India-UK FTA to double bilateral trade, unlock investment avenues: Piyush Goyal
London: Union Minister of Commerce and Industry Piyush Goyal highlighted the progress and implementation of the India-UK free trade agreement and its potential to deepen business ties and unlock investment avenues between both nations in his address at the India Global Forum (IGF) here.
Speaking at the IGF, alongside his UK counterpart Jonathan Reynolds, the Indian minister underscored the “tremendous opportunities that the India growth story offers to the UK,” and how businesses on both sides can leverage complementary strengths for shared growth.
Goyal referred to the FTA as a ”good marriage” agreed between both countries, which would lead to doubling bilateral trade over the next five years.
A free trade agreement brings stability and predictability to the relationship between two countries, Goyal pointed out.
”That gives confidence to businesses to start investing in each other’s economy, and I think this will also pave the way for greater investments in the two economies,” Goyal observed.
“India and the UK can partner in innovation to work together to bring more resilient supply chains, working with each other, complementing each other and adding value and profits to both countries,” the minister added.
Reynolds, on his part, said he was ”genuinely excited” about the prospects opened up with the signing of the India-UK free trade agreement.
Goyal, who is on a two-visit to the UK, also held a bilateral meeting with Reynolds about implementing the free trade agreement.
“Held a productive negotiation meeting with UK Secretary of State for Business and Trade Jonathan Reynolds. We reiterated our shared goal of implementing the comprehensive and mutually beneficial Free Trade Agreement that reflects the ambitions of both nations,” Goyal said after the meeting.
Piyush Goyal also said he had “an engaging discussion” with the UK’s Secretary of State for Culture, Media and Sport, Lisa Nandy. “Explored avenues for greater cultural collaboration and creative exchange, an essential pillar of our vibrant bilateral relationship,” the minister said in a statement on X.