Piyush Goyal to visit UK to push India-UK FTA towards implementation

Commerce minister's UK visit will focus on reviewing FTA negotiations, establishing a roadmap for finalisation, and expanding trade, investment, and creative partnerships

Commerce and Industry Minister Piyush Goyal and his British counterpart Jonathan Reynolds will review the progress made in the ongoing negotiations on a free trade agreement (FTA) between the two countries, and chart out a clear, time-bound roadmap for its finalisation and implementation.

 

Goyal is visiting the United Kingdom (UK) from June 18-19.

 

“The visit underscores India’s strategic focus on strengthening its economic and trade partnership with the UK, particularly in the backdrop of the announcement by the two prime ministers to conclude the India–UK Free Trade Agreement,” the Department of Commerce said on Wednesday.

 

After nearly three-and-a-half years of intense negotiations, last month India and the UK concluded a long-pending trade pact that will boost strategic and economic ties between the two nations. However, the implementation of the deal may take more time.

 

 

Government officials had last month said that the implementation of the deal could take over 15 months’ time. Both sides have started the process of legal scrubbing of the deal – which will take two more months to complete. Thereafter, the agreement will be signed. While India will have to seek the approval of the Union Cabinet, Britain will have to get the deal passed by the Parliament – which may take a year's time. 

 

“At a time of evolving global trade dynamics, Goyal’s visit aims to accelerate bilateral engagements, harness emerging opportunities, and lay a robust foundation for a forward-looking, resilient, and mutually beneficial economic relationship,” the statement said.

 

The minister will also meet the UK Chancellor of the Exchequer, Rachel Reeves, to discuss macroeconomic priorities, financial cooperation, and investment facilitation between the two countries.

 

He is also scheduled to engage with Secretary of State for Culture, Media and Sport, Lisa Nandy, to explore avenues of collaboration in creative industries and innovation-driven sectors. Goyal will participate in multiple high-impact sessions at the India Global Forum (IGF), and a roundtable titled ‘From Agreement to Action: UK–India FTA’.