Piyush Goyal said talks are progressing rapidly on FTA with Britain

Piyush Goyal said talks are progressing rapidly on FTA with Britain

Commerce and Industry Minister Piyush Goyal on Tuesday said that the proposed Free Trade Agreement (FTA) between India and the UK is progressing rapidly. The purpose of the agreement between the two countries is to give impetus to bilateral trade and investment. Goyal said India signed a trade deal with the UAE in a 'record' time and now talks with the UK are progressing at a rapid pace. In this type of agreement, two or more countries reduce or eliminate customs duties on most goods involved in mutual trade. Apart from this, rules are liberalized to promote trade and investment.


India and Britain started formal talks on the FTA in January. Both the countries have set a target to conclude it by Diwali. Goyal said at the Merchant Entrepreneurs' Conference that India is also negotiating similar agreements with Canada, the European Union, and Israel. Several other countries have shown keen interest in negotiating trade agreements with India.


Govt taking steps to reduce compliance burden: Goyal

He said the Gulf Cooperation Council (GCC), the Eurasian Economic Union (EAEU), and the European Free Trade Association (EFTA) want to negotiate these agreements. Goyal, however, said that the commerce ministry does not have enough resources to negotiate free trade agreements with several countries at once. He asked the domestic traders to focus on the quality of the products and work together. Goyal said the government is taking steps to reduce the compliance burden. Around 30,000 rules have either been simplified or abolished to reduce the compliance burden.