New Delhi: – On Thursday, India and UK initiated talks for the free trade agreement. UK Minister for Commerce Anne-Marie Trevelyan is in India along with a delegation. Both the countries expressed confidence that the talks will be finalised by the end of this year. UK Commerce Minister Anne-Marie Trevelyan said that the target is double the bilateral trade between India and the United Kingdom.
Following its exit from the European Union, the United Kingdom had announced that trade with India would be given special importance. The United Kingdom has initiated steps in that direction. It is being revealed that the United Kingdom has made all the preparations to take the India-UK trade to new heights. UK Prime Minister has said that the United Kingdom is ready to take the trade with India to new heights through the free trade agreement.
UK Prime Minister Boris Johnson expressed confidence that the UK industry sector will get the golden opportunity to forefront India with this agreement. The phenomenal emerging Indian economy will make big opportunities available in the industry, workforce and consumers. The United Kingdom will exploit these opportunities and strengthen its position further in the global financial marketplace.
In 2019, the bilateral trade between India and the United Kingdom stood at USD 23.3 billion. But the Prime Ministers of India and the United Kingdom had resolved to at least double this bilateral trade before the end of the decade, during their meeting held in Italy last year. India is not a country only accepting foreign investments and on the other hand, India is investing in other countries. This is evident from the Indian investments in the United Kingdom. The Indian investments in the United Kingdom have created 95,000 jobs. The United Kingdom gave this information.
Meanwhile, India is engaged in talks with the United Kingdom, Australia, European Union, Israel, United Arab Emirates and Japan for free trade agreements. The Indian Minister for Commerce Piyush Goyal said that some of these agreements would be finalised soon.
The leading countries of the world are trying to reap the benefits offered by the huge Indian market. At the same time, tremendous opportunities will become available even to the Indian industry. This will provide a special impetus even to Indian exports and the speed of the Indian economy can increase tremendously. Moreover, confidence is being expressed that these agreements will underline the economic importance of India in the world.
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