“It is up to the UK and the EU to take the glove first.”
For the past six years, Indian Prime Minister Narendra Modi and his government have tried to push exports through various programs, but without success.
Britain could sign trade deal with India
Indian Prime Minister Narendra Modi
Last year, India withdrew from the Comprehensive Regional Economic Partnership amid fears about China’s access to its markets.
New Delhi has also placed trade barriers to stop cheap imports from China and replaced them with their own locally produced products for domestic consumption and exports.
Goyal believes their local products could help initiate trade negotiations with the UK.
He added: “Besides pharmaceuticals, we have textiles, handicrafts, leather, furniture, industrial machinery, toys are areas in which India can engage with the UK and the EU at competitive prices. “
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Piyush Goyal, Indian Minister of Commerce
This potential trade deal comes after it was announced that Turkey was “very close” to the signing of a post-Brexit free trade agreement with the United Kingdom.
Last week, Turkish Foreign Minister Melvut Cavusoglu met with Prime Minister Boris Johnson and Foreign Minister Dominic Raab in London.
He said that there was no difference over a possible agreement, but that there were technical problems to be resolved.
Cavusoglu told the Financial Times, “This is going very well and we are about to finalize it.
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“If you look at the volume of our bilateral trade, 95% are industrial products, and we agree on that, and 5% are agriculture and services.
“We have already agreed with the UK that in the post-Brexit era we will increase our bilateral trade; in volume, we have set a bilateral trade target of $ 20 billion. ”
International Trade Secretary Liz Truss and Trade Minister Ranil Jayawardena will meet with their Turkish counterparts next week.
The latest round of talks on a post-Brexit free trade agreement between London and Brussels ended on Thursday, with significant differences between the negotiating teams.
Dominic Raab and the Turk Melvut Cavusoglu
But if no agreement was reached at the end of the transition period on December 31, a trade agreement with Turkey could face a major dilemma.
As Turkey is a member of the EU customs union, any free trade agreement with the United Kingdom will only be implemented once Britain has signed a trade agreement with the EU.
Britain is Turkey’s second largest trading partner after Germany, and a free trade agreement would be crucial for Turkish manufacturers, including car manufacturers, textile factories and white goods producers.
The Office for National Statistics said that trade between the UK and Turkey amounted to £ 18.8 billion last year, with £ 7.9 billion for British exports and 10, £ 9 billion for Turkish imports to the UK.
Michel Barnier, EU chief Brexit negotiator
There are over 2,500 British companies operating in Turkey, including BP, Shell, Vodafone, Unilever, BAE Systems, HSBC, Aviva and Diageo.
Around 400,000 Turks currently live in the UK and many have benefited from the Ankara agreement.
The Ankara agreement, which Turkey signed with the European Economic Commission in 1963, allows nationals of the country to work and set up businesses in Britain.
Cavusoglu said they are considering two separate agreements, one is the FTA and the other is similar to the Ankara agreement.