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'Duty on cars and alcohol will be cut', Piyush Goyal said on FTA with Britain
Union Commerce Minister Piyush Goyal said that Indian interests have been given priority in the trade agreement with Britain, which will benefit immensely. Sensitive products have been kept away from the agreement. India will cut duty on cars and alcohol coming from Britain but imports will be limited so that domestic manufacturing is not affected.
Commerce and Industry Minister Piyush Goyal stated on Saturday that no compromise was struck with Indian interests in the trade deal with Britain. This will benefit us immensely. Efforts have begun to make the groundwork to capitalize on possible opportunities in the UK market.
Five years after FTA has been implemented, both nations will be assessing the agreement. Both nations have kept their sensitive items out of trade in the agreement, Goyal stated. India will reduce duty on both automobiles and liquor originating from Britain in a phased manner and their imports will also be restricted. Our production will remain unaffected by this.
Goyal said that now every developed country is looking at its business future in India. The Indian economy is growing at the fastest pace. The middle class is emerging in India at a very fast pace. India is emerging as a reliable trade partner and the most important thing is that India is a democratic country where the rule of law prevails.
