Commerce Minister Piyush Goyal, in London, discusses adding ‘further momentum’ to India-U.K. trade talks

Union Commerce and Industry Minister Piyush Goyal (R) with his  U.K. counterpart, Business and Trade Secretary Kemi Badenoch in London. Photo: Twitter/@PiyushGoyal

The eleventh round of trade negotiations between India and the U.K. kicked off in London, with Union Commerce and Industry Minister Piyush Goyal in the city for meetings with his U.K. counterpart, Business and Trade Secretary Kemi Badenoch, and representatives of British industry on July 10 and 11. The visit is being seen by some in the U.K. government as a sign of political determination to work out a deal.

“Discussed how both sides can add further momentum to the India-UK Free Trade Agreement negotiations for a mutually beneficial deal,” Mr Goyal said on Twitter. The current round of talks between the two sides is set to conclude on July 14th.

Also read | India-U.K. FTA: Half the chapters in pact agreed on; working to complete deal early, says U.K. International Trade Minister

Ms Badenoch, on Wednesday, described the potential agreement as “a deal to benefit businesses across both nations and strengthen our deep and historic ties.”

Both sides had come to the table with “an ambitious set of asks”, a spokesperson in Ms Badenoch’s department said to The Hindu.

“We are continuing to negotiate but we are clear that we will only sign when we have a deal that is fair, balanced, and ultimately in the best interests of the British people and the economy,” they said.

U.K. trade minister Nigel Huddleston had told the Press Trust of India last week that half the chapters under discussion had been concluded.

Among the sticking points are India’s request for a greater ease of movement of skilled professionals from India to the U.K. to deliver specialized services. The U.K. is interested in greater access to the Indian market for services for its firms and also has asks around that — such as in the areas of investment protection and cross-border data flows. Tariffs on automobiles and alcohol are also part of the negotiations.

Mr Goyal was also scheduled, as per a statement released by the Ministry of Commerce before his visit, to hold talks with members of the European Free Trade Association (EFTA) — i.e., Switzerland, Norway, Iceland, and Liechtenstein. India and EFTA are also holding talks to agree a deal — the Trade and Economic Partnership Agreement (TEPA).

The EFTA side was led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda.

The two sides have “ significantly intensified “ their engagement on TEPA over the past few months, the Commerce Ministry said in a statement released on Wednesday. Both sides, as per the Ministry, agreed to expedite the conclusion of the TEPA.

(With input from Vikas Dhoot in New Delhi)