Union Commerce and Industry Minister Piyush Goyal on Friday said that the India–United Kingdom Free Trade Agreement could be implemented soon, as the approval process in the United Kingdom is progressing rapidly.
Speaking via video conference at an event organized by ASSOCHAM in New Delhi, Goyal said the agreement is moving forward quickly and could become one of the fastest trade agreements approved by the UK Parliament.
Agreement Signed During PM Modi’s UK Visit
The minister said the agreement was signed on July 24 during the UK visit of Narendra Modi at Chequers.
He expressed optimism that the deal could come into effect soon, adding that the rapid progress reflects strong cooperation between India and the UK, along with the efforts of the Indian diplomatic team in London.
India-EFTA Deal a Milestone for Europe Ties
During his address, Goyal also highlighted the importance of the India–EFTA Trade and Economic Partnership Agreement, calling it a major milestone in strengthening India’s economic relations with Europe.
He said the agreement opened the door for deeper economic engagement with European countries and paved the way for further trade partnerships.
EU Trade Deal Also Progressing
According to the minister, after the EFTA agreement, India concluded a trade pact with the United Kingdom and later reached an understanding with the European Union, which consists of 27 countries.
Goyal noted that Ursula von der Leyen described the proposed India-EU trade agreement as the “mother of all deals.”
$100 Billion Investment Commitment from EFTA Countries
The minister also highlighted the investment commitments under the India-EFTA agreement.
He said the four EFTA member countries—Switzerland, Norway, Liechtenstein, and Iceland—have pledged to invest $100 billion in India under the agreement.
According to Goyal, the investment could help generate around one million jobs in India, significantly boosting economic growth.
Unique Feature: Legally Binding Investment Commitment
The minister said the EFTA agreement is particularly significant because it includes a legally binding investment commitment alongside the free trade agreement, making it a unique and comprehensive economic partnership.
He added that such trade agreements will strengthen India’s global trade partnerships, boost investments, and create large-scale employment opportunities in the country.
