New Delhi: Union Minister for Commerce and Trade Piyush Goyal met UK Secretary of State for International Trade Anne-Marie Trevelyan for the launch of India-UK Free Trade Agreement Negotiations here on Thursday.
"Met with UK Secretary of State for International Trade @AnnieTrev for the launch of India-UK Free Trade Agreement Negotiations," said Goyal in a tweet on Thursday. "Deliberations will be held over an array of trade opportunities of mutual interest benefiting both sides," he added.
The agreement aims to create huge benefits for both countries and could boost our total trade by up to euro 28 billion a year by 2035 and increase wages by up to euro 3 billion across the UK, said the UK Department for International Trade in a press release on Wednesday (local time).
The agreement will create huge benefits for both countries and could boost our total trade by up to euro 28 billion a year by 2035 and increase wages by up to euro 3 billion across the UK.
Britain wants an agreement that slashes barriers to doing business and trading with India's euro 2 trillion economy and market of 1.4 billion consumers, including cutting tariffs on exports of British-made cars and Scotch whisky, the release added.
"A trade deal with India's booming economy offers huge benefits for British businesses, workers and consumers, said UK Prime Minister Boris Johnson in the statement on Wednesday, adding, "As we take our historic partnership with India to the next level, the UK's independent trade policy is creating jobs, increasing wages and driving innovation across the country."
According to the UK Department for International Trade, India is one of the world's biggest and fastest-growing economies and a bold new deal would put UK businesses at the front of the queue to supply India's growing middle class, forecast to increase to a quarter of a billion consumers by 2050.
India is set to become the world's third-biggest economy by 2050, with a bigger population than the US and EU combined.