Goyal heads for UK amid convergence in trade deal
NEW DELHI : Commerce minister Piyush Goyal is set to visit the UK on Monday as the two countries move closer to signing a free trade agreement. The visit follows convergence on several contentious issues such as market access for British automobiles and Scotch whisky.
Goyal told the Financial Times there is nothing that remains as a “deal breaker" and that India has given a “good deal" to the UK on both Scotch whisky and automobiles. The minister also clarified that the trade deal does not involve “immigration".
The commerce ministry said Goyal will also meet ministers and officials from the European Free Trade Association (EFTA) countries -- Switzerland, Norway, Iceland, and Liechtenstein - to assess the progress made in negotiations for a Trade and Economic Partnership Agreement (TEPA). While the Indian industry is seeking easier entry of Indian whiskey into the UK market through the removal of conditions related to the three-year minimum maturation period for all liquor, the UK is seeking a sharp cut in Indian tariffs on Scotch whisky to 30% over three years in the proposed deal and 75% when the pact comes into effect.
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