Goyal reaches London to discuss FTA implementation, ways to promote trade, investment
'Both leaders will review the progress made in the ongoing FTA negotiations and chart out a clear, time-bound roadmap for its finalisation and implementation,' the commerce ministry said.
During the visit, Goyal will hold a bilateral meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds.
London/New Delhi, Jun 18 (PTI) Commerce and Industry Minister Piyush Goyal is in London on a two-day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) and explore ways to boost trade and investment between the two countries, an official statement said on Wednesday.
Goyal and Reynolds are scheduled to make their first joint public intervention since the FTA negotiations concluded last month at the India Global Forum (IGF) UK-India Week in a session – Agreement to Action in the UK-India FTA.
Reynolds has earlier said that 'this trade agreement is a huge economic win for the UK — the biggest trade deal since Brexit and the best deal that India has ever offered'.
The trade deal is estimated to increase bilateral trade in the long run by GBP 25.5 billion every year – from the current annual estimate of GBP 41 billion – as tariffs are slashed across key sectors on both sides.
The FTA is now undergoing a process of legal text formalisation before it can come into force.
India and the UK had announced the conclusion of the 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.
It targets to double trade between the two economies to USD 120 billion by 2030.
The agreement is yet to be formally signed and implemented.
Goyal will also meet Chancellor of the Exchequer Rachel Reeves to discuss macroeconomic priorities, financial cooperation, and investment facilitation between the two countries.
Besides, the minister is scheduled to meet Secretary of State for Culture, Media and Sport Lisa Nandy to explore avenues of collaboration in creative industries and innovation-driven sectors.
'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 said.
Also, the minister is expected to interact with leading CEOs and industry stakeholders from key sectors, including shipping, fintech, logistics, and advanced manufacturing, with a view to deepening commercial linkages and promoting cross-border investments.
Goyal is also set to address a session on 'UK-India Science, Technology and Innovation Collaboration' at IGF London on Thursday.
The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23. PTI AK RR HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
SRAM & MRAM invests $500 Million on AI-focused medical university project in central Asia
Marking three decades of operational presence across critical global sectors, SRAM & MRAM Group used its 30th anniversary as a platform to advance dialogue on the role of technology in transforming healthcare and education systems. At the center of the event was the announcement of a cross-border agreement valued at USD 500 million between India's Mont Vert Group and Kazakhstan's Big B Corporation—an initiative set to construct a new AI-integrated medical university and hospital in gathering, hosted on Raven's Ait Island, underscored how emerging technologies, including artificial intelligence, data-driven diagnostics, and smart construction, are increasingly becoming foundational to global infrastructure development, particularly in healthcare education. AI and systems integration in medical infrastructure The medical university and hospital project will be built on a framework that integrates advanced technologies from the outset—embedding AI in clinical education, operational optimization, and diagnostics. The initiative is designed not just as a physical facility but as a prototype for future-ready, tech-enabled healthcare ecosystems. Planned systems include algorithm-driven learning modules for medical students, AI-powered patient triage solutions, and IoT-based infrastructure management—supporting sustainability goals while improving service delivery. This aligns with a broader push in Central Asia to close gaps in healthcare delivery through digital capacity building. The project aims to serve as a model for deploying integrated technology stacks in mid-scale urban regions, where rapid population growth is not yet matched by public health infrastructure. While the project is backed by Mont Vert Group and Big B Corporation, the structuring and facilitation of the deal were led by SRAM & MRAM Group leadership in India and Kazakhstan. The partnership reflects a growing trend of decentralized infrastructure development led by private actors with a strong orientation toward technological enablement. The initiative also hints at evolving models of international cooperation—where expertise in real estate, digital systems architecture, and healthcare policy come together to address shared challenges across geographies. Broader implications for tech-enabled development SRAM & MRAM Group, whose portfolio spans AI, biotechnology, semiconductors, and digital finance, used the anniversary event to highlight how traditional sectors like construction and education are undergoing foundational shifts through embedded intelligence and systems automation. 'Our focus has steadily shifted toward applying our research capabilities to enable systemic transformation in sectors traditionally seen as infrastructure-heavy. The convergence of healthcare, AI, and education marks a necessary evolution in how global challenges are addressed,' Dr. Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group said. The event did not feature product showcases or celebratory retrospectives. Instead, it served as a working platform to outline actionable plans for embedding smart technologies into real-world development challenges—from medical education in Central Asia to digitally enabled diagnostics in underserved regions. As regional governments and development bodies look for scalable, cost-effective infrastructure solutions, projects like the Kazakhstan medical university may signal a pivot in how large-scale institutions are conceptualized—moving away from static infrastructure to intelligent, adaptable systems that learn, respond, and evolve. The deal is expected to be executed in phases beginning late 2025, with digital architecture and AI integration playing a key role across planning, construction, and operation.
India Today
2 hours ago
- India Today
Ready to break taboos: Government to open nuclear sector to private participation
In a major policy shift that could redefine India's energy landscape, the government has announced its intention to open up the civil nuclear sector to private declaration was made by the Minister of Science and Technology and Earth Sciences, Dr Jitendra Singh, who emphasised that this transformative step is part of the broader vision of aligning India's developmental strategies with global is a sector that has historically operated under a veil of secrecy. For decades, the nuclear domain remained untouched by private industry due to legacy policies and strategic concerns. But today, under the leadership of Prime Minister Narendra Modi, we are ready to break past taboos and take bold decisions," Dr Singh stated.A STRATEGIC SHIFT IN POLICY Highlighting the importance of this decision, the minister remarked: "The Prime Minister himself has said this – we are going to open this up to the private sector. This has been possible only because we have a Prime Minister with the conviction and capacity to break outdated mindsets."According to Dr Singh, the move aligns with India's aspiration to become a top global economy, which necessitates adopting international benchmarks and best practices. "We aim to reach the pedestal of rank one in the global economy. To get there, our benchmarks must be global benchmarks," he minister pointed out that synergy between the public and private sectors is now non-negotiable for achieving high-end technological growth, particularly in sectors that have traditionally remained government FROM THE SPACE SECTORDrawing parallels with India's recent success in the space sector, Dr Singh cited it as a model for what private sector collaboration can achieve."Just look at what happened when we opened up the space sector. In just four years, we moved from being a minimal player to building an 8 billion USD economy. Projections now estimate we will exceed 45 billion USD in the coming years," he noted that this "sea change" was driven by enabling private enterprise to innovate and scale alongside government agencies such as A MODEL FOR INSTITUTIONALISED PRIVATE PARTNERSHIPDr Singh also referred to similar collaborations in the biotechnology sector, where the government has developed structured mechanisms for private engagement. "We have institutionalised this collaboration and created interfaces which only a few countries have been able to achieve," he NUCLEAR SECTOR: THE NEXT FRONTIERThe civil nuclear sector, which until now has remained firmly under state control due to strategic and security sensitivities, is now being considered for a new operational framework that includes private are still working out the modalities of how exactly this will be done. The Prime Minister has given us the green signal, and we are committed to building a robust system where the private and public sectors can co-exist in this highly sensitive domain," Dr Singh acknowledged that while implementation details are still under discussion, the policy direction is clear: India is moving towards an inclusive, innovation-driven nuclear ecosystem.A NEW ERA FOR INDIA'S STRATEGIC SECTORSThis announcement is being seen as a watershed moment in India's approach to strategic industries. The government's willingness to shed past inhibitions and embrace private collaboration could unlock new technological capabilities, fast-track innovation, and attract both domestic and global investment in the nuclear energy experts and strategic analysts are closely watching the move, as the framework for private sector entry into civil nuclear power could potentially mirror – or even surpass – the success stories seen in space and Watch
Time of India
2 hours ago
- Time of India
India-UK social security pact was non-negotiable in free trade deal: Piyush Goyal
New Delhi: The India-UK social security agreement was made a non-negotiable part of the free trade agreement (FTA) discussions two years ago, commerce and industry minister Piyush Goyal said on Wednesday. Termed the Double Contribution Convention Agreement (DCCA), it was agreed to along with the FTA between the two countries in May. "It was on the table for the last three years to bring balance and equity and balance to the trade deal between the two economies," Goyal said at an event in London. The minister is on a two-day visit to London from Wednesday. The agreement exempts Indian professionals and their employers from paying social security contributions in the UK for short-term assignments of up to three years. The pact will allow temporary Indian workers in UK to pay their social security contributions in India for the first year and for two years nothing will be collected from them. At the same event, UK secretary of state for business and trade Jonathan Reynolds said it is a business mobility provision which the UK has with every country for persons coming temporarily for business or MNCs posting staff in UK. "With 50 other countries we have extended the provision. It is reciprocal so UK nationals employed by those companies in India pay into our system (for one year)." Live Events Goyal said since temporary professionals stay less than the 10 year threshold to qualify for receiving benefits against their social security contributions in the UK, this money otherwise won't be paid back to them.
