Indian Economy News

Commerce and Industry Minister Mr. Piyush Goyal holds talks with Secretary of State for Trade of the United Kingdom, discusses Free Trade Agreement and trade relations

During his official visit to London from July 10 to July 12, Union Minister of Commerce and Industry Mr. Piyush Goyal met with a number of political leaders, government representatives, and business executives to strengthen the India-UK trade relationship.

The visit was precisely scheduled to coincide with a vital point of ongoing negotiations, and it proved instrumental in bringing the discussions forward.

During his visit, Mr. Piyush Goyal met with the Secretary of State for Trade of the United Kingdom, Ms. Kemi Badenoch, to review the Free Trade Agreement (FTA) and explore prospects for improved collaboration between the two countries.

Recognising India's massive population of 1.4 billion people and remarkable economic progress, both ministers recognised the enormous potential of the Indian market for the United Kingdom. Encouragingly, much progress was made during their open-ended discussions on a variety of difficult issues.

The meeting between Mr. Piyush Goyal and Ms. Kemi Badenoch was distinguished by a clear understanding and a commitment to advance mutual interests. The ministers identified and focused on low-hanging fruit, which included the completion of many chapters in the negotiations. This pragmatic approach aimed at resolving situations where negotiators had experienced difficulties.

Mr. Piyush Goyal also met with the Chief Economic Advisor to the UK Prime Minister Mr. Douglas McNeill. The meeting highlighted India and the United Kingdom's collaborative efforts to give their relationship a new dimension and promote trade between the two countries. Both parties praised the great accomplishments achieved through collaborative initiatives and expressed optimism for the future. Mr. Douglas McNeill previously visited New Delhi and spoke with senior authorities and ministers.

During his tour, Mr. Piyush Goyal spoke with businesses and industry, and he hosted a Business Roundtable with stakeholders from diverse sectors of mutual importance to India and the UK. He advised firms in India and the United Kingdom to take advantage of various government programmes. Additionally, he had conversations with members of the UK chapter of Institute of Chartered Accountants of India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.