Commerce and industry minister Piyush Goyal on Thursday said India will have to “wait and watch” the political developments in the wake of Liz Truss’ decision to quit as the British Prime Minister. He, however, stated that negotiations for a proposed free trade agreement (FTA) with the UK are on track so far. Of course, the Diwali deadline (October 24) for the trade deal is no longer relevant now.
The 47-year-old Truss announced her resignation just after 45 days in office.
Also Read: Liz Truss says she is resigning after just 44 days as British PM
Speaking at a CII event late in the evening, Goyal said: “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.”
Nevertheless, political leaders and businesses across the board in the UK have recognised that it is “very” important for them also to do an FTA with India”, Goyal added.
“So, my own sense is that whoever comes into the government will be wanting to engage with us,” he added. Analysts, meanwhile, expect the FTA talks to be substantially delayed.
Also Read: Prospects turn brighter for India-UK FTA: UK Home Secy does a U-turn, says eager to secure trade deal with India
At the same time, the minister made it clear that any such FTA has to be fair and balanced and that no deal will happen unless it’s a win-win for both the sides.
“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,” Goyal said.
