It will bring "immense opportunities" to the farmers of India, Indian industry, the MSME sector, the workers, youth and fishermen, he said
New Delhi: Hailing the newly-signed free trade agreement (FTA) between India and the United Kingdom, Union commerce and industry minister Piyush Goyal on Saturday said that the deal is set to revolutionise trade between the two nations and called it as "game-changing" for India, which will bring in immense opportunities for farmers, businessmen, micro, small and medium enterprises (MSME) sectors, youngsters, and fishermen.
He further said that out of all FTAs signed so far, the India-UK FTA has been the biggest, most comprehensive, and most important and the deal was signed on India's terms as well. The minister's statement in India came two days after signing the deal on Thursday. The agreement, also called Comprehensive Economic and Trade Agreement or CETA, was signed by Goyal and his counterpart Jonathan Reynolds in presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer.
Highlighting that 99 per cent of India's exports to the UK will now be duty-free, the minister also said that it would not only increase investment but also create more jobs in the country. “India’s Cabinet has already approved the India-UK FTA, and now after UK's Parliament ratification process is completed, the agreement will be operational,” he said at a press briefing at the BJP headquarters in New Delhi.
The minister also said that the FTA will come into effect in India soon. "I believe that this FTA carries a very big message for the future economy of India. We will all see the benefits that India will get under it in the coming years. Appealing to the Indian Industry, he said that they need to study the agreement and start looking for markets in various sectors including footwear, leather, toys, pharmaceuticals, gems and jewelries, food processing and service.
Hitting out at the previous UPA government, the minister also said that 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. "In contrast, the current government has signed FTAs with countries that complement India, such as Mauritius, Australia, EFTA countries, UAE, and now the UK," he said.
As far as UK-India deal is concerned, Goyal said that two nations signed a win-win FTA in favour of both involved in the deal after almost 22-23 years of talks. However, the CETA secures unprecedented duty-free access for 99 per cent of India’s exports to the UK, covering nearly the entire trade basket. In the deal, India chose to exclude certain agricultural goods from tariff concessions -- most notably dairy products, apples, and cheese.
During his address, Goyal also elaborated the progress about the other FTAs and said the template will be different for each of them. “India does not have a trade war with any country. All our FTAs are progressing with the right speed, with the right intent and in the right direction. India is also in active discussions with different countries - EU, US, Peru, Chile, Oman. And as and when these FTAs are finalised we will inform,” the minister said.
