Impact of Truss's resignation on India-UK trade: Union Minister Piyush Goyal said - Will wait for the new PM, and only then will take forward the trade deal

Posted on 21st Oct 2022 12:06 pm by rohit kumar

British Prime Minister Liz Truss resigned on 20 October. She could not get the India-UK Free Trade Agreement (FTA) done during her 45-day tenure. On this, Indian Union Minister Piyush Goyal said that this agreement is on track and India will wait for the political changes taking place there to end.

 

Union Minister Piyush Goyal said- India-UK Free Trade Agreement (FTA) is going in the right direction. We will have to see what happens next in the UK. Is there a quick change in leadership or will the whole process go on? Looking at the political developments going on in the UK, we will have to wait and see who will take over the post only after that we will move on to the FTA.

 

Truss was announced...Free Trade Agreement with India till Diwali

Truss had promised that she would enter into a free trade agreement with India till Diwali. She had said – I will try to include life science, technology, and agriculture in this deal. He also talked about deepening defense and trade ties with India.

 

India-UK relations important

Britain's ties with India are strong. Britain started a strategic partnership with India in 2004. He sided with India in terrorism, nuclear activities, and the civilian space program. Britain supports India's permanent membership in the United Nations Security Council (UN). To this, Goyal said – whoever comes to the government would like to talk to us.

 

He said- I think trade agreements between the two countries should be fair. This agreement (FTA) will be beneficial for both countries. Unless both countries are satisfied with this agreement, there will be no agreement. So we will have to wait and see, but I believe our FTAs ​​with the UK, Canada, and EU may be announced soon.

 

There are 1.5 million Indians in Britain

There are 1.5 million people of Indian origin in the UK, who contribute 6% of the GDP there. There are around 1 lakh, Indian students, studying in the UK. Trade between the UK and India has grown three-fold in the last two decades. Last year, India imported Rs 51,054 crore, while exports stood at Rs 79,000 crore. The turnover including the service sector is Rs 3.81 lakh crore.

 

Liz Truss said - could not fulfill the promises

British Prime Minister Liz Truss, who has been facing heavy pressure for a week, finally announced her resignation on Thursday. However, she will remain in the post till the next Prime Minister is elected. Sir Graham Brady, chairman of the Conservative Party's Special Rule Committee, in 1922, met Liz and told her that the party no longer saw him as a leader.

 

The British Prime Minister told the media outside her official residence 10 Downing Street – I could not fulfill the promises I came to power. regret it.

 

Who will become the Prime Minister of the UK?

Former finance ministers Kwasi Warteng and Jeremy Hunt have both declared themselves out of the race for the new party leader. Now the strongest claim can be considered to be of Indian origin Rishi Sunak. The Guardian had said in a report – The thinking of the people of Britain and many MPs of the Conservative Party is that Sunak was to be made prime minister in September. Liz was picked wrong.​

 

After Truss was elected prime minister, Rishi said – Liz is making an election promise of tax cuts, it will destroy the economy. Rishi's words proved to be true.

 

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