India-UK free trade agreement ‘game-changing,’ every section stands to benefit: Goyal

Citing the recent Prada-Kolhapuri sandal row, the minister said that with the implementation of the FTA with the UK, India will get the credit for its GI (Geographical Indication) products.

“Someone used the design of our Kolhapuri sandal. The commerce ministry immediately took action on it. In future, when Kolhapuri sandals are exported, India will get the credit. It will be exported as India’s GI product,” he said.

Big international companies are expressing desire to associate themselves with Indian products, he added.

Goyal also termed the signing of a Double Contribution Convention Agreement with the UK as a “big achievement” for India, saying that the Indian service sector is set to “hugely benefit” from it.

“Whosoever now goes to the UK for a short-term service as an inter-corporate transferee — whether it is in software services, hotels or to work as yoga instructors — a part of their earnings will now be deposited in their EPFO (Employees Provident Fund Organisation) account,” he said.

Replying to a question on the India-UK FTA not having any provision on Britain’s proposed carbon tax, Goyal said that he thinks “it is a non-issue”.

“They have already made it quite flexible. They have liberalised it,” he told reporters.

In December 2023, the UK government had decided to implement its Carbon Border Adjustment Mechanism (CBAM) from 2027.

Goyal said that the “entire Europe and industries” there are worried about the CBAM because its implementation will make the continent so expensive.

Stating that India is the only country that is progressing “very fast” in terms of the environment, he said, “Whoever takes any step against our interests or our trade in the form of non-tariff barrier, we will respond accordingly.”

“We have purified our 2030 targets in 2025. So, I think we do not have to fear these issues. If any such issue that will harm India’s interests, then India is capable of responding to it,” he asserted.

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