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India, UK ready to deepen trade relations post Brexit: Goyal

Published: Jul 16, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JULY 16, 2019: THE Union Minister of Commerce & Industry, Mr Piyush Goyal, yesterday stated that the Indian Government is looking for ideas from all sides to strengthen and to give confidence to international investors, with the best of technologies, to come to India and invest. Interacting with the Indian diaspora in London last night, he stated that the Indian community has made India proud by their contributions to the economies of India and the United Kingdom and have also strengthened relations between the two countries. During his hour long interaction with the Indian Diaspora the Commerce Minister explained the strategy and focus of the newly elected Government. During its first term, the stress was on meeting the basic necessities of common citizens like, housing, electricity, cooking gas and financial inclusion, which has made a huge impact and difference to the lives of the citizens down to the last mile.

Mr Goyal termed the India Day event, which he would address on July 15, evening, where think tanks and finance companies would come together, as very important, because he would be able to highlight the package of incentives for financial companies, announced by the Finance Minister, Ms Nirmala Sitharaman, in the Union Budget 2019-20. He stated that he would showcase India's financial sector, in particular, the Gujarat International Finance Tec-City near Gandhi Nagar in Gujarat.

Mr Goyal further said that the FTAs entered into by India in 2009-10 had not been good deals and some of them are causing agony which is why India is looking at the United States to put that baggage behind and move forward. He informed that he is meeting with leaders of the Government and bureaucracy, during his three-day visit to the United Kingdom, to understand in which direction and time frame the UK is looking at for the BREXIT to happen. India is also in discussions to take the next step for deeper engagement with the UK. It is important the process is fast tracked now so that both nations are ready to work together speedily once BREXIT comes into effect, he mentioned.

Regarding the ongoing RCEP negotiations, Mr Goyal said that India is working for a fair deal which protects the country's interests and does not allow unfair market access. From now no agreement or trade pact on commerce would be at the cost of Indian interests, the country's sovereign requirements and interests of the citizens, said Mr Goyal. He informed that the Ministry is now trying to speed up the entire process and streamline the patent office. There was a 7-year backlog in 2014. He informed that from now on all patent applications would be in the public domain and transparency would be maintained. In respect of IPR enforcement, Mr Goyal mentioned that India has a long way to go as the process itself is very slow at the moment. The entire framework around IPR has to be strengthened in order to give confidence to international investors, with best of technologies, to come to India and invest.

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