India-U.K. Free Trade Agreement (FTA) was signed by Mr. Goyal and his counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer.

Terming the India-U.K. Free Trade Agreement (FTA) a ‘game changer’, Commerce Minister Piyush Goyal said that the Indian government had ensured the protection of all sensitive sectors of the Indian economy, while benefiting every section including farmers and the MSME sector.

Addressing a press conference at the BJP headquarters in New Delhi, Mr. Goyal, freshly returned after the signing of the FTA in the presence of Indian and British Prime Ministers Narendra Modi and Keir Starmer, also said that trade talks with the U.S. and Oman were continuing apace.

“With this [India-U.K. FTA], India would be able to ship 99% of its exports to U.K. duty-free,” he said.

Mr. Goyal attributed India’s success in signing the FTA to Prime Minister Modi’s leadership stating that “it will bring immense opportunities to the farmers of India, Indian industry, the MSME sector, the workers, youth and fishermen.”

He asserted that the agreement was signed with the U.K. “confidently” on India’s terms while protecting “sensitive items” like agriculture and ethanol.

In an apparent dig at the Congress, he claimed that in several instances during the UPA rule, they opened the Indian markets in such a manner that they harmed the country.

“I believe that this FTA carries a very big message for the future economy of India. We will all see the benefits that India will get under it in the coming years,” he said.

The Minister said that the FTA will come into effect as soon as it gets UK Parliament’s approval. He appealed to the Indian industry to study the agreement and start looking for markets in various sectors including footwear, leather, toys, pharmaceuticals, gems and jewellery, food processing and services.

“We have protected all the sensitive sectors of India…we have not opened for UK (those areas). Zero compromise and extensive benefits makes it a phenomenal free trade agreement (FTA),” he said.

The agreement was signed on July 24 in London. Mr. Goyal added that the agreement will open doors for India to the developed world.

source/content: thehindu.com (headline edited)