India-UK FTA talks: Piyush Goyal to meet British counterpart Jonathan Reynolds to finalise trade deal
Commerce Minister Piyush Goyal will discuss the India-UK free trade agreement with the UK’s Jonathan Reynolds during his visit to London, commencing on 18 June. The agreement aims to eliminate duties on Indian exports and double bilateral trade to $120 billion by 2030.
Commerce and Industry Minister Piyush Goyal will meet with the British Secretary of State for Business and Trade, Jonathan Reynolds, on Wednesday to discuss implementing the India-UK free trade agreement (FTA).
An official said on Tuesday that the FTA was concluded on 6 May during his visit to London. Goyal's two-day visit to the UK will begin on 18 June, reported Reuters.
Outline of the meeting
During the visit, Goyal and Reynolds will engage with the India-UK FTA negotiating teams to take stock of the progress achieved and to chart a clear, time-bound roadmap toward finalisation and implementation of the agreement, an official told Reuters.
The objective of the deal is to eliminate tariffs on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of UK products like whisky and cars.
India-UK trade agreement
The agreement aims to double trade between the two economies to $120 billion by 2030. It has yet to be formally signed and implemented.
The bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.
According to Reuters, Goyal is also expected to meet the Chancellor of the Exchequer, Rachel Reeves, to discuss key macroeconomic priorities and investment facilitation.
Goyal to interact with industry leaders
The Union minister intends to hold a separate meeting with Lisa Nandy, Secretary of State for Culture, Media and Sport.
Goyal will participate in key sessions at India Global Forum (IGF), including the Mainstage Plenary Session, the Future Frontiers Forum and a dedicated roundtable titled ‘From Agreement to Action: UK-India FTA’.
These platforms will provide opportunities to engage with global leaders, investors, and policy experts on the evolving contours of the India-UK economic corridor and the transformative potential of the FTA.
He may also meet business leaders from various sectors, including shipping, fintech, logistics, and advanced manufacturing, the Reuters report said.
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