Commerce and Industry Minister Piyush Goyal is in London on a two -day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) between Britain and India and to detect ways to promote trade and investment between the two countries. This information was given in the official statement on Wednesday.
During this visit, Goyal will hold a bilateral meeting with Britain’s Minister of Trade and Commerce Jonathan Reynolds. The Ministry of Commerce said, “The two leaders will review the progress made on the FTA and will prepare a clear, time -bound blueprint for finalizing and implementing it.”
India and Britain announced a consent on the FTA on May 6. The agreement aims to eliminate duties on labor-dominated Indian exports such as leather, shoes and fabrics while making the import of UK products like whiskey and cars easier. It also aims to double the trade between the two economies to US $ 120 billion by 2030.
The agreement is to be formally signed and implemented. Goyal, Britain’s treasury will also meet Chanchal Reavs and discuss the comprehensive economic priorities, financial support and investment facility between the two countries.
There is also a plan to meet his culture, media and sports minister Lisa Nandi to find the possibilities of cooperation in creative industries and innovative areas. The statement said, “These meetings will bring together global business leaders, investors and policy experts to discuss the strategic outline of the Indo-Britain Economic Corridor and the transformational effect of the proposed FTA.”
The minister can also interact with Chief Executive Officers (CEOs) and industry stakeholders of major sectors, including vessel transport, financial technology, logistics and advanced manufacturing with a view to deepen commercial relations and promote cross -border investment. Bilateral trade between India and Britain had increased from US $ 20.36 billion in 2022–23 to US $ 21.34 billion in 2023-24.