India’s Commerce Minister Piyush Goyal to Visit UK for FTA Implementation

India’s Commerce and Industry Minister, Piyush Goyal, will travel to the United Kingdom on June 18 to review the progress on the implementation of the landmark FTA between the 2 nations, for which talks concluded on May 6. His visit comes at a pivotal time as India expands its global trade engagements, aiming to fortify bilateral relations and secure economic interests ahead of upcoming international tariff changes.

Although Government officials indicated last month that the deal's implementation could span over 15 months. Both sides have begun the legal scrubbing process, which is expected to conclude in 2 months. Following this, the agreement will be signed. India will then need Union Cabinet approval, while Britain must secure parliamentary passage, a process that could take up to a year.

Bilateral Meetings and Business Engagements

During the 2-day visit, the Commerce Minister Piyush Goyal will hold bilateral discussions with the UK’s Trade Secretary, Jonathan Reynolds, and the Chancellor of the Exchequer, Rachel Reeves. They'll discuss macroeconomic priorities, financial cooperation, and boosting investment between the 2 nations.

As per the official statement issued by New Delhi on Wednesday, the minister is also scheduled to interact with local business leaders to strengthen commercial partnerships and explore further investment opportunities.

He's also set to meet with Lisa Nandy, Secretary of State for Culture, Media and Sport, to discuss collaborations in creative industries and innovation. Additionally, Goyal will attend several key sessions at the India Global Forum (IGF), including a roundtable on the UK-India Free Trade Agreement (FTA) titled 'From Agreement to Action'.

Historic Trade Deal and Strategic Importance

The UK and India recently signed a groundbreaking £42.6 billion ($57 billion) trade agreement, marking the first major free trade pact under Prime Minister Narendra Modi’s government in the past decade. This deal is not only a boost for bilateral commerce but also sets the stage for India’s ongoing negotiations with the European Union. 

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Conclusion

Commerce Minister Piyush Goyal’s visit signifies a continuation of the momentum built through the recent trade pact and underscores India’s strategic focus on forging robust economic alliances. With discussions in the UK and a potential interim deal with the US on the horizon, India is positioning itself to navigate global trade dynamics effectively, especially ahead of impending tariff changes.

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