THEBUSINESSBYTES
BUREAU
NEW
DELHI, OCTOBER 12, 2026
Commerce and Industry
Minister Piyush Goyal on Monday called on Indian and British businesses to step
up trade, investment and technology partnerships, setting an ambitious target
of doubling bilateral trade by 2030 as the two countries seek to translate
their landmark free trade agreement into tangible economic gains and job
creation.
Addressing the
business plenary of the 16th session of the India-UK Joint Economic and Trade
Committee (JETCO), Goyal said the Comprehensive Economic and Trade Agreement
(CETA) had opened new avenues for cooperation and urged companies on both sides
to move swiftly to capitalise on the opportunities.
“This agreement opens the doors businesses
have to walk through,” he said, emphasising that 2030 should not merely mark
the end of a decade but the beginning of greater economic ambition between the
two countries.
With approximately
1,500 days remaining until the end of 2030, Goyal called for sustained industry
engagement to achieve the shared target, describing India and the UK as
complementary economies with considerable scope to expand existing trade,
diversify exports and develop new markets.
Signed and brought
into force on July 15, 2026, CETA provides zero-duty access to the UK market
for most Indian exports while creating significant opportunities for British
exporters across sectors. The agreement also offers fresh prospects in
services, while the Social Security Double Contribution Convention could help
improve competitiveness and profitability through more cost-effective
cross-border service delivery.
The JETCO meeting was
the first since the agreement's signing and entry into force. Ministers
reviewed early business uptake, bilateral trade and investment developments,
and priorities for the year ahead.
Goyal said India's
manufacturing scale, expanding industrial base, digital public infrastructure
and young workforce complemented Britain's strengths in research, design,
advanced technologies and global financial services.
India's export strengths
include smartphones, pharmaceuticals, jewellery, textiles, leather goods, rice
and other agricultural products, iron and non-alloy steel, machinery parts and
automobile components. The UK, meanwhile, offers opportunities in
petroleum-related products, electronics and electrical equipment, medicaments,
motor cars and Scotch whisky.
He said the agreement
could encourage new exporters, widen product ranges and create fresh commercial
partnerships, while the government remained willing to strengthen existing
frameworks and expand mutual recognition arrangements.
Goyal outlined five
priority areas for cooperation: infrastructure and clean energy; advanced
manufacturing and resilient supply chains; technology and innovation; financial
services; and healthcare and consumer industries.
In infrastructure and
clean energy, he identified opportunities in project development, renewable
power, transmission lines and utility financing. Advanced manufacturing
cooperation could focus on electric vehicles, batteries, electronics and
precision engineering to create competitive industrial ecosystems and
strengthen supply-chain resilience.
Technology
collaboration, he said, should bring universities, research institutions,
companies and start-ups closer together, particularly in semiconductors,
quantum computing and artificial intelligence.
In financial
services, Goyal called for stronger links between London's financial district
and Gujarat International Finance Tec-City (GIFT City) in Gandhinagar,
identifying fintech, insurance, cross-border payments, transition finance and
trade finance as promising areas.
Healthcare
cooperation could combine India's strength in affordable generic medicines with
Britain's capabilities in branded and innovative pharmaceuticals, alongside
opportunities in diagnostics, food processing and consumer goods.
He stressed that
skills development, training and capacity-building would be essential across
all five sectors, noting that capital could move across borders quickly but
capabilities took time to develop.
Calling for practical
assistance to businesses, Goyal said tariff schedules, rules of origin and
documentation requirements must be explained through clear, accessible
guidance, including regional languages in India. Such support would help
smaller enterprises and first-time exporters, from a textile unit in Tirupur to
an engineering company in the English Midlands, navigate the agreement.
He said the number of
new exporters entering the UK market with new products would be an important
measure of CETA's success. Regular sectoral round tables, business delegations
and participation in major exhibitions, including as partner countries, would
help convert the agreement's provisions into commercial outcomes.
UK Business Secretary
Jonathan Reynolds said CETA's conclusion marked the beginning of sustained,
practical engagement between governments and businesses. With the agreement
having been in force for nearly 100 days, he said early signs of business
utilisation were encouraging across advanced manufacturing, clean energy, life
sciences, technology, services and creative industries.
Reynolds said a joint
utilisation review, alongside newly established committees and working groups,
would address business feedback, resolve implementation difficulties and improve
delivery. He urged companies, particularly micro, small and medium enterprises
and first-time exporters, to flag challenges involving tariffs, customs
procedures, rules of origin, regulatory requirements and procurement
opportunities.
The agreement's success,
he said, would be measured through expanded exports, investments, commercial
contracts, technology commercialisation and jobs in both countries.
Minister of State for
Commerce and Industry Jitin Prasada said business missions and exchanges
between industrial associations would help companies identify partners and
strengthen commercial ties across regions. He highlighted artificial
intelligence, semiconductors and data centres as emerging areas, combining
British research and development expertise with India's engineering talent,
digital market and capacity to deploy technology at scale.
Referring to the
Technology Security Initiative agreed in 2024, Prasada said the two countries
could work together to develop trusted, affordable technologies for global
markets. He urged businesses and governments to measure progress at the next
JETCO through partnerships signed, factories opened and jobs created.
The meeting also
coincided with a visit by seven mayors and a combined authority leader from
northern England, forming part of wider engagement among governments,
businesses, universities and innovators. The UK India Business Council,
strategic and knowledge partner to the Great North delegation, is supporting a
first-of-its-kind mayoral mission bringing together leaders from five combined
authorities across the region.
Both sides welcomed the early use of CETA, the establishment of sub-committees and working groups, and the exchange of contact points. They agreed that these bodies would develop a practical roadmap identifying priority areas and implementation issues.
Goyal said the broader objective was to turn the India-UK Vision 2035 into measurable progress, underlining that closer economic cooperation should deliver opportunities for businesses and prosperity for people in both countries.
