India’s Commerce and Industry Minister Piyush Goyal and the UK’s Secretary of State for Business and Trade Peter Kyle met in Mumbai on October 8 to chart a roadmap for implementing the India–UK Comprehensive Economic and Trade Agreement (CETA).
Operationalising the Trade Agreement
The ministers agreed to reposition the Joint Economic and Trade Committee (JETCO) to oversee the agreement’s rollout. Both sides emphasized a swift, coordinated, and results-driven approach to ensure CETA delivers benefits for businesses and consumers in both countries.
This meeting coincided with British Prime Minister Keir Starmer’s first visit to India since taking office. Addressing business delegates, Starmer said he wants the India-UK free trade agreement implemented “as soon as humanly possible.”
Background on the Free Trade Deal
The agreement between Narendra Modi and Keir Starmer was finalized in July after three years of negotiations. However, due to the UK’s lengthy ratification process, it may take close to a year to become operational.
Maximizing the Agreement’s Potential
Goyal and Kyle discussed ways to maximize the benefits of CETA, including:
- Regulatory cooperation
- Addressing non-tariff barriers
- Supply chain integration
Both ministers reaffirmed a shared goal to double bilateral trade by 2030, focusing on areas such as advanced manufacturing, digital trade, clean energy, and services.
Sectoral Engagement and CEO Forum
Ahead of the bilateral talks, several sector-specific roundtables were held on:
- Advanced manufacturing
- Consumer goods
- Food and drink
- Science, technology, and innovation
- Construction and infrastructure
- Clean energy
- Financial, professional, and business services (including IT/ITeS, education, and engineering)
On October 8, the India–UK CEO Forum brought together business leaders from both nations to explore new trade, investment, and innovation opportunities. Co-chaired by industry representatives, the forum reinforced the commitment to a modern, mutually beneficial, and sustainable economic partnership under CETA.
Global Outlook and Supply Chain Resilience
The ministers also discussed the global trade and economic outlook, emphasizing the importance of building resilient and diversified supply chains amid ongoing global uncertainties.The Mumbai meetings highlight India and the UK’s determination to strengthen bilateral economic cooperation, accelerate the implementation of the trade pact, and unlock new opportunities for businesses across sectors.
