India, UK review trade ties, focus on leveraging CETA opportunities

Union Commerce Minister Piyush Goyal and UK's Peter Kyle held a virtual interaction to strengthen trade and investment ties. Discussions centred on leveraging the India-UK Comprehensive Economic and Trade Agreement (CETA) to boost economic cooperation.

Union Commerce and Industry Minister Piyush Goyal on Friday held a virtual interaction with UK Secretary of State for Business and Trade Peter Kyle to explore ways to further strengthen bilateral trade and investment ties, with a focus on fully leveraging opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA).

Sharing details of the interaction, Goyal said on X that the discussions centred on enhancing economic cooperation and deepening engagement between the two countries across sectors. "We explored ways to further enhance our trade & investment ties while fully leveraging the opportunities under the India-UK Comprehensive Economic and Trade Agreement (CETA)," he noted.

The engagement reflects continued efforts by both countries to operationalise and expand the benefits of the trade pact, aimed at improving market access, boosting investments and strengthening economic linkages.

Broader Context and Future Goals

The latest interaction builds on earlier high-level engagements between India and the United Kingdom, where both sides have outlined ambitious targets for expanding bilateral trade. Speaking at the India-UK CEO Forum last year, Prime Minister Narendra Modi had expressed confidence that India and the UK would double bilateral trade from around USD 56 billion before the 2030 target.

PM Modi had described CETA as "not just a trade agreement, but a roadmap for shared progress and shared prosperity," highlighting its role in strengthening ties between the two economies. He had also emphasised that the agreement would improve market access, support MSMEs, and create new employment opportunities.

Key Provisions of CETA

The agreement, signed in July last year, provides duty-free access for 99 per cent of India's exports to the UK, covering a wide range of sectors including textiles, marine products, leather, footwear, engineering goods and chemicals.

The recent dialogue between Goyal and his UK counterpart indicates a continued push to translate the framework of CETA into tangible trade and investment outcomes, amid a broader effort to scale up economic engagement between the two countries. (ANI)

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