Union Minister of Railways, Industry and Commerce Piyush Goyal on Thursday said that India is looking at possibilities of trade in goods and services and investments being a part of enhanced trade partnership with the United Kingdom (UK).
"We are looking at possibilities of trade in goods and services and investments being a part of our enhanced trade partnership with UK. We are looking at an option to see if it can be converted into an early harvest agreement", he said at Confederation of Indian Industry's (CII) session on post-Brexit UK and India. He addressed the session along with Truss Liz, Secretary of State for International Trade for the UK.
Mr Goyal said that India is excited to be hosting UK Prime Minister Boris Johnson as chief guest on the 71st Republic Day celebrations, next year. He said that this will be a turning point in the historical relationship between the two countries.
Mr Goyal hoped that the early harvest proposition of India, within the framework of a larger Free Trade agreement, which we are working towards, will be accepted by the UK.
He said that the early harvest proposition will help grab the low hanging fruits so that both sides can enjoy the taste of the wonderful fruits.
Mr Goyal further said that several rounds of talks have been held recently between the two countries, both of whom are at the cusp of transition. He said that both the nations, linked by culture and history, are natural partners, and are moving towards higher levels, to emerge stronger and resilient.
He said that India wishes to become a confident economy, engage the world with confidence, and as a trusted partner. He said that India-UK relations will truly expand in a mutually beneficial manner.
The minister said that both the nations have a time-tested relationship, which needs to be reinvigorated at the political, business as well as the social spectrum.
Mr Goyal further said that both sides have agreed to work together in many sectors like education, health, environment, easier movement of people, large investment flows. This all makes great promise for both sides.
Mr Goyal said that both the countries are deeply committed to the success of the relationship. He expressed the hope that the outcome of discussions will be sweet, focussed and beneficial to people of both countries.
Talking about new India, Mr Goyal said that with a series of structural transformations and reforms, India is emerging as the land of promise and prosperity. He said that India has a stable government, availability of land, reliable utilities and skilled manpower, friendly policies, rule of law, predictable policy framework and transparent processes.
He said that several sectors in the country have been deregulated. He talked about the production linked incentive programme, which will help in Make in India for the world.
He welcomed the businesses from abroad to participate in these initiatives. "We are taking decisions with determination, acting with ambition and are building better relations with resolution," he added.
Mr Goyal said that both countries are working with a common goal. The UK's new global tariff, which comes into force two weeks from now, will serve as a building block towards an increasingly open trade partnership, he added.
Mr Goyal said that six to seven sectors between India and the UK were identified, for focused engagement. All the priority sectors have huge promise and Invest India will be happy to assist any UK companies through the entire life cycle, he said.
The Minister also mentioned about Indian Railway is undergoing a massive transformation. He said that it will be the largest railway in the world to be fully electrified.