India and Britain had hoped to sign a free trade deal in late 2022.
New Delhi:
Commerce Minister Piyush Goyal on Friday said India will not rush into signing free trade agreements (FTAs) unless there is an equitable and fair balance in trade deals.
“We should never rush into trade talks, they are going to affect the country for many years to come,” Goyal said at an event organized by an independent think tank.
The minister was responding to a question on India’s trade talks with Britain and the European Union (EU) becoming more complex.
India and Britain had hoped to sign a free trade deal by the end of 2022, and have since shied away from setting a deadline. India and the European Union resumed talks for a trade deal in 2022 after nine years of truce due to differences over what to expect from the agreement.
An agreement between India and the UK is important for New Delhi, which hopes to become a major exporter, while the UK would get wider access to its whiskey, premium cars and legal services.
India and the European Union revived talks to create a free trade agreement in 2022 that could act as a counterweight to China’s growing influence in the Indo-Pacific region.
Goyal also said India will strongly raise the EU’s carbon border adjustment tax under World Trade Organization (WTO) rules, and will also address the issue bilaterally.
India plans to oppose the EU’s proposed carbon tax on imports of steel, iron ore and cement at the next WTO meeting to be held in Abu Dhabi from February 26 to 29.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
