Union Commerce Minister Piyush Goyal, speaking at the Plenary Session of the India Global Forum in London, alongside UK Secretary of State for Business and Trade Jonathan Reynolds, emphasised that any trade deal, including one with the U.S., must be fair, balanced, and mutually beneficial. He stated that negotiations would succeed only when both sides see merit.

"Every negotiation stands on its legs. Every negotiation can only work when there's merit in a deal. It has to be a win-win for both parties, just like in business. You strike a deal when it's a win-win for both parties. Until both get a fair, equitable, and balanced transaction, no deal can ever be successful," the minister said, adding that India is striving to work together on nine such trade negotiations.

Regarding a potential trade deal with the EU, the minister mentioned that the Modi government began discussions with the EU in 2022. He avoided ranking or naming any country specifically, using a parent-child metaphor to imply the equal importance of each negotiation. "But when a parent has children... You don't say your favourite one, do you? They never do that." Notably, Prime Minister Narendra Modi, during his visit to Cyprus this week, also stated that India and the EU aim to finalise a free trade agreement by the end of the year.

When asked about the government's top priorities in the next 12 months to ensure the recently signed trade deal with the UK delivers, Goyal asserted, "In the next few months, we may not be able to enter into force the agreement until the UK processes are complete. But this is a time for us to build business-to-business connections."

He stressed that a trade deal could only benefit both economies when businesses from both sides begin engaging with each other. "The last time I was here, three months ago, I came with a very large delegation of business persons from a variety of sectors, probably the largest business delegation ever to have come to England, to the UK. They were very excited about the possibility. At that time, it (the India-UK FTA) was still not finalised. It was the possibility of getting finalised. But there was a lot of excitement in the room on both sides."

Goyal stated that the effort in the next year, on one hand, would be to close the trade deal, but on the other, both countries would want more British businesspeople and Indian people and businesses to get together and get to know each other and connect.

"I encourage more people to look at the comparative advantage in doing business in, let's say, the UK and India. Every country in the world has some competitive advantages over others. There would be areas in which the UK would be very strong and could add huge value to India's growth story. And there will be many sectors where India can add value to the UK growth story. We have to bring these complementarities to work together, to engage with each other."

He noted that India and the UK have assessed the entire trade and business climate in both countries, finding hardly anything on which they compete. "We complement each other. And therefore, I think it's a good marriage."

The minister anticipates bilateral trade between the two countries doubling in the next five years. "We have a very balanced two-way investment. Indian companies have invested almost as much in, or probably a tad more in, the UK as UK companies have invested in. A free trade agreement brings stability and predictability to the relationship between two countries." He added that India and the UK can partner in innovation to work together to bring more resilient supply chains, adding value to the businesses of both countries.

The India-UK Free Trade Agreement was finalised in May this year, marking a milestone in bilateral relations. Bilateral trade between India and the UK was $21.34 billion in 2023-24, higher than $20.36 billion in 2022-23.