Union Minister for Commerce and Industry Piyush Goyal has said that businesses in India and the United Kingdom should translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships and job creation. He said the two countries should aim to double bilateral trade by 2030 and make the India-UK Vision 2035 a framework for greater economic ambition and cooperation.
Goyal said CETA marks a major milestone in the economic partnership between the two countries, providing zero-duty access in the United Kingdom market for most Indian exports while opening up significant opportunities for UK exporters across sectors. The agreement has also opened up new opportunities in services. He added that the Social Security Double Contribution Convention could further benefit both economies through the supply of services at competitive prices and improved profitability.
The Minister further said that India and the UK were complementary economies with considerable potential to expand existing trade, develop new export opportunities and diversify the range of products exchanged. India brings scale, a deepening manufacturing base, world-class digital public infrastructure and the youngest talent pool available anywhere in the world, while the UK brings strengths in research, design, advanced technologies and one of the world's leading financial centres.
The Minister also highlighted the significant potential for investments in both directions. He noted that several Indian companies had invested substantially in core sectors in the UK, while prominent UK companies had invested in India. He said the Ministry of Commerce and Industry would be willing to cooperate in expanding existing frameworks, enhancing mutual recognition in different areas and supporting both economies to move forward at a faster pace.
