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Liz Truss Resigns, India Says Trade Deal With UK Is On The Way

Piyush Goyal said the trade agreement with the UK should be fair, equitable and balanced.(Representative)

New Delhi:

India’s talks on the proposed free trade agreement with Britain are on track, but New Delhi will have to “wait and watch” the ongoing political developments in the UK, trade and industry minister Piyush Goyal said on Thursday.

Embattled British Prime Minister Liz Truss resigned as leader of the Conservative Party, saying she could no longer hold her elected post last month, leaving her humiliating position at 10 Downing Street on her 45th day on the job after open revolt against her chaotic situation. leadership.

The 47-year-old former prime minister will remain in office until his successor is chosen by the ruling Conservative party, with an accelerated leadership election complete by next week.

“We will have to wait and see…what will happen, whether there is a rapid change in leadership, whether it will go through the whole process… So let’s see who’s coming to the government and what their views are. It’s only after that,” Goyal said at the CII’s national export summit in New Delhi. We will be able to formulate a strategy against the UK,” he said.

However, he added that all UK politicians and businesses agree that it is “very” important for them to have an FTA (free trade agreement) with India.

“So my own opinion is whoever comes to the government will want to engage with us,” he added.

The minister said the trade deal should be fair, equitable and balanced.

He said it should be a win-win for both parties and no deal will be made unless both are satisfied.

“So we’ll have to wait and watch. But I believe we can announce our FTAs ​​with the UK, Canada, EU soon, everything is going well,” Goyal said.

He was answering a question about developments in the UK and FTA talks with India.

He also said that the $2 trillion export target for goods and services by 2027 “seems challenging” and “we can do it by 2030.”

If the situation is in India’s favor and the industry puts a lot of effort, “I will be the happiest person if we can make it by 2027” but unfortunately we lost time during Covid and we are losing momentum due to conflict. Between Ukraine and Russia – inflation, supply chain disruptions, energy problems – causing many economic stresses around the world.

He added that if exports of goods serve 12 percent CAGR and 18-19 percent in dollar terms, both could reach US$1 trillion by 2030.

Talking about standards-related mutual recognition agreements (MRAs), he said the ministry has found “much less” traction to enter MRAs in many parts of the world.

“At least the developed world is very hesitant to accept too many MRAs for whatever reason… maybe they need more time to rely on our ability to provide these high-quality goods and services,” he said.

He said that the way forward is for India to place quality control orders on the products they want to supply to India, and then “Give us an MRA and we will have an equal footing where we will tell you we will.” an MRA”.

Reciprocity is the way forward, he said.

However, he said the Indian industry has expressed concerns about quality control orders (QCOs) and does not support the government in this regard.

“I invite you all to reflect on this. Tell us the sectors you want QCO in, so it will give us some advantage over other countries and give us the opportunity to get to the negotiating table.

“There are 4,500 QCOs in the US and we only have 450 and you are resisting our efforts to set high quality standards,” Piyush Goyal said.

(This story was not edited by NDTV staff and was automatically generated from a collaborative broadcast.)