Piyush Goyal in London to Discuss FTA, Boost Trade & Investment

• Piyush Goyal visits London to push India-UK FTA and trade ties.
• FTA targets $120 billion trade by 2030, easing duties on key goods.
• Meetings focus on trade, finance, and innovation partnerships.

The Minister of Commerce and Industry, Piyush Goyal, is on a two-day official visit to London for discussions on the implementation of the India-UK Free Trade Agreement (FTA) and to find out ways to deepen trade and investment relations between the two nations, according to the statement issued by an official source on Wednesday.

Piyush Goyal is set to have a bilateral meeting with Secretary of State for Business and Trade, Jonathan Reinders, during his visit. India and the United Kingdom had announced the completion of the negotiation for the FTA on May 6.

The Commerce Ministry said, "Both leaders will review the progress made in the ongoing FTA negotiations and chart out a clear, time-bound roadmap for its finalisation and implementation".

The agreement expects elimination of duties on focal Indian exports of leather, footwear, and textiles, while easing import of UK goods such as whisky and automobiles. The FTA, therefore, targets increasing bilateral trade twofold to $120 billion by 2030. However, it is yet to be signed and thus implemented.

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The minister will also be meeting with UK Chancellor of the Exchequer, Rachel Reeves, to discuss macroeconomic priorities, financial collaboration, and investment flows. Goyal is also scheduled to meet Lisa Nandy, Secretary of State for Culture, Media and Sport, on opportunities in the areas of creative industries and innovation.

Needless to say, these meetings must bring into focus business heads, investors, and policy experts over strategic issues concerning potential economic corridors between India and the UK and what changes the FTA could bring about from that.

 The Minister is also expected to meet the CEOs and industry leaders representing fintech, logistics, shipping, and advanced manufacturing sectors to bolster their commercial engagement and promote cross-border investment.

Bilateral trade between India and the UK registered an increase from $20.36 billion in the year 2022-23 to $21.34 billion in 2023-24.