NEW DELHI: Union commerce and industry minister Piyush Goyal on Saturday hailed the newly signed free trade agreement with the United Kingdom and said that the deal was signed on India's terms.
While addressing a press conference, Goyal claimed the FTA to be "important" and "game-changing," stating that 99 per cent of India's exports will be able to go to the UK duty-free.
"Prime Minister Narendra Modi and UK Prime Minister Keir Starmer signed a Free Trade Agreement. Cabinet approval has been given in India, but Parliamentary approval in the UK is pending," Goyal said.
"It will be a game-changing FTA that will give immense opportunities and benefits to India’s farmers, businessmen, MSME sector, youngsters, and fishermen. Out of all FTAs signed so far, the India-UK FTA has been the biggest, most comprehensive, and most important. This FTA has been signed on our terms. Ninety-nine per cent of our exports will be able to go to the UK duty-free,” he added.
This comes after India and the UK signed a historic trade deal in the presence of Prime Minister Narendra Modi and UK PM Starmer. The deal was finalised during PM Modi’s visit to the United Kingdom.
The agreement aims to boost bilateral trade to $120 billion by 2030—effectively doubling the current trade volume between the two nations.
Taking a swipe at the previous UPA government, Goyal criticised its trade strategy while highlighting the Modi government's approach to FTAs. He also said that the comprehensive deal will help advance progress towards a Viksit Bharat.
Goyal said, "UPA government signed FTAs with our competitors, with those countries who would sell their products in India for cheaper prices to destroy India's manufacturing sector... The FTAs signed during the UPA rule were not in the best interests of the country. FTAs signed by PM Narendra Modi are with Mauritius, Australia, EFTA countries, UAE, and now the UK."
"Talks are going on with other developed countries. India now signs FTAs with countries which do not compete with us, but complement us. The UK-India Comprehensive Economic and Trade Agreement will prove to be a stepping stone towards our dream of a Viksit Bharat," he added.
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