UK, India in 'sweet spot' as FTA talks to begin: Trade minister Truss

Completion of public consultations in August means that FTA negotiations can now begin, she said.

Both sides will ‘hammer out’ the details during the upcoming visit of Indian commerce and industry minister Piyush Goyal to the United Kingdom and Europe, the minister confirmed addressing a special reception hosted by the lord mayor of London William Russell to celebrate the UK-India Economic Partnership on September 7.

"We just completed our consultation on an Indian trade deal, which saw huge interest from businesses across the country. We are now going to begin negotiating a free trade agreement,’ Truss was quoted as saying by a news agency.

“We think there is strong possibility for us to get an early agreement, where we lower tariffs on both sides and start to see more goods flowing between our two countries,” she said.

Flagging India as the ‘big, major opportunity’ ahead following 68 trade deals clinched by the United Kingdom since leaving the European Union, she highlighted collaboration in science and technology as a sign of things to come as bilateral trade ties are deepened.

“Working with India will help enhance the UK’s position as a global hub for digital and services. But for me it’s about more than that: it’s about two democracies who share values, share an approach to working together to the benefit of both of our populations,” she said.

Both the minister and the lord mayor underlined the Enhanced Trade Partnership (ETP) agreed between Prime Ministers Narendra Modi and Boris Johnson at their virtual summit in May as setting out an ambitious road map to at least double bilateral trade by 2030.

Fibre2Fashion News Desk (DS)