Should India Remain Hopeful About FTA As Liz Truss Calls It A Day?

Last updated on October 21st, 2022 at 12:41 pm

India is going to adopt the ‘wait and watch’ strategy as Liz Truss has to bid farewell to 10 Downing Street in a small span of 45 days. Humiliated over her exit, India is going to want the Free Trade Agreement to come through for the best for both nations.

According to Commerce and Industry Minister Piyush Goyal, there is really no difference in who represents the UK because India is too sure it will be a win-win situation for both. In other words, any sensible British PM should be able to carry ahead the deal.

“We will have to wait and see…what happens, whether they have a quick change of the leadership, whether it goes to the whole process…So let us see who comes into the government and what their views are. It’s only after that we will be able to formulate a strategy vis a vis the UK,” Mr. Goyal said at CII’s national exports summit in New Delhi.

However, he added that politicians and businesses across the board in the UK recognised that it is “very” important for them also to do an FTA (free trade agreement) with India.

“So my own sense is that whoever comes into the government will be wanting to engage with us,” he added.

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

It has to be a win-win for both sides and there is no deal, unless both are satisfied, he said.

“So, we will have to wait and watch. But I would believe that our FTAs with the UK, Canada, EU, one or two more we may announce soon, all that is well on track. If the situation becomes favourable to India and if the industry exerts a lot of effort, “I will be the happiest person if we can do it by 2027,” he added. But sadly, we have lost the time during Covid and are losing the momentum because of the conflict between Ukraine and Russia, which has caused so many economic stresses worldwide — inflation, supply chain disruptions, energy issues.