Union Commerce and Industry Minister Piyush Goyal mentioned on Friday that the India-UK free trade agreement is advancing swiftly, with the ratification process moving quickly in the United Kingdom. Goyal, speaking at a session commemorating two years since the signing of the India–EFTA Trade and Economic Partnership Agreement, highlighted that the UK agreement could soon be among the fastest trade deals approved by the UK Parliament.
The trade agreement between India and the UK was signed on July 24 during Prime Minister Narendra Modi’s visit to the UK at Chequers. Goyal expressed optimism that the agreement could soon be put into effect, emphasizing the strong cooperation between the two countries and the efforts of the Indian diplomatic team in London.
During his address, Goyal underscored the importance of the India-EFTA trade pact, describing it as a significant milestone in India’s economic relations with Europe. He noted that the agreement marked the beginning of deeper economic ties with the European region and paved the way for further trade agreements.
Goyal highlighted that following the conclusion of the EFTA agreement, India proceeded to finalize a trade pact with the UK and later reached an agreement with the 27-nation European Union. He mentioned that Ursula von der Leyen had referred to the India-EU agreement as the “mother of all deals.”
The minister also emphasized the investment commitments secured under the EFTA agreement, stating that the four EFTA countries — Switzerland, Norway, Liechtenstein, and Iceland — have pledged to invest $100 billion in India under a legally binding provision of the agreement. This investment commitment is anticipated to generate approximately one million jobs in India’s economic ecosystem.
Goyal highlighted the unique nature of the agreement, combining a free trade agreement with a legally binding investment commitment, a feature unprecedented in global trade negotiations.
