goyal-in-london-to-discuss-ongoing-fta-ways-to-boost-trade

Currently in London for an official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) that was concluded between India and the UK on May 6, the Commerce and Industry Minister, Piyush Goyal, would be looking at ways to boost trade and investment between the two countries, said an official statement on Wednesday. 

During the visit, Goyal is expected to hold a bilateral meeting with the UK Secretary of State for Business and Trade, Jonathan Reynolds, as well as the UK Chancellor of the Exchequer, Rachel Reeves, with whom Goyal will discuss macroeconomic priorities, financial cooperation, and investment facilitation between the two countries.

“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 about Goyal’s meeting with Reynolds.

The commerce  and industry minister of India 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.

India and the UK’s 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.

The FTA aims to double trade between the two economies to USD 120 billion by 2030. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23.

The agreement is yet to be formally signed and implemented, although the two countries are keen to speed-up the process.

Goyal 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.