Goyal in London to Discuss FTA, Ways to Promote Trade, Investment

Commerce and Industry Minister Piyush Goyal is in London on a two-day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) and explore ways to boost trade and investment between the two countries, an official statement said on Wednesday.

During the visit, Goyal will hold a bilateral meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds.

"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 commerce ministry said.

India and the UK had announced the conclusion of the FTA on May 6. The pact aims to eliminate duties on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of UK products like whisky and cars.

It targets to double trade between the two economies to $120 billion by 2030.

The agreement is yet to be formally signed and implemented.

The minister will also meet the UK Chancellor of the Exchequer Rachel Reeves, to discuss macroeconomic priorities, financial cooperation, and investment facilitation between the two countries.

He is also scheduled to meet the Secretary of State for Culture, Media and Sport, Lisa Nandy to explore avenues of collaboration in creative industries and innovation-driven sectors.

"These engagements will bring together global business leaders, investors, and policy experts to deliberate on the strategic contours of the India-UK economic corridor and the transformative impact of the proposed FTA," it said.

The minister is expected to interact with leading CEOs and industry stakeholders from key sectors, including shipping, fintech, logistics, and advanced manufacturing, with a view to deepening commercial linkages and promoting cross-border investments.

The bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.