India, UK reaffirm commitment to deepen economic ties: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for deeper collaboration between London's financial services hub and Gujarat's GIFT City in areas such as fintech, insurance, cross-border payments, and trade finance. He also said the UK has huge potential to supply subsidiary products from the petroleum sector, key technology products from electronics and electrical equipment, and several medicaments. "I also see a lot of motor cars and Scotch whisky, amongst other products coming in from the United Kingdom. Clearly, these are two economies where there are opportunities for expanding the existing trade," he said at the closing ceremony of the India-UK Joint Economic and Trade Committee (JETCO) in New Delhi.Highlighting the existing trade complementarities, Goyal noted that India was a major exporter of smartphones, pharmaceutical products, jewellery, textiles, leather goods, rice and certain agricultural products, iron and non-alloy steel, machinery parts and auto components. On the UK side, he identified potential in the supply of products across the petroleum value chain, technology products in electronics and electrical equipment, medicaments and motor cars.

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— Piyush Goyal (@PiyushGoyal) October 12, 2026

Jonathan Reynolds, Secretary of State for Business, Innovation, Science and Trade of the United Kingdom,said that the conclusion of the India–UK CETA marked the beginning of a sustained and practical dialogue between governments and businesses on both sides. He noted that the government-to-government JETCO meeting had concluded ahead of the business dialogue, with the launch of committees and working groups and a joint review of utilisation to address business feedback, resolve implementation issues and improve delivery.