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India-UK FTA protected sensitive sectors, will benefit all: Piyush Goyal
Press Trust of India New Delhi
Union Minister for Commerce and Industry Piyush Goyal further termed the India-UK free trade agreement as "game-changing" and said it will benefit every section in India including farmers, youth, MSME sector and Industry.
India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday.
The pact will help boost exports of labour-intensive products like footwear, textiles and gems and jewellery, he added.
"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)," Goyal told reporters here.
He added that the agreement will open doors for India to the developed world.
With this, India would be able to ship 99 per cent of its exports to UK duty-free, he said.
The India-UK Free Trade Agreement (FTA), also called Comprehensive Economic and Trade Agreement, was signed by Goyal and his counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer on Thursday.
It will bring "immense opportunities" to the Indian industry, the MSME sector, the workers, youth and fishermen, he said.
Goyal asserted that the agreement was signed with the UK "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.
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 service.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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