Union Commerce and Industry Minister Piyush Goyal on Tuesday underscored the potential for expanded investments aimed at reinforcing the economic relationship between India and the United Kingdom. His remarks came during a roundtable meeting that brought together leading business figures and CEOs from both nations.
In a post shared on X (formerly Twitter), Goyal stated, “Addressed the India-UK Business Roundtable, bringing together prominent business leaders and CEOs from both countries. Highlighted opportunities to strengthen economic ties, drive innovation-led growth, and expand investment avenues between India and the UK.”
The Commerce Minister is currently undertaking a five-day official visit encompassing London, Oslo, and Brussels. The goal of the trip is to bolster India’s trade and investment ties with the UK, Norway, and the European Union.
As part of his engagements in London, Goyal held a meeting with Al Cook, the CEO of the De Beers Group, along with other members of the company’s leadership team. The discussions focused on analyzing global trends within the gems and jewellery sector.
“We discussed India’s opportunities, sustainable practices, and growth prospects for the diamond industry,” Goyal mentioned, highlighting the significance of India’s role in the global diamond trade.
Additionally, Goyal met with Martin Gilbert, the Chairperson of fintech company Revolut. Their conversation centered on the vast possibilities within India’s dynamic fintech ecosystem and the importance of fostering global collaborations to promote innovation and sustainable growth in the sector.
Earlier during his London visit, the Commerce Minister also conducted a meeting with the UK Secretary of State for Business and Trade, Kemi Badenoch (referred to as J. Reynolds in the initial report), with the objective of propelling the ongoing negotiations for a Free Trade Agreement (FTA) between India and the UK.
Describing the interaction as “productive,” Goyal emphasized that the dialogue marked a significant step in the shared effort to deepen bilateral economic cooperation. He noted on X, “Arrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations. In my first engagement, held a productive meeting with the UK Secretary of State for Business and Trade J. Reynolds to advance Free Trade Agreement negotiations, reinforcing our commitment to deepening India-UK economic ties.”
The visit commenced with the London leg of the trip, specifically focusing on finalizing the FTA talks between India and the UK. With negotiations reaching a critical stage, both countries are looking to conclude the agreement soon. The urgency has been driven, in part, by anticipated global trade disruptions, including potential tariff increases from the United States.
The proposed FTA comprises 26 chapters covering a wide range of topics, including goods, services, investments, and intellectual property rights. Finalizing this agreement is expected to provide a significant boost to economic cooperation and open new avenues for businesses on both sides.
