Latest news with #India-U.K.
The Hindu
a day ago
- Business
- The Hindu
In U.K., Goyal slams Opposition for criticising Indian government overseas
In the U.K. for a conference, Commerce and Industry Minister Piyush Goyal criticised the Opposition for criticising the government overseas. Mr. Goyal was speaking at a discussion at the Science Museum as part of the India Global Forum 2025. The Minister, who spent much of his time at the forum discussing the recently announced India-U.K. trade deal, commended the U.K. Labour Party for not backtracking on any commitments made to the Indian side by the Conservative Party, which was in power until early July 2024 and oversaw the majority of the trade negotiations with New Delhi. 'I must commend the current government for having committed to me well before your election, encouraging me to close the deal with the previous government,' Mr. Goyal said, adding that this represented the strength of British democracy. 'I'd like to commend both your political parties for that maturity that they have shown. I wish we had an Opposition equally mature who wouldn't come to your land... and to Oxford University... and run down his own nation,' Mr. Goyal said to laughter from the audience. Mr. Goyal was presumably referring to a talk by Leader of the Opposition in the Lok Sabha Rahul Gandhi at the University of Cambridge in 2023, in which he said that Indian democracy was under threat.
The Hindu
2 days ago
- Business
- The Hindu
Goyal optimistic about signing first tranche of U.S. trade deal before July 9
As the clock ticks towards U.S. President Donald Trump's 'reciprocal tariffs' to kick in on July 9, Commerce Minister Piyush Goyal has expressed optimism that India and the U.S. could sign a preliminary or early tranche of a larger trade deal before that date, though he stopped short of confirming a deal would be signed. 'We are in continuous dialogue. I have always been an optimist,' Mr Goyal said in an interview with The Hindu on the fringes of a conference organized by the India Global Forum 2025 in London. Also Read | India-U.S. trade deal faces delays, original fall deadline back on the table 'I'm very confident that, given that the US and India are very friendly countries, trusted partners, both wanting to have resilient, reliable, trusted supply chains, both vibrant democracies, we will be able to come up with a win-win for the businesses of both countries,' Mr Goyal added. Failure to sign such a deal would , as things stand, would result in Indian goods entering the U.S. being tariffed at 26% starting in early July. Also Read | What is the significance of the India-U.K. free trade agreement? Mr Goyal did not comment on whether a deal on the sensitive dairy and agricultural goods sectors would form part of the preliminary tranche of the Bilateral Trade Agreement (BTA) under discussion with the U.S. 'I think negotiations are best left to the negotiators and the negotiating table. We will, of course, inform the media at the right time,' he said. Mr. Goyal also did not want to comment on the impact of the U.S.'s Trade Promotion Authority, which is a process in the U.S. Congress to delegate authority to the U.S. President to negotiate trade deals, including deals that offer below Most Favoured Nation (MFN) tariff rates to some trading partners of the U.S. Earlier, Mr Goyal had participated in a moderated discussion with his U.K. counterpart, Business and Trade Secretary Jonathan Reynolds. The two countries had announced a free trade agreement on May 6. Mr Goyal said the UK and India were successful in concluding a deal because the sides had agreed to be sensitive to one another's concerns, setting aside issues that could not be negotiated easily. On the India-EU trade talks, Mr Goyal said the sides were looking to conclude a trade deal by the end of this calendar year, when asked whether they would announce a full-scale trade deal or an interim agreement first. 'There's that famous English phrase…since we are in Great Britain …'the air is pregnant with possibilities', he said adding he did not know what size and shape the agreement would have. On weather the Trump administration's return to the White House had impacted the speed and direction of India's trade talks with the E.U., Mr Goyal suggested that third parties did not impact bilateral deals. Last week the E.U.'s foreign minister , Kaja Kallas, had said at a joint press conference with External Affairs Minister S Jaishankar that the E.U. was a 'reliable, predictable and credible partner for India'. Countries have been seeking to recalibrate their relationship with the U.S. since the return of U.S. President Donald Trump and his 'America First' philosophy to the White House. 'I don't think there's any impact of any other situation on a negotiation between two countries, because these negotiations are not a short term arrangement. These are like long-term marriages you are negotiating after crystal-gazing … 25 years, 50 years, into the future,' Mr Goyal said. India wants WTO strengthened On the relevance of the World Trade Organization given the change in the U.S. administration and its retrenchment from multilateralism, Mr Goyal said the world trade body had an 'important' role to play and that India believed 'very strongly' in multilateralism. '[ India ] believes we have to strengthen the WTO over the next few years through dialogue and discussions and will continue to play an increasingly important role to promote multilateralism,' he said. Tata Steel Not Discussed with the UK Mr Goyal also said that India had not made an intervention with the U.K. on behalf of Tata Steel which owns the Port Talbot steel plant in south Wales. The plant has had to import raw material from India and Europe following the closure of its blast furnace last year as it prepares to operationalize an electric-arc furnace in 2027. This may mean it runs afoul of the U.S.'s rules on inputs to qualify for any tariff reductions that the U.K. and U.S. agree to. The Trump administration has threatened to fully or partially maintain tariffs of 25% on British steel unless the U.K. provides guarantees on Tata Steel's inputs, as per a report in the Guardian. 'That, the U.K., has to negotiate with the U.S.,' Mr Goyal said.
The Hindu
3 days ago
- Business
- The Hindu
Goyal to discuss India-U.K. FTA implementation with British counterpart during 2 day London visit
Commerce and Industry Minister Piyush Goyal will hold talks with his British counterpart Jonathan Reynolds on implementation of India-U.K. free trade agreement, the conclusion of which was announced on May 6 during his visit to London, an official said on Tuesday (June 17, 2025). The two-day visit is commencing from June 18. During the visit, Mr. Goyal and Secretary of State for Business and Trade Reynolds, "will engage with the India-U.K. FTA negotiating teams to take stock of the progress achieved and to chart a clear, time-bound roadmap toward finalisation and implementation of the agreement", the official said. India and the U.K. had announced the conclusion of the free trade agreement (FTA) on May 6. The pact aims to eliminate duties on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of U.K. products like whisky and cars. The agreement targets to double trade between the two economies to $120 billion by 2030. The agreement is yet to be formally signed and implemented. According to the official Mr. Goyal is also expected to meet Chancellor of the Exchequer Rachel Reeves to discuss key macroeconomic priorities and investment facilitation. Additionally, he intends to hold a separate interaction with Lisa Nandy, Secretary of State for Culture, Media and Sport. The Minister will participate in key sessions at India Global Forum (IGF), including the Mainstage Plenary Session, the Future Frontiers Forum and a dedicated roundtable titled 'From Agreement to Action: U.K.-India FTA'. These platforms will provide opportunities to engage with global leaders, investors, and policy experts on the evolving contours of the India-UK economic corridor and the transformative potential of the FTA. He may also meet business leaders from various sectors including shipping, fintech, logistics, and advance manufacturing. The bilateral trade between India and the U.K. increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.
The Hindu
04-06-2025
- Business
- The Hindu
India, U.K. discuss ways to boost ties in key sectors
India and the U.K. on Tuesday (June 3, 2025) held extensive talks boosting cooperation in areas such as defence and security, counter-terrorism, and green energy. The two sides discussed ways to expand the ties at the 17th India-U.K. foreign office consultations (FOC) and first strategic exports and technology cooperation dialogue. The Indian delegation was led by Foreign Secretary Vikram Misri while the U.K. side was headed by Sir Oliver Robbins, Permanent Under-Secretary (PUS) at Foreign, Commonwealth and Development Office. In the FOC meeting, Misri conveyed India's appreciation for the British government's solidarity and support to India in its fight against terrorism. India and the U.K. are comprehensive strategic partners. "The FOC provided an opportunity to review and discuss the entire gamut of bilateral relations. Both sides welcomed the conclusion of the India-U.K. free trade agreement and double contribution convention," the Ministry of External Affairs (MEA) said. Last month, India and the U.K. sealed a landmark free trade agreement that will benefit 99% Indian exports from tariff and will make it easier for British firms to export whisky, cars and other products to India besides boosting overall trade basket. Along with the FTA -- the biggest the U.K. has done since leaving the European Union -- the two sides also sealed a double contribution convention. In their talks, Mr. Misri and Mr. Robbins discussed ways to strengthen cooperation in trade, investment and financial sector, defence and security, counter-terrorism, technology, science, innovation, green energy, climate, health, education, and people-to-people relations, the MEA said in a statement. The two sides also exchanged views on regional and global issues of mutual interest, including developments in Russia-Ukraine, Indo-Pacific and West Asia, it said.
The Hindu
29-05-2025
- Business
- The Hindu
U.K. flags new Indian market for Scottish salmon trade after FTA
The U.K. Government has flagged the unlocking of the Indian market for Scottish salmon following the Free Trade Agreement (FTA) with India, finalised earlier this month and expected to be formally signed off in the coming weeks. Downing Street has this week been highlighting benefits of the India-U.K. FTA and other trade pacts struck in its wake with the U.S. and European Union (EU) in an effort to showcase the sectors and regions across the United Kingdom set to benefit. 'These trade deals deliver long term security for people in Scotland. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people's lives,' Prime Minister Keir Starmer said in a statement. 'These changes will be felt everywhere, whether it's lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Scotland,' he said. Downing Street noted that the FTA had 'unlocked a new salmon market through our deal with India, with tariffs dropping from 33% to 0%'. 'Securing frictionless access to key markets such as the EU, along with expanding opportunities in India, is crucial to protect our producers from unnecessary barriers like tariffs and red tape,' said Tavish Scott, chief executive of Salmon Scotland, the key representative of the sector. 'Ministers rightly recognise salmon as the jewel in the crown of our world-class produce and its vital role in the economy of coastal communities and across the U.K.,' he said. However, in Scotland, the spotlight remains on the whisky industry which is set to see tariffs for exports to India slashed significantly over the next decade following what the U.K. has dubbed as a 'landmark deal' — agreed on May 6 and expected to add an extra GBP 25.5 billion annually in the long run to the current two-way trade of GBP 41 billion. Under the pact, Scottish distillers will immediately see tariffs halved from 150% to 75% and eventually to just 40% over the next decade. U.K. Business and Trade Secretary Jonathan Reynolds said, 'The three landmark deals secured this month with the U.S., India, and the EU have shown this government is serious about striking the deals that our businesses want and need. 'For Scottish businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners." "From our world-renowned whisky distilleries to our cutting-edge green energy sector, Scotland has so much to offer international markets... By securing better access to the European Union, United States and India, we're creating real opportunities for Scottish businesses to grow, supporting jobs in communities from the Highlands to the Borders,' added Secretary of State for Scotland Ian Murray. At the Indian end, leading Goa-based whisky producer John Distillers welcomed the India-U.K. FTA as a "significant step" towards strengthening bilateral trade and economic cooperation between the two countries. 'This may have a short-term impact on Indian products in India, however, we are confident about the quality of our products and believe we can rise to the challenge,' the makers of Paul John whisky said in a statement. 'We also hope that this deal will allow better ease of business for Indian products in the U.K.. It is crucial to ensure that both nations maintain a level playing field, safeguarding the interests of domestic industries and promoting fair competition,' it noted. Until further details of the FTA emerge, the Indian distiller said it plans to continue to 'build awareness and availability' of its portfolio in the U.K. Other industries boosted by the FTA include soft drinks and food that the UK government says will 'ramp up' Scotland's export economy.
