landmark Free Trade Agreement (FTA)--officially known as the Comprehensive Economic and Trade Agreement (CETA)--on July 24 last year. The agreement was signed during an official visit by Indian Prime Minister Narendra Modi to the UK The UK government said the UK Business and Trade Secretary's visit comes at a time when global conflicts, including the continued blockade of the Strait of Hormuz, are creating economic shocks across major economies.

A Landmark Post-Brexit Deal

Against this backdrop, strengthening economic cooperation with India has become an important priority for the United Kingdom. During the visit, Kyle will also interact with Indian and British industry leaders to help businesses prepare for the agreement's implementation and understand the opportunities arising from the deal.

The UK government described the India-UK FTA as the biggest and most economically significant bilateral trade agreement signed by Britain since its exit from the European Union. The agreement covers 30 chapters, including dedicated chapters on gender, innovation, environment and labour, making it one of the most comprehensive trade agreements signed by India.

Unlocking 'Massive Opportunities'

Commenting on the visit, Peter Kyle said, "From whisky to automotives, this landmark deal will unlock massive opportunities for businesses and consumers in the UK and India."

"I'm here in New Delhi to progress implementing this win-win agreement, which is worth billions to our economies. I look forward to working with Piyush Goyal to make sure everybody can start to feel the benefits as soon as possible," he added.

The visit follows the UK Prime Minister's trade mission to India late last year, during which 125 leading British CEOs, entrepreneurs and business leaders visited Mumbai to explore business opportunities arising from the trade agreement. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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