By TIOL News Service

NEW DELHI, DEC 18, 2020: MINISTER of Industry and Commerce, Mr Piyush Goyal on Thursday said that India is looking at possibilities of trade in goods and services, and investments being a part of their enhanced trade partnership with Britain.

At CII Partnership Summit's session on "Post-Brexit UK and India,"the minister hoped that the early harvest proposition of India, with the framework of a larger free trade agreement (FTA), would be accepted by the UK so that both can enjoy the taste of the low hanging fruits.

"We are looking at possibilities of trade in goods and services and investments being a part of our enhanced trade partnership. We are looking at an option to see if it can be converted into an early harvest agreement," he added.

The Indian Commerce Minister said both sides have held several rounds of talks, and have agreed to work together in promising sectors such as education, health, environment, easier movement of people and large investment flows.

"Both countries are deeply committed to success of the relationship," the minister said, expressing hope that the outcome of the discussion will be beneficial to India and the UK.

However, he noted that the FTA will take several years to be negotiated "because that has too many dimensions."

Ms Elizabeth Truss, UK's Secretary of State for International Trade, also addressed the session and said their new global tariff, replacing the European Union's (EU) common external tariffs, will come into force as the Brexit transition process ends on 31 December. She said the new tariffs will be "twice as beneficial" for Indian exports than the EU's existing rules.

Ms Truss also noted that she has been working with Mr Goyal on an Enhanced Trade Partnership as part of the roadmap leading to a future FTA.

"We have made progress, but there is more to be done. We need to make sure that we identify how we can make it easier and more efficient to do business," she added.