Union Minister for Commerce and Industry, Mr. Piyush Goyal, Calls for Doubling India-UK Bilateral Trade by 2030
- IBEF
- October 13, 2026
Union Minister for Commerce and Industry, Mr. Piyush Goyal, called for doubling bilateral trade between India and the United Kingdom by 2030, urging businesses in both countries to leverage the India-UK Comprehensive Economic and Trade Agreement (CETA) to expand trade, investment, partnerships and job creation. The 16th session of the India-UK Joint Economic and Trade Committee (JETCO) was held in New Delhi on October 12, 2026, with discussions centred on India-UK Vision 2035 and strengthening economic cooperation. The agreement, which came into force on July 15, 2026, provides zero-duty access to the UK market for most Indian exports and opens opportunities for UK businesses across sectors. Five priority areas for cooperation include infrastructure and clean energy, advanced manufacturing and resilient supply chains, technology and innovation, financial services, and healthcare and consumer sectors. These areas cover renewable energy, electric vehicles, batteries, semiconductors, artificial intelligence, fintech, pharmaceuticals and diagnostics.
Discussions focused on expanding exports, strengthening bilateral investment and improving businesses’ access to CETA provisions. India’s export opportunities include smartphones, pharmaceuticals, textiles, jewellery, leather goods, agricultural products, machinery and automobile components, while potential UK exports to India include electronics, medicaments, motor cars and products across the petroleum value chain. Both sides agreed to review the agreement’s utilisation, address implementation challenges and develop a practical roadmap for priority areas. Union Minister of State for Commerce and Industry, Mr. Jitin Prasada, identified artificial intelligence, semiconductors and data centres as key areas for technology partnerships, with progress to be assessed through measurable business outcomes. The UK delegation, comprising more than 100 businesses and regional representatives, also discussed practical guidance for micro, small and medium enterprises (MSMEs) and first-time exporters on tariff reductions, rules of origin and customs procedures.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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