Piyush Goyal visits UK to fast-track India–UK FTA rollout and deepen economic ties

Union Minister of Commerce and Industry Piyush Goyal has embarked on a two-day official visit to the United Kingdom, starting today. The visit’s primary aim is to accelerate the finalisation of the recently signed Free Trade Agreement between India and the United Kingdom, underscoring India’s strategic priority to bolster trade and investment ties with the UK amid rapidly shifting global dynamics.

As per the Ministry of Commerce and Industry, Goyal is scheduled to meet the UK Secretary of State for Business and Trade, Jonathan Reynolds to review progress on the ongoing FTA negotiations. Both sides are expected to outline a clear, time-bound roadmap for concluding and implementing the agreement, which was announced by the two Prime Ministers as a key pillar of their bilateral partnership.

On May 6, the two nations, with deep historic ties between them, signed the FTA, which PM Narendra Modi has termed it as a ‘historic milestone’, while his counterpart, Keir Starmer, Prime Minister of the UK, had described the agreement as having heralded ‘a new era for trade and the economy’.

During his visit, Goyal will also hold discussions with UK Chancellor of the Exchequer Rachel Reeves, focussing on macroeconomic priorities, financial cooperation, and investment facilitation. The talks are anticipated to explore avenues for enhanced collaboration amid global economic uncertainties.

“[Piyush Goyal] will participate in multiple high-impact sessions at the prestigious India Global Forum (IGF), including the Mainstage Plenary, the Future Frontiers Forum, and a roundtable titled ‘From Agreement to Action: UK–India FTA’. These engagements will bring together global business leaders, investors, and policy experts to deliberate on the strategic contours of the India–UK economic corridor and the transformative impact of the proposed FTA,” the statement from the ministry said.

The Commerce Minister will also engage with Secretary of State for Culture, Media and Sport Lisa Nandy to identify opportunities for cooperation in creative industries and innovation-driven sectors, reflecting a broader agenda to diversify economic linkages beyond traditional trade.

According to the terms of the agreement, the FTA is expected to grant zero-duty access to 99% of India’s goods exports to the UK, offering a major boost to outbound trade. It is expected to positively also impact manufacturing in both labour-intensive and technology-driven sectors, while unlocking new export opportunities for industries such as textiles, marine products, leather, footwear, sports goods, toys, gems and jewellery, engineering goods, auto components, and organic chemicals.