Commerce Minister Piyush Goyal said the India-UK Free Trade Agreement (FTA) will bring “stability and predictability” to businesses in both countries. He spoke at the India Global Forum in London on 18th June. Goyal said the FTA would boost investor confidence. He also mentioned that it will help double bilateral trade over the next five years.

He highlighted that the deal would pave the way for stronger investments and more resilient supply chains. Additionally, it would lead to greater collaboration in innovation and services between India and the UK.

Goyal is on a two-day visit to London to meet his UK counterpart Jonathan Reynolds. They will discuss the next steps in implementing the trade deal, which was formally announced on 6th May. The agreement aims to double trade between the two countries to USD 120 billion by 2030. It is currently undergoing legal formalities before coming into effect.

UK’s Trade Secretary Jonathan Reynolds called it the UK’s biggest trade deal since Brexit. He estimated it could boost bilateral trade by GBP 25.5 billion every year. Furthermore, he described it as “the best deal India has ever offered.”

The Indian government stated that the FTA will enhance job opportunities and increase exports. Moreover, it will make Indian goods more competitive in the UK market. The agreement will also facilitate movement for professionals and support long-term growth in sectors such as shipping, fintech, manufacturing, and the creative industries.

During his visit, Goyal is also scheduled to meet top UK officials and industry leaders. His aim is to strengthen trade ties and explore new investment opportunities, especially in technology and innovation.

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