Goyal, UK SoS Trade Bandenoch discuss further boosting trade relations

Following the G20 Trade and Investment Ministers Meeting (TIMM) at Jaipur, Commerce and Industry Minister, Piyush Goyal and the UK's Secretary of State for Trade, Kemi Badenoch had a stock-taking meeting in Delhi on August 26 to review the ongoing India UK Free Trade Agreement (FTA), informed Ministry of Commerce and Industry through an official release.

While expressing satisfaction over the last 12 rounds of negotiations wherein several chapters have been finalised, both exuded confidence that the next round of negotiations to be similarly successful. Both Chief Negotiators apprised the Ministers about the current state of play, issues outstanding for resolution and their continuous joint efforts to iron out the same.

While appreciating the efforts of both the CNs, the Ministers desired a good pace of exchanges to be continued with a better understanding of each other's aspirations and sensitivities. Both leaders expressed their unwavering commitment to reaching a conclusion on a fair, balanced, and mutually beneficial trade deal that will enhance economic cooperation between the two countries, according to the official release.

Minister Goyal thanked Badenoch for her support and constructive participation in the G20 TIMM at Jaipur. He also invited her to participate in B20 Summit India 2023 events. The meeting was also attended by Commerce Secretary Sunil Barthwal and DG Trade Negotiations Amanda Brooks. Teams are going to continue negotiations till the end of August 2023 which will be followed by stock-taking at a higher level, it added.

The G20 Trade and Investment Ministerial Meeting TIMM was held in Jaipur on August 24th and 25th. The meeting was preceded by the 4th and last Trade and Investment Working Group TIWG meeting under India's G20 Presidency which took place on August 21 and 22 in Jaipur.

The first three TIWG meetings were held in Mumbai, Bangalore and Kevadia respectively. Both meetings were attended by more than 300 delegates, including trade ministers/secretaries and heads of delegations from G20 member countries, invitee countries, regional groupings and international organisations.

The deliberations focused on building consensus on global trade and investment-related issues, along with accomplishing action-oriented proposals put forward by the Indian Presidency.