UK FTA finalised after two decades, credit goes to PM Modi: Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday said it took over two decades to finalise the historic Free Trade Agreement (FTA) with the United Kingdom, crediting Prime Minister Narendra Modi for bringing the deal back into focus and driving it to conclusion.

Speaking to IANS on the sidelines of the India-UK talks, Goyal said, “This is historic in itself. It took over two decades to finalise this FTA. But when Prime Minister Narendra Modi gave it momentum in 2021, brought it back into focus, and committed to getting it done, India started working on it consistently—and today, we are seeing the positive results.”

He pointed out that while several governments came and went in the UK, the discussions continued without interruption. “I believe this agreement will open immense opportunities in India, especially for our farmers, MSMEs, and small entrepreneurs,” he said.

Goyal congratulated Prime Minister Modi, UK Prime Minister Keir Starmer, and the people of both countries on the signing of the landmark India-UK Comprehensive Economic and Trade Agreement (CETA).

“Duty-free access for about 99 per cent of Indian exports unlocks nearly $23 billion in opportunities for labour-intensive sectors, marking a new era of inclusive and gender-equitable growth,” the minister said.

Calling the agreement a “win-win” for flagship initiatives like ‘Make in India’ and ‘Vocal for Local,’ Goyal noted that the deal would drive job creation and enhance India’s strategic position in global trade.

The FTA was signed by Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, following the conclusion of negotiations earlier this year.

“This deal will transform the lives of artisans, weavers, and daily-wage earners employed in sectors such as textiles, leather, footwear, gems and jewellery, toys, and marine products,” he added.