“India is open for business. Let’s co-create the next chapter in India–UK economic relations.”
This was the message of India’s Commerce and Industry Minister, Piyush Goyal, when he addressed a Business Roundtable in London during his visit to the UK this week. It followed a series of high-level interactions, which the minister described as “fruitful” exchanges that further build on a strong UK-India partnership.
The minister’s visit, which was accompanied by an Indian business delegation, covered a wide range of dialogues with business leaders and CEOs. While the Free Trade Agreement (FTA) negotiations were at the heart of his meetings with UK ministers, including Business and Trade Secretary Jonathan Reynolds and Chancellor Rachel Reeves, the wider interactions were aimed at showcasing the potential for greater collaborations between both countries across all sectors.
UK Foreign Secretary David Lammy joined a special business reception, where Goyal spoke about the bright future ahead for the relationship.
“Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity,” Goyal said earlier, when he talks with fintech major Revolut’s Martin Gilbert and De Beers Group CEO Al Cook.
“Exchanged views on the immense opportunities in India's fintech ecosystem and the importance of partnerships with global players to drive innovation and growth,” Goyal said of his meeting with Gilbert.
“We discussed India's opportunities, sustainable practices, and growth prospects for the diamond industry,” he noted after his talks with Cook.
The minister also met Mark Tucker, Group Chairman of HSBC, to “exchange views on sustainable finance, innovation-led investments, strengthening India's integration with global financial systems and HSBC’s plans to expand their presence in India”.
“Delighted to learn that Mr Tucker along with the entire HSBC Board will be visiting our country later this year. Under the leadership of PM Narendra Modi ji, India is truly emerging as a global hotspot for investments,” he noted.
There is a clear momentum behind the FTA talks edging towards the final leg, with an agreement on pending issues close to being signed off. Such a pact is expected to significantly boost economic growth and jobs in both countries, enhancing the UK-India trade partnership from the current £41bn a year.
“The benefits of an FTA are lower trade costs for businesses, greater consumer choice, lower prices and the maintenance of standards,” said Lord Karan Bilimoria, one of the many champions of the trade deal over the years.
“Trade is about growth, jobs and opportunity. If we get this right, we can shape the UK’s economic future for decades to come,” adds Lord Kuldip Singh Sahota.
MORE LIKE THIS…
