Commerce and Industry Minister Piyush Goyal will hold talks with his British counterpart Jonathan Reynolds on implementation of India-UK free trade agreement, the conclusion of which was announced on May 6 during his visit to London, an official said on Tuesday (June 17).The two-day visit is commencing from Wednesday (June 18).
During the visit, Goyal and Secretary of State for Business and Trade Reynolds, “will engage with the India-UK FTA negotiating teams to take stock of the progress achieved and to chart a clear, time-bound roadmap toward finalisation and implementation of the agreement”, the official said.
India and the UK had announced the conclusion of the free trade agreement (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.The agreement targets to double trade between the two economies to $120 billion by 2030. The agreement is yet to be formally signed and implemented. According to the official Goyal is also expected to meet Chancellor of the Exchequer Rachel Reeves to discuss key macroeconomic priorities and investment facilitation. Additionally, he intends to hold a separate interaction with Lisa Nandy, Secretary of State for Culture, Media and Sport.Read more: India’s trade deficit narrows to $21.88 bn in May as non-oil exports climb, FTAs gain groundThe minister will participate in key sessions at India Global Forum (IGF), including the Mainstage Plenary Session, the Future Frontiers Forum and a dedicated roundtable titled ‘From Agreement to Action: UK-India FTA’.These platforms will provide opportunities to engage with global leaders, investors, and policy experts on the evolving contours of the India-UK economic corridor and the transformative potential of the FTA. He may also meet business leaders from various sectors including shipping, fintech, logistics, and advance manufacturing.The bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.
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