: ‘UK, India in ‘sweet spot’ as trade negotiations begin’ #finance #StockMarketNEWS #Business PTI London The UK and India are in a “sweet spot� of global trade dynamics as negotiations

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‘UK, India in ‘sweet spot’ as trade negotiations begin’ #finance #StockMarketNEWS #Business
PTI



London



The UK and India are in a “sweet spot� of global trade dynamics as negotiations for a free trade agreement (FTA) begin in the coming weeks, according to Britain’s trade minister in charge of the bilateral talks.



Liz Truss, UK Secretary of State for International Trade, revealed that the public consultation process ahead of the trade negotiations attracted “huge interest� from businesses across the UK and its completion last month means that FTA negotiations can now begin.



Addressing a special reception hosted by the Lord Mayor of London to celebrate the UK-India Economic Partnership on Tuesday evening, the minister confirmed that both sides will “hammer out� the details during the upcoming visit of Commerce and Industry minister Piyush Goyal to the UK and Europe next week.



“We just completed our consultation on an Indian trade deal, which saw huge interest from businesses across the country. We are now going to begin negotiating a free trade agreement,� said Truss.



 â€œI see the UK and India in a sweet spot of the trade dynamics that are building up… We are looking at a comprehensive trade agreement that covers everything, from financial services to legal services to digital and data, as well as goods and agriculture. We think there is strong possibility for us to get an early agreement, where we lower tariffs on both sides and start to see more goods flowing between our two countries,â€? she said.



Pointing to the post-Brexit scenario as the UK’s chance to set out an independent trade policy outside the European Union (EU), the senior Cabinet minister flagged India as the “big, major opportunity� ahead following 68 trade deals clinched by Britain since leaving the economic bloc.
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