UK deal gold standard for trade negotiations with other partners: Piyush Goyal

Commenting on the India-UK Free Trade Agreement (FTA), Union Commerce Minister Piyush Goyal said the deal could become a "gold standard" in trade agreements, ensuring protection for India’s sensitive and labour-intensive sectors.

Highlighting the global significance of the agreement, Goyal asserted that the FTA reflects India's growing relevance on the world stage. He stressed that the government has ensured "zero compromise, extensive benefit" for Indian businesses while safeguarding all sensitive sectors.

The Minister clarified that the government has not opened key labour-intensive industries such as dairy, rice, and sugar to British companies.

"The Modi government has signed FTAs with developed nations that don’t pose a competitive threat to India," Goyal said.

He also announced that six UK universities will soon open campuses in India, marking a new phase in bilateral educational cooperation.

Calling the FTA comprehensive, Goyal noted, "The agreement has 30 chapters—I don’t recall any other FTA with so many."

Taking a dig at the previous UPA regime, Goyal said, "The UPA signed most FTAs with ASEAN countries, who did not open their markets to the same extent as India did."

The Indian cabinet has already approved the FTA, which is expected to take the British Parliament a few months to a year to clear. The India-UK agreement, signed on Thursday, is set to boost bilateral trade by USD 34 billion annually, making it the largest trade pact the UK has entered into since exiting the European Union in 2020.

The Indian cabinet has already approved the Free Trade Agreement with the United Kingdom and could take the British Parliament a few months or up to a year to clear this free trade agreement.

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