New Delhi, May 1: Union Commerce and Industry Minister Piyush Goyal announced on Friday that he held a virtual meeting with Peter Kyle, the UK Secretary of State for Business and Trade. The primary aim of this meeting was to strengthen trade and investment relations between the two countries.
Both leaders discussed ways to fully leverage the India-UK Comprehensive Economic and Trade Agreement (CETA) to enhance trade and investment. The minister shared this information through a post on the social media platform X.
This meeting is an extension of previous high-level discussions between India and the United Kingdom, where both nations set ambitious targets to boost trade. Last year, during the India-UK CEO Forum, Prime Minister Narendra Modi expressed confidence that trade between the two countries would nearly double to approximately $56 billion by 2030.
Last week, Piyush Goyal emphasized the need for a more balanced and effective World Trade Organization (WTO) to address the needs of all countries, particularly developing and least developed nations.
According to reports, India is now entering into Free Trade Agreements (FTAs) with countries where trade and supply chains are rapidly developing. These FTAs are expected to further accelerate the current economic momentum. Amid increasing global trade uncertainties, this strategy is seen as robust and secure for India.
Reports indicate that between the fiscal years 2020-21 and 2024-25, India’s trade with its key FTA partner countries has grown by 92%, significantly higher than the 41.5% increase in trade with the rest of the world.
In recent years, India has consistently expanded its FTA network, now reaching nine FTAs with 38 countries. The journey began in 2021 with an agreement with Mauritius, followed by a Comprehensive Economic Partnership Agreement with the UAE in May 2022, and a trade agreement with Australia implemented in December 2022.
Subsequently, the EFTA agreement was signed on March 10, 2024, set to take effect on October 1, 2025. The India-UK CETA is expected to be signed in July 2025, followed by the India-Oman CEPA in December 2025. The announcement of the India-New Zealand FTA was made on December 22, 2025, and an FTA with the European Union (EU) was established on January 27, 2026.
My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
