Piyush Goyal Meets UK Leaders to Strengthen Economic Ties
In a major diplomatic effort to boost India-UK economic ties, Union Minister of Commerce and Industry Piyush Goyal met with top UK leaders, including Chancellor of the Exchequer Rachel Reeves and Secretary of State for Business and Trade Jonathan Reynolds. The top-level discussions centered on promoting greater economic cooperation between the two countries and deepening their long-standing partnership.
Piyush Goyal gave his insight into the meetings in a microblog post on X, in which he wrote, "Spent some time meeting @RachelReevesMP, the Chancellor of the Exchequer, and @JReynoldsMP, the Secretary of State for Business and Trade, UK. Good discussion on enhancing India-UK economic relations and further strengthening our close partnership".
The session is a follow-up of the momentum developed in February, when Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer had a meeting on the sidelines of the G-20 Summit in New Delhi. The two leaders had stressed speeding up the resumption of trade negotiations between India and the UK at the earliest possible opportunity, something which is now shaping up with resumed talks.
The two nations have resumed talks on a bilateral trade agreement, with both governments optimistic of further enhancing cooperation in fields like security, defence, technology, climate change, healthcare, education, and innovation. India's Ministry of Commerce and Industry emphasized that the current cooperation between the two nations is a reflection of a common vision of promoting economic growth and sustainable development.
Based on the official statistics of the Ministry, Indian exports to the UK have recorded healthy growth. During April to September 2024, exports increased by 12.38% at USD 7.32 billion compared to USD 6.51 billion during the same period in 2023. This reflects the high and growing trade ties between the UK and India, with the mineral fuels, machinery, pharmaceuticals, apparel, and chemical sectors topping the chart.
The UK continues to be a highly important market for India, driving a substantial percentage of India's ambitious vision for reaching USD 1 trillion worth of exports in FY30. The government expects the exports from India to the UK to rise to USD 30 billion in 2029-30, further deepening the bilateral trade relationship between the two countries.
The recent high-level meeting between Goyal and the UK leaders serves to highlight the gathering momentum toward a comprehensive trade agreement that holds the potential to generate fresh opportunities for cooperation and mutual development.
