New Delhi: Union Commerce and Industry Minister Piyush Goyal on Friday said that the India-UK free trade agreement could come into force soon, noting that the ratification process is moving quickly in the United Kingdom.
Speaking at a commemorative session marking two years of the signing of the India–EFTA Trade and Economic Partnership Agreement, organised by ASSOCHAM via video conference in the national capital, Goyal said the agreement with the UK is progressing rapidly and could become one of the fastest trade deals to be approved by the UK Parliament.
He noted that the trade agreement was signed on July 24 during the visit of Narendra Modi to the United Kingdom at Chequers and expressed optimism that it could soon enter into force.
“The swift progress reflects strong cooperation between the two countries and the efforts of the Indian diplomatic team in London,” Goyal mentioned.
During his address, the minister also highlighted the significance of the India-EFTA trade pact, calling it a major milestone in India’s economic engagement with Europe.
“The agreement marked the beginning of deeper economic ties with the European region and paved the way for further trade deals,” Goyal mentioned.
Goyal pointed out that after concluding the EFTA agreement, India went on to finalise the trade pact with the United Kingdom and later reached an agreement with the 27-nation European Union.
He noted that Ursula von der Leyen had described the India-EU agreement as the “mother of all deals”.
The minister also emphasised the investment commitments secured under the EFTA agreement.
“The four EFTA countries — Switzerland, Norway, Liechtenstein and Iceland — have committed to invest 100 billion dollars in India under a legally binding provision of the agreement,” he stated.
“The investment commitment is expected to create around one million jobs in India’s economic ecosystem,” Goyal explained.
He said the agreement is unique because it combines a free trade agreement with a legally binding investment commitment, something that has not been seen before in global trade negotiations.
(IANS)
