Goyal reaches London to discuss FTA implementation, ways to promote trade, investment

London/New Delhi: 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.

Goyal and Reynolds are scheduled to make their first joint public intervention since the FTA negotiations concluded last month at the India Global Forum (IGF) UK-India Week in a session - Agreement to Action in the UK-India FTA.

Reynolds has earlier said that "this trade agreement is a huge economic win for the UK — the biggest trade deal since Brexit and the best deal that India has ever offered".

The trade deal is estimated to increase bilateral trade in the long run by GBP 25.5 billion every year – from the current annual estimate of GBP 41 billion – as tariffs are slashed across key sectors on both sides.

The FTA is now undergoing a process of legal text formalisation before it can come into force.

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 USD 120 billion by 2030.

The agreement is yet to be formally signed and implemented.

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

Besides, the minister is scheduled to meet 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," the statement said.

Also, 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.

Goyal is also set to address a session on 'UK-India Science, Technology and Innovation Collaboration' at IGF London on Thursday.

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.